The following are recent financial reports as posted by selected Utah corporations:
Extra Space Storage
Extra Space Storage, based in Salt Lake City, reported funds from operations (FFO) attributable to common stockholders of $120.9 million, or 91 cents per share, for the quarter ended June 30. That compares with $90 million, or 72 cents per share, for the same quarter a year earlier.
Net income attributable to common stockholders was $83 million, or 66 cents per share. That compares with $55.3 million, or 47 cents per share, in the year-earlier quarter.
Same-store rental and tenant reinsurance revenues totaled $176.6 million, up from $164.2 million a year earlier.
Extra Space is a self-administered and self-managed real estate investment trust that owns and/or operates 1,412 self-storage stores in 37 states; Washington, D.C.; and Puerto Rico. It is the second-largest owner and/or operator of self-storage stores in the United States and is the largest self-storage management company in the United States.
“We had another exceptional quarter, growing FFO over 25 percent,” Spencer F. Kirk, chief executive officer, said in announcing the results. “FFO was driven by solid property performance, our growing third-party management platform, accretive acquisitions and mutually beneficial joint ventures. This resulted in an increase in our second quarter dividend of over 32 percent. The acquisitions landscape is competitive, but we have closed over $500 million in acquisitions, primarily through our managed and joint venture pipelines.”
Huntsman
Huntsman, with main offices in Texas and Utah, reported net income of $94 million, or 36 cents per share (53 cents adjusted), for the second quarter. That compares with $62 million, or 12 cents per share (63 cents adjusted), in the year-earlier quarter.
Revenues in the most recent quarter totaled $2.74 billion, up from $2.54 billion a year earlier.
Huntsman is a manufacturer and marketer of chemicals. The company has more than 100 manufacturing and research and development facilities worldwide and has about 15,000 employees in five business divisions.
“Our management team is focused on three primary strategic financial objectives. One, generating more than $350 million of free cash flow in 2016; two, growing margins and earnings in our downstream differentiated businesses; and, three, separating our TiO2 (titanium dioxide) business through either a strategic combination or a spin-off,” Peter R. Huntsman, president and chief executive officer, said in announcing the results. “Our second quarter results demonstrate our commitment to these objectives.”
The company generated $282 million of free cash flow during the quarter and the company is working toward a separation of its TiO2 business, with a target of year-end or first quarter 2017.
“I am encouraged by our second quarter results,” he said. “We are well on track to successfully accomplish our objectives.”
SkyWest
SkyWest Inc., based in St. George, reported net income of $40 million, or 77 cents per share, for the second quarter ended June 30. That compares with $31 million, or 61 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $801 million, up from $788 million in the year-earlier quarter.
SkyWest Inc. is the holding company for two scheduled passenger airline operations and an aircraft leasing company. The airlines — SkyWest Airlines and ExpressJet Airlines — have more than 3,300 daily flights throughout North America. The company has more than 20,000 employees.
“The year-over-year improvement in our profitability reflects the value from our on-going fleet transition efforts coupled with continued strong operating performance,” Chip Childs, chief executive officer, said in announcing the results. “We remain focused on improving our long-term fleet economics, reducing fleet risk and delivering exceptional service to our passengers and major partners.”
Holly Energy Partners
Holly Energy Partners LP, based in Dallas, reported net income of $39.1 million, or 45 cents per share, for the second quarter ended June 30. That compares with $30.2 million, or 34 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $94.9 million, up from $83.5 million in the year-earlier quarter.
Holly provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corp. subsidiaries. The partnership, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude gathering pipelines, tankage and terminals in Utah and nine other states and refinery processing units in Kansas. HollyFrontier, also based in Dallas, is an independent petroleum refiner and marketer that has a refinery in Woods Cross. Holly Energy Partners, established in 2004, has 15 employees in Utah.
“We are pleased with our solid financial results for the second quarter of 2016, which allowed us to maintain our record of quarterly distribution increases, while maintaining a very strong distribution coverage ratio,” Mike Jennings, chief executive officer, said in announcing the results. “We remain optimistic about organic growth on the UNEV products pipeline. Additionally, we continue to leverage our logistics capabilities and HollyFrontier Corp.’s refining footprint to create third-party acquisition opportunities as demonstrated by our acquisition of a 50 percent interest in the Cheyenne Pipeline during the second quarter of 2016.”
