The following are recent financial reports as posted by selected Utah corporations:
Zions
Zions Bancorporation NA, based in Salt Lake City, reported net earnings applicable to common shareholders of $143 million, or 96 cents per share, for the first quarter. That compares with $198 million, or $1.33 per share, for the same quarter a year earlier.
Net interest income was $586 million, down 14 percent. Loans and leases totaled $58.1 billion, up 3 percent. Total deposits were $74.2 billion, up 7 percent.
Zions operates in 11 western states.
“First-quarter results continued to reflect the adverse impact on net interest income of the bank failures a year ago, with taxable-equivalent revenue down 11.3 percent from the prior year,” Harris H. Simmons, chairman and CEO, said in announcing the results. “We nevertheless saw incremental improvement in our net interest margin and earning asset growth, and adjusted operating expenses (which exclude an additional FDIC special assessment related to last year’s bank failures) increased a modest 0.4 percent from last year’s quarter.
“Although we experienced an increase in classified loans during the quarter, our commercial real estate portfolio continues to perform relatively well; classified loans in that portfolio increased only 7 percent, and we had a slight net recovery in previously charged-off CRE loans during the quarter. We continue to expect that ultimate realized loan losses will be very manageable over the remainder of the year, as indicated by annualized net charge-offs for the quarter which were a very low 0.04 percent of loans and leases.”
Extra Space Storage
Extra Space Storage Inc., based in Salt Lake City, reported funds from operations attributable to common stockholders and unit holders of $415.6 million, or $1.87 per share, for the quarter ended March 31. That compares with $289 million, or $2.02 per share, for the same quarter a year earlier.
Net income attributable to common stockholders in the quarter totaled $213.1 million, or $1.01 per share. That compares with $196.3 million, or $1.46 per share, in the year-earlier quarter.
Revenues in the most recent quarter totaled $799.5 million, up from $503 million in the year-earlier period.
Extra Space Storage is a real estate investment trust that owns and/or operates 3,793 self-storage stores in 42 states and Washington, D.C., under the Extra Space, Life Storage and Storage Express brands. It is the largest operator of self-storage properties in the United States.
“We achieved positive year-over-year occupancy growth in the Extra Space and Life Storage same-store pools,” Joe Margolis, CEO, said in announcing the results. “We have also continued to realize G&A savings and to expand our bridge lending and third-party management programs. Rental activity has been strong year to date and vacates remain muted, which positions us well to maximize revenue during the 2024 leasing season.”
Merit Medical
Merit Medical Systems Inc., based in South Jordan, reported net income of $28.2 million, or 48 cents per share, for the quarter ended March 31. That compares with $20.7 million, or 36 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $323.5 million, up from $297.6 million in the prior-year quarter.
Merit Medical Systems develops, manufactures and distributes disposable medical devices used in interventional, diagnostic, and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care, and endoscopy. It has approximately 7,000 employees worldwide.
“We delivered better-than-expected revenue and financial results in the first quarter,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results. “Our constant currency, organic, revenue increased 7.0 percent year-over-year and our constant currency total revenue increased 9.3 percent, both of which exceeded the high-end of our expectations. … We are pleased with the solid start to the fiscal year and remain confident in our team’s ability to deliver continued strong execution, stable constant currency growth, improving profitability and solid free cash flow generation in 2024.”
Sportsman’s Warehouse
Sportsman’s Warehouse Holdings Inc., based in West Jordan, reported a net loss of $8.7 million, or 23 cents per share, for the quarter ended Feb. 3. That compares with net income of $11 million, or 29 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $370.4 million, down from $379.3 million in the prior-year quarter.
The current-year period contains an extra week, compared with the prior year.
For the full fiscal year ended Feb. 3, the company reported a net loss of $29 million, or 77 cents per share, which compares with net income of $40.5 million, or $1 per share, for the prior fiscal year. Sales in the most recent year totaled $1.3 billion, down from $1.4 billion in the prior fiscal year.
Sportsman’s Warehouse Holdings is an outdoor specialty retailer.
“Despite lower-than-expected fourth-quarter sales, we were successful in reducing our excess inventory and ended the fiscal year in a significantly healthier inventory position,” Paul Stone, president and CEO, said in announcing the results. “Our efforts to control costs and reduce excess inventory allowed us to generate free cash flow and exceed our internal debt reduction targets. These efforts, combined with more efficient inventory purchasing, will allow us to deliver the merchandise our customers need and expect for their outdoor adventures.”
Varex
Varex Imaging Corp., based in Salt Lake City, reported net income of $1.4 million, or 3 cents per share, for the fiscal second quarter ended March 29. That compares with $4.1 million, or 10 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $206.2 million, down from $228.2 million in the year-earlier quarter.
Varex designs and manufactures X-ray imaging components, which include X-ray tubes, digital detectors and other image processing solutions that are components of X-ray imaging systems. It has about 2,300 employees in North America, Europe and Asia.
