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UNITED LIME & STATES MINERALS United States Lime & Minerals Reports Third Quarter 2021 Results and Declares Regular Quarterly Cash Dividend DALLAS , Oct. 27 , 2021 ( GLOBE NEWSWIRE ) -- United States Lime & Minerals , Inc. ( NASDAQ : USLM ) today reported third quarter 2021 results : The Company's revenues in the third quarter 2021 were $ 52.3 million , compared to $ 43.7 million in the third quarter 2020 , an increase of $ 8.6 million , or 19.6 % . For the first nine months 2021 , revenues were $ 143.1 million , compared to $ 119.7 million in the first nine months 2020 , an increase of $ 23.4 million , or 19.6 % . The Company's revenues from its lime and limestone operations in the third quarter and first nine months 2021 were $ 51.7 million and $ 141.8 million , respectively , compared to $ 43.5 million and $ 119.0 million , respectively , in the comparable 2020 periods . Lime and limestone revenues increased $ 8.3 million , or 19.0 % , and $ 22.8 million , or 19.2 % , in the third quarter and first nine months 2021 , respectively , compared to the third quarter and first nine months 2020. In the second and third quarters 2020 , the COVID - 19 pandemic and related restrictions on business activities resulted in a general economic slowdown , which disproportionately impacted certain industries that purchase the Company's products , including oil and gas services , environmental , and steel . Carthage Crushed Limestone ( " Carthage " ) , which the Company acquired on July 1 , 2020 , contributed $ 7.4 million to the Company's lime and limestone revenues for the first nine months 2021 , compared to $ 2.3 million for the first nine months 2020. The increase in lime and limestone revenues in the third quarter 2021 , compared to the third quarter 2020 , resulted primarily from increased sales to the Company's construction , steel , industrial , environmental , and oil and gas customers . Including the added Carthage revenues , the increase in lime and limestone revenues in the first nine months 2021 , compared to the first nine months 2020 , resulted primarily from increased sales to the Company's construction , steel , environmental , and roofing customers . Both the third quarter and the first nine months 2021 were also favorably impacted by a slight price increase in the average selling prices for the Company's lime and limestone products . The Company's gross profit was $ 17.3 million in the third quarter 2021 , compared to $ 14.2 million in the third quarter 2020 , an increase of $ 3.2 million , or 22.3 % . Gross profit in the first nine months 2021 was $ 45.9 million , an increase of $ 11.5 million , or 33.5 % , from $ 34.4 million in the first nine months 2020. Lime and limestone gross profit was $ 17.1 million in the third quarter 2021 , compared to $ 14.3 million in the third quarter 2020 , an increase of $ 2.9 million or 20.1 % . Lime and limestone gross profit in the first nine months 2021 was $ 45.6 million , compared to $ 34.8 million in the first nine months 2020 , an increase of $ 10.8 million , or 31.1 % . The increase in gross profit in the 2021 periods , compared to the comparable 2020 periods , resulted primarily from the increased revenues discussed above and increased operating efficiencies , partially offset by higher fuel costs , including solid fuels , natural gas , and diesel . Selling , general and administrative ( " SG & A " ) expenses were $ 3.1 million in the third quarter 2021 , compared to $ 2.9 million in the third quarter 2020 , an increase of $ 0.2 million , or 8.1 % . SG & A expenses were $ 9.2 million in the first nine months 2021 , compared to $ 9.0 million in the first nine months 2020 , an increase of $ 0.2 million , or 1.8 % . The increase in SG & A expenses in the third quarter 2021 , compared to third quarter 2020 , was primarily due to increased personnel expenses , including stock - based compensation . In the first nine months 2021 , compared to the first nine months 2020 , the increased personnel expenses were partially offset by lower legal expenses in the first nine months 2021 , compared to the first nine months 2020 , in which the Company incurred legal expenses related to the acquisition of Carthage . The Company reported net income of $ 11.3 million ( $ 1.99 per share diluted ) and $ 29.4 million ( $ 5.19 per share diluted )