USANA
USANA Health Sciences Inc., based in Salt Lake City, reported net income of $25.8 million, or a company-record $2.07 per share, for the fiscal second quarter ended July 2. That compares with $25.4 million, or $1.92 per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $258.5 million, up from $233.2 million in the year-earlier quarter.
USANA develops and manufactures direct-sales nutritional supplements, foods and personal care products. Founded in 1992, USANA has more than 1,290 employees worldwide, including about 630 at the corporate offices in Utah.
“USANA generated solid results during the second quarter, which were in line with our expectations,” Dave Wentz, co-chief executive officer, said in announcing the results. “Our results reflect the momentum in our business and the demand for our high-quality products from our customers. We are excited about the product announcements we will make next month at our international convention and believe these announcements will continue this momentum.”
Headwaters
Headwaters Inc., based in South Jordan, reported net income of $17.5 million, or 23 cents per share, for the fiscal third quarter ended June 30. That compares with $22.8 million, or 30 cents per share, for the same quarter a year earlier.
Income from continuing operations totaled $17.5 million, or 23 cents per share. That compares with $23.1 million, or 30 cents per share, in the year-earlier quarter.
Revenue in the most recent quarter totaled $262 million, up from $243.3 million in the year-earlier quarter.
Headwaters provides products, technologies and services to the construction materials and building products markets. Founded in 1986, the company has about 70 employees in Utah.
“We are pleased with our growth and continued margin strength during the third quarter, despite being impacted by adverse weather conditions in a number of our markets, including heavy rain in the Texas and Gulf regions,” Kirk A. Benson, chairman and chief executive officer, said in announcing the results.
“Overall, Headwaters’ third quarter performance was substantially in line with our expectations, allowing us to reaffirm our 2016 adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) guidance of $185 million to $200 million.”
“We are pleased with the overall performance of the business and remain very optimistic that our key end markets will continue to grow in 2017,” said Don P. Newman, chief financial officer. “Efforts to increase our available fly ash supply should also add revenue and cash flow in the coming months, as well as in 2017 and beyond.” In addition, the acquisition of Krestmark creates a new platform for growth in a niche windows market, and adds another high-margin exterior products business to our portfolio.”
Merit Medical
Merit Medical Systems Inc., based in South Jordan, reported net income of $7.3 million, or 16 cents per share, for the quarter ended June 30. That compares with $7.4 million, or 17 cents per share, for the year-earlier quarter.
Revenue in the most recent quarter totaled $151.1 million, up from $138 million in the year-earlier quarter.
Merit manufactures and markets disposable devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology and endoscopy.
“The second quarter was packed with opportunity and activity,” Fred P. Lampropoulos, chairman and chief executive officer, said in announcing the results. “We hired more than 50 production and support personnel to ramp up production of various catheters and access products. This effort involved training, sourcing and manufacturing, and we estimate that approximately $3.6 million of new revenue was derived from the sale of those products. We have also acquired additional production equipment that is now coming on line for what we anticipate to be a larger-than-expected opportunity for the sale of such products.”
Nutraceutical
Nutraceutical International Corp., based in Park City, reported net income of $6 million, or 65 cents per share, for the fiscal third quarter ended June 30. That compares with $4.5 million, or 47 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $60.8 million, up from $54.4 million in the year-earlier quarter.
Nutraceutical manufactures, markets, distributes and retails nutritional supplements and other natural products.
“Our fiscal 2016 third quarter net sales grew by 12 percent primarily as a result of stronger international sales as well as sales from acquisitions completed during this fiscal year,” Bill Gay, chairman and chief executive officer, said in announcing the results. “Third quarter net income increased by $1.5 million and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased by $2.3 million. Management believes that the strong results during our last two quarters reflect the leverage and synergies generated from increased net sales. We are hopeful that our international business will continue to improve during the balance of calendar 2016.”
People’s Utah Bancorp
People’s Utah Bancorp, based in American Fork, reported net income of $5.6 million, or 31 cents per share, for the quarter ended June 30. That compares with $5.2 million, or 30 cents per share, for the same quarter a year earlier.
Total deposits were $1.35 billion at the end of the quarter, up from $1.27 billion a year earlier.
People’s Utah Bancorp (PUB) is the holding company for People’s Intermountain Bank, with 18 locations in two banking divisions, Bank of American Fork and Lewiston State Bank, and one leasing division, GrowthFunding Equipment Finance. People’s Utah Bancorp was established by Bank of American Fork as its holding company in 1998. Bank of American Fork was founded in 1913. People’s Utah’ Bancorp and its subsidiaries have 417 employees in Utah and about 10 employees in Idaho.