“Revenue of $206 million in the second quarter was in line with guidance, but down year-over-year primarily due to lower sales to our customers in China,” Sunny Sanyal, CEO, said in announcing the results. “Sales in the first half of fiscal 2024 were as expected, but we are lowering our expectations for the second half of the fiscal year due to continued softness in our medical segment, particularly in China.”
Medallion Bank
Medallion Bank, an industrial bank based in Salt Lake City, reported net income of $14.5 million for the first quarter. That compares with $21.4 million for the same quarter a year earlier.
Net interest income was $48.2 million, compared to $44.3 million in the prior-year quarter. The total loan portfolio grew 12 percent during the past year. Total assets were $2.3 billion at March 31.
Medallion Bank provides consumer loans for the purchase of recreational vehicles, boats and home improvements, along with loan origination services to fintech strategic partners.
“We continue to be pleased with our earnings, growth and credit quality,” Donald Poulton, president and CEO, said in announcing the results. “Net interest income growth of 9 percent over the prior-year quarter followed from our asset growth. Loan losses reflected the seasonality of our consumer lending business, starting relatively high early in the quarter and falling late in the quarter as delinquency declined from the December peak.”
FinWise
FinWise Bancorp, based in Murray, reported net income of $3.3 million, or 25 cents per share, for the first quarter ended March 31. That compares with $3.9 million, or 29 cents per share, for the same quarter a year earlier.
Loan originations were $1.1 billion, compared with $900,000 for the first quarter of the prior year. Net interest income was $14 million, compared with $12.1 million a year earlier.
FinWise is the parent company of FinWise Bank.
“We are pleased with the first quarter’s robust loan originations and encouraging credit quality performance, which highlights the resiliency of our differentiated business model,” Kent Landvatter, CEO, said in announcing the results. “We also remained laser-focused on executing our strategic initiatives during the quarter as we announced new lending and payments agreements, continued to build out our Payments Hub and BIN Sponsorship platform and deepened our executive bench.
“In addition, given our strong balance sheet and earnings power, we announced a new share repurchase program. We remain on track to deliver on our target to further diversify our business model, which we expect will continue to enhance the company’s long-term growth.”
Clarus
Clarus Corp., based in Salt Lake City, reported net income of $21.9 million, or 57 cents per share, for the first quarter ended March 31. That compares with $1.6 million, or 4 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $69.3 million, down from $70.3 million in the year-earlier quarter.
Clarus designs, develops, manufactures and distributes outdoor equipment and lifestyle products. The brands include Black Diamond, Rhino-Rack, MAXTRAX and TRED Outdoors.
The year-ago figures include the impact of discontinued operations. In December, Clarus announced the sale of its Precision Sport segment for $175 million.
“We entered 2024 with a strong balance sheet and an experienced leadership team focused on initiating our strategic plan for our next phase as a pure-play, ESG-friendly outdoor business,” Warren Kanders, executive chairman, said in announcing the results. “We are pleased with our execution in the first quarter, prioritizing simplification and right-sizing in Outdoor, along with the launch of compelling new products and expansion beyond the home market in Adventure. Based on our results to date, we have reaffirmed our full-year guidance and believe we have laid the foundation to drive increased profitability and unlock new growth opportunities going forward.”
LifeVantage
LifeVantage Corp., based in Lehi, reported net income of $1.7 million, or 13 cents per share, for the fiscal third quarter ended March 31. That compares with $1 million, or 8 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $48.2 million, down from $53.7 million in the year-earlier quarter.
LifeVantage formulates and sells nutrigenomic activators, dietary supplements, nootropics, pre- and pro-biotics, weight management, skin and hair care, bath and body, and targeted relief products. It also markets and sells a pet supplement, energy drink mixes and a weight management system.
“We were very pleased with our improved profitability in the third quarter, reflecting continued progress with our LV360 strategic transformation,” Steve Fife, president and CEO, said in announcing the results. “While the operating environment remains challenging, particularly on the top line, we continue to execute well against our strategic priorities and remain confident in our ability to drive long-term value for stockholders as our LV360 transformation plan continues to gain traction.”
Weave
Weave, based in Lehi, reported a net loss of $7.2 million, or 10 cents per share, for the first quarter ended March 31. That compares with a loss of $7.9 million, or 12 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $47.2 million, up from $39.6 million in the year-earlier quarter.
Weave offers a customer experience and payments software platform for small and medium-sized healthcare businesses.
“Weave delivered another terrific quarter, providing a strong start to the year with solid top-line performance and significant improvements in gross and operating margin and adjusted EBITDA (earnings before taxes, interest, depreciation and amortization),” Brett White, CEO, said in announcing the results.
“Achieving greater than 70 percent non-GAAP gross margin for the first time is a significant milestone for Weave. These results underscore the market’s demand for our vertically tailored software and payments platform and our continued efforts to improve efficiency.”