“PUB continues its positive trend of posting strong operating results for the second quarter of 2016 compared to the prior quarter of 2016,” Richard Beard, president and chief executive officer of People’s Utah Bancorp, said in announcing the results. “Our current quarter’s net income, diluted earnings per share, return on average equity and return on average assets all increased compared to the prior quarter.
Beard said the company is “pleased” with its overall loan growth year-over-year, the improvement in its net interest margin and efficiency ratio. “On the credit quality side, we experienced a relatively low level of nonperforming assets for the quarter,” he said.
L-3
L-3 Communications Holdings Inc., based in New York, reported net income from continuing operations of $147 million, or $1.88 per share, for the quarter ended June 24. That compares with $120 million, or $1.44 per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $2.66 billion, up from $2.54 billion in the year-earlier quarter.
L-3, with about 38,000 employees worldwide, provides communication and electronic systems and products used on military and commercial platforms. L-3 is also a prime contractor in aerospace systems. Its Communications Systems-West operations are based in Salt Lake City and are focused on the development, design, manufacturing and integration of secure networked communication solutions.
“We are pleased to report another quarter of progress on L-3’s strategy to drive growth through organic sales and higher operating income,” Michael T. Strianese, chairman and chief executive officer, said in announcing the results. “Our initiatives to strengthen our core businesses and market-leading positions have led to solid results and higher operating margin across all segments. By focusing on performance and organic growth, we will continue to generate value to all of our stakeholders.”
Instructure
Instructure Inc., based in Salt Lake City, reported a net loss of $14.6 million, or 53 cents per share, for the second quarter ended June 30. That compares with a loss of $14 million, or $2.21 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $25.9 million, up from $15.9 million in the year-earlier quarter.
Instructure is a software-as-a-service (SaaS) company.
“Our growth strategy is simple — increase our customer base, extend our relationships with existing customers, expand internationally and continue to extend our product offerings,” Josh Coates, chief executive officer, said in announcing the results.
“In Q2, we successfully executed against this strategy and delivered 63 percent year-over-year top-line growth while at the same time drove substantial margin improvements. Our continued innovation in delivering solutions that provide a new way for people to learn is fueling our business momentum and further driving long-term growth prospects for the company.”
Extra Space Storage
Extra Space Storage, based in Salt Lake City, reported funds from operations (FFO) attributable to common stockholders of $120.9 million, or 91 cents per share, for the quarter ended June 30. That compares with $90 million, or 72 cents per share, for the same quarter a year earlier.
Net income attributable to common stockholders was $83 million, or 66 cents per share. That compares with $55.3 million, or 47 cents per share, in the year-earlier quarter.
Same-store rental and tenant reinsurance revenues totaled $176.6 million, up from $164.2 million a year earlier.
Extra Space is a self-administered and self-managed real estate investment trust that owns and/or operates 1,412 self-storage stores in 37 states; Washington, D.C.; and Puerto Rico. It is the second-largest owner and/or operator of self-storage stores in the United States and is the largest self-storage management company in the United States.
“We had another exceptional quarter, growing FFO over 25 percent,” Spencer F. Kirk, chief executive officer, said in announcing the results. “FFO was driven by solid property performance, our growing third-party management platform, accretive acquisitions and mutually beneficial joint ventures. This resulted in an increase in our second quarter dividend of over 32 percent. The acquisitions landscape is competitive, but we have closed over $500 million in acquisitions, primarily through our managed and joint venture pipelines.”
Huntsman
Huntsman, with main offices in Texas and Utah, reported net income of $94 million, or 36 cents per share (53 cents adjusted), for the second quarter. That compares with $62 million, or 12 cents per share (63 cents adjusted), in the year-earlier quarter.
Revenues in the most recent quarter totaled $2.74 billion, up from $2.54 billion a year earlier.
Huntsman is a manufacturer and marketer of chemicals. The company has more than 100 manufacturing and research and development facilities worldwide and has about 15,000 employees in five business divisions.
“Our management team is focused on three primary strategic financial objectives. One, generating more than $350 million of free cash flow in 2016; two, growing margins and earnings in our downstream differentiated businesses; and, three, separating our TiO2 (titanium dioxide) business through either a strategic combination or a spin-off,” Peter R. Huntsman, president and chief executive officer, said in announcing the results. “Our second quarter results demonstrate our commitment to these objectives.”
The company generated $282 million of free cash flow during the quarter and the company is working toward a separation of its TiO2 business, with a target of year-end or first quarter 2017.
“I am encouraged by our second quarter results,” he said. “We are well on track to successfully accomplish our objectives.”
SkyWest
SkyWest Inc., based in St. George, reported net income of $40 million, or 77 cents per share, for the second quarter ended June 30. That compares with $31 million, or 61 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $801 million, up from $788 million in the year-earlier quarter.
SkyWest Inc. is the holding company for two scheduled passenger airline operations and an aircraft leasing company. The airlines — SkyWest Airlines and ExpressJet Airlines — have more than 3,300 daily flights throughout North America. The company has more than 20,000 employees.
“The year-over-year improvement in our profitability reflects the value from our on-going fleet transition efforts coupled with continued strong operating performance,” Chip Childs, chief executive officer, said in announcing the results. “We remain focused on improving our long-term fleet economics, reducing fleet risk and delivering exceptional service to our passengers and major partners.”
Holly Energy Partners
Holly Energy Partners LP, based in Dallas, reported net income of $39.1 million, or 45 cents per share, for the second quarter ended June 30. That compares with $30.2 million, or 34 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $94.9 million, up from $83.5 million in the year-earlier quarter.
Holly provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corp. subsidiaries. The partnership, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude gathering pipelines, tankage and terminals in Utah and nine other states and refinery processing units in Kansas. HollyFrontier, also based in Dallas, is an independent petroleum refiner and marketer that has a refinery in Woods Cross. Holly Energy Partners, established in 2004, has 15 employees in Utah.
“We are pleased with our solid financial results for the second quarter of 2016, which allowed us to maintain our record of quarterly distribution increases, while maintaining a very strong distribution coverage ratio,” Mike Jennings, chief executive officer, said in announcing the results. “We remain optimistic about organic growth on the UNEV products pipeline. Additionally, we continue to leverage our logistics capabilities and HollyFrontier Corp.’s refining footprint to create third-party acquisition opportunities as demonstrated by our acquisition of a 50 percent interest in the Cheyenne Pipeline during the second quarter of 2016.”
USANA
USANA Health Sciences Inc., based in Salt Lake City, reported net income of $25.8 million, or a company-record $2.07 per share, for the fiscal second quarter ended July 2. That compares with $25.4 million, or $1.92 per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $258.5 million, up from $233.2 million in the year-earlier quarter.
USANA develops and manufactures direct-sales nutritional supplements, foods and personal care products. Founded in 1992, USANA has more than 1,290 employees worldwide, including about 630 at the corporate offices in Utah.
“USANA generated solid results during the second quarter, which were in line with our expectations,” Dave Wentz, co-chief executive officer, said in announcing the results. “Our results reflect the momentum in our business and the demand for our high-quality products from our customers. We are excited about the product announcements we will make next month at our international convention and believe these announcements will continue this momentum.”
Headwaters
Headwaters Inc., based in South Jordan, reported net income of $17.5 million, or 23 cents per share, for the fiscal third quarter ended June 30. That compares with $22.8 million, or 30 cents per share, for the same quarter a year earlier.
Income from continuing operations totaled $17.5 million, or 23 cents per share. That compares with $23.1 million, or 30 cents per share, in the year-earlier quarter.
Revenue in the most recent quarter totaled $262 million, up from $243.3 million in the year-earlier quarter.
Headwaters provides products, technologies and services to the construction materials and building products markets. Founded in 1986, the company has about 70 employees in Utah.
“We are pleased with our growth and continued margin strength during the third quarter, despite being impacted by adverse weather conditions in a number of our markets, including heavy rain in the Texas and Gulf regions,” Kirk A. Benson, chairman and chief executive officer, said in announcing the results.
“Overall, Headwaters’ third quarter performance was substantially in line with our expectations, allowing us to reaffirm our 2016 adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) guidance of $185 million to $200 million.”
“We are pleased with the overall performance of the business and remain very optimistic that our key end markets will continue to grow in 2017,” said Don P. Newman, chief financial officer. “Efforts to increase our available fly ash supply should also add revenue and cash flow in the coming months, as well as in 2017 and beyond.” In addition, the acquisition of Krestmark creates a new platform for growth in a niche windows market, and adds another high-margin exterior products business to our portfolio.”
Merit Medical
Merit Medical Systems Inc., based in South Jordan, reported net income of $7.3 million, or 16 cents per share, for the quarter ended June 30. That compares with $7.4 million, or 17 cents per share, for the year-earlier quarter.
Revenue in the most recent quarter totaled $151.1 million, up from $138 million in the year-earlier quarter.
Merit manufactures and markets disposable devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology and endoscopy.
“The second quarter was packed with opportunity and activity,” Fred P. Lampropoulos, chairman and chief executive officer, said in announcing the results. “We hired more than 50 production and support personnel to ramp up production of various catheters and access products. This effort involved training, sourcing and manufacturing, and we estimate that approximately $3.6 million of new revenue was derived from the sale of those products. We have also acquired additional production equipment that is now coming on line for what we anticipate to be a larger-than-expected opportunity for the sale of such products.”
Nutraceutical
Nutraceutical International Corp., based in Park City, reported net income of $6 million, or 65 cents per share, for the fiscal third quarter ended June 30. That compares with $4.5 million, or 47 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $60.8 million, up from $54.4 million in the year-earlier quarter.
Nutraceutical manufactures, markets, distributes and retails nutritional supplements and other natural products.
“Our fiscal 2016 third quarter net sales grew by 12 percent primarily as a result of stronger international sales as well as sales from acquisitions completed during this fiscal year,” Bill Gay, chairman and chief executive officer, said in announcing the results. “Third quarter net income increased by $1.5 million and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased by $2.3 million. Management believes that the strong results during our last two quarters reflect the leverage and synergies generated from increased net sales. We are hopeful that our international business will continue to improve during the balance of calendar 2016.”
People’s Utah Bancorp
People’s Utah Bancorp, based in American Fork, reported net income of $5.6 million, or 31 cents per share, for the quarter ended June 30. That compares with $5.2 million, or 30 cents per share, for the same quarter a year earlier.
Total deposits were $1.35 billion at the end of the quarter, up from $1.27 billion a year earlier.
People’s Utah Bancorp (PUB) is the holding company for People’s Intermountain Bank, with 18 locations in two banking divisions, Bank of American Fork and Lewiston State Bank, and one leasing division, GrowthFunding Equipment Finance. People’s Utah Bancorp was established by Bank of American Fork as its holding company in 1998. Bank of American Fork was founded in 1913. People’s Utah’ Bancorp and its subsidiaries have 417 employees in Utah and about 10 employees in Idaho.
“PUB continues its positive trend of posting strong operating results for the second quarter of 2016 compared to the prior quarter of 2016,” Richard Beard, president and chief executive officer of People’s Utah Bancorp, said in announcing the results. “Our current quarter’s net income, diluted earnings per share, return on average equity and return on average assets all increased compared to the prior quarter.
Beard said the company is “pleased” with its overall loan growth year-over-year, the improvement in its net interest margin and efficiency ratio. “On the credit quality side, we experienced a relatively low level of nonperforming assets for the quarter,” he said.
L-3
L-3 Communications Holdings Inc., based in New York, reported net income from continuing operations of $147 million, or $1.88 per share, for the quarter ended June 24. That compares with $120 million, or $1.44 per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $2.66 billion, up from $2.54 billion in the year-earlier quarter.
L-3, with about 38,000 employees worldwide, provides communication and electronic systems and products used on military and commercial platforms. L-3 is also a prime contractor in aerospace systems. Its Communications Systems-West operations are based in Salt Lake City and are focused on the development, design, manufacturing and integration of secure networked communication solutions.
“We are pleased to report another quarter of progress on L-3’s strategy to drive growth through organic sales and higher operating income,” Michael T. Strianese, chairman and chief executive officer, said in announcing the results. “Our initiatives to strengthen our core businesses and market-leading positions have led to solid results and higher operating margin across all segments. By focusing on performance and organic growth, we will continue to generate value to all of our stakeholders.”
Instructure
Instructure Inc., based in Salt Lake City, reported a net loss of $14.6 million, or 53 cents per share, for the second quarter ended June 30. That compares with a loss of $14 million, or $2.21 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $25.9 million, up from $15.9 million in the year-earlier quarter.
Instructure is a software-as-a-service (SaaS) company.
“Our growth strategy is simple — increase our customer base, extend our relationships with existing customers, expand internationally and continue to extend our product offerings,” Josh Coates, chief executive officer, said in announcing the results.
“In Q2, we successfully executed against this strategy and delivered 63 percent year-over-year top-line growth while at the same time drove substantial margin improvements. Our continued innovation in delivering solutions that provide a new way for people to learn is fueling our business momentum and further driving long-term growth prospects for the company.”