The following are recent financial reports as posted by selected Utah corporations:
Extra Space Storage
Extra Space Storage Inc., based in Salt Lake City, reported funds from operations (FFO) attributable to common stockholders of $171.8 million, or $1.23 per share, for the quarter ended Sept. 30. That compares with $161.7 million, or $1.20 per share, for the same quarter a year earlier.
Net income attributable to common stockholders was $108 million, or 83 cents per share. That compares with $130.4 million, or $1.02 per share, for the year-earlier quarter.
Same-store rental revenues totaled $262.7 million, up from $254.4 million a year earlier.
Extra Space Storage is a self-administered and self-managed real estate investment trust that owns and/or operates 1,797 self-storage stores in 40 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 nation.
“Our diversified portfolio and strong operating platform continue to produce solid results despite headwinds from new supply,” Joe Margolis, CEO, said in announcing the results. “Occupancy has remained near all-time highs and same-store revenue increased 3.3 percent in the quarter. We also continue to find external growth opportunities through innovative structures and leveraging industry relationships, creating additional value for our shareholders.”
SkyWest
SkyWest Inc., based in St. George, reported net income of $91 million, or $1.79 per share, for the third quarter ended Sept. 30. That compares with $83 million, or $1.57 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $760 million, down from $829 million in the year-earlier quarter due to the sale of ExpressJet Airlines in January of this year.
SkyWest Inc. is the holding company for SkyWest Airlines and SkyWest Leasing, an aircraft leasing company. SkyWest Airlines has nearly 2,300 daily flights and serves more than 250 destinations. It has more than 14,000 employees.
“We were pleased to deliver another solid quarter as we continue executing our fleet strategy and remain positioned for future opportunity based on strong demand for our product,” Chip Childs, CEO and president, said in announcing the results.
Merit Medical
Merit Medical Systems Inc., based in South Jordan, reported a net loss of $3.4 million, or 6 cents per share, for the third quarter ended Sept. 30. That compares with net income of $16.6 million, or 30 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $243 million, up from $221.7 million in the year-earlier quarter.
Myriad manufactures and markets disposable devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy.
“Historically, the summer quarter has generally been the slowest quarter of the year for us, as sales to hospitals, physicians and even countries delivering healthcare slowed substantially,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results. “This year was no exception, especially compared to the summer quarter of last year, during which we experienced a $4-5 million bump in sales due to a shortage of inventory experienced by a competitor. Our third-quarter results this year were also hampered by our decline in gross margin growth as a result of product sales mix, increased cost, foreign exchange, trade concerns, tariffs and Brexit.”
In the quarter, Merit Medical also had initiatives to lower costs and increase efficiency, including completing a headcount reduction of 2 percent of its workforce; closing a research and development facility in San Jose, California; and absorbing the essential operations from that facility into its Utah facility.
“We are also exploring the consolidation of additional satellite facilities to our Mexico and Texas facilities during the next several months. All in all, there is substantial effort to reduce costs and increase efficiency throughout the entire organization,” Lampropoulos said. “We believe we have been through the trough and are now emerging as a leaner, more efficient growth company.”
Pluralsight
Pluralsight, based in Farmington, reported a net loss attributable to shares of Class A common stock of $32.7 million, or 32 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $16.3 million, or 26 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $82.6 million, up from $61.6 million in the year-earlier quarter.
Pluralsight offers an enterprise technology skills platform.
“We had a solid quarter and improved many of our growth metrics demonstrating that the operational improvements we put into motion at the beginning of the quarter are working,” Aaron Skonnard, co-founder and CEO, said in announcing the results. “I’m happy with the progress we made in the quarter, and recognize we still have work to do. B2B billings grew 32 percent, total billings grew 28 percent, revenue grew 34 percent and our guidance for 2019 remains inside the range we provided and reiterated earlier in the year.”
LifeVantage
LifeVantage Corp., based in Salt Lake City, reported net income of $1.8 million, or 12 cents per share, for the fiscal first quarter ended Sept. 30. That compares with $900,000, or 6 cents per share, for the year-earlier quarter.
Revenue in the most recent quarter totaled $56.2 million, up from $55.6 million in the year-earlier.
LifeVantage is engaged in the identification, research, development and distribution of advanced nutraceutical dietary supplements and skin and hair care products.
“We are off to a strong start to fiscal 2020, generating 45 percent year-over-year growth of adjusted EBITDA (earnings before interest, taxes, depredication and amortization) and 86 percent adjusted EPS (earnings per share) growth over the prior-year period,” Darren Jensen, president and CEO, said in announcing the results.
“Based on our strong first- quarter results, continued execution of our key initiatives and the strong early performance of our new product introduction, we feel confident with our growth outlook and reiterate our fiscal 2020 guidance for revenue, adjusted EBITDA and adjusted EPS.”
Myriad Genetics
Myriad Genetics Inc., based in Salt Lake City, reported a net loss of $20.6 million, or 28 cents per share, for the fiscal first quarter. That compares with a loss of $700,000, or 1 cent per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $186.3 million, down from $202.3 million in the year-earlier period.
Myriad Genetics is focused on molecular diagnostics and precision medicine.
“We had a challenging start to fiscal year 2020 as hereditary cancer revenue accrual from small payers was impacted by the deletion of the historical hereditary cancer CPT codes,” Mark C. Capone, president and CEO, said in announcing the results. “We had assumed this administrative change would have a minor impact to cash collections, but unfortunately, that has not proven to be the case. While the hereditary cancer business has returned to strong double-digit volume growth, the revenue accrual impact from these changes have led us to lower our financial outlook for the year.
“Despite this setback, we expect earnings to be significantly higher in the second half of the fiscal year and believe that a number of important upsides will materialize during the fiscal year, generating momentum as we transition into fiscal year 2021.”
Holly Energy Partners
Holly Energy Partners LP, based in Dallas but with operations in Utah, reported net income of $82.3 million, or 78 cents per limited partner unit, for the third quarter ended Sept. 30. That compares with $45 million, or 43 cents per unit, for the same quarter a year earlier.
The most recent quarter included a gain from a renewal of a throughput agreement with HollyFrontier Corp. on certain HEP assets. Without that gain, HEP’s net income for the quarter was $47.2 million, or 45 cents per share.
Revenues in the most recent quarter totaled $135.9 million, up from $125.8 million in the year-earlier quarter.
Holly Energy Partners 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 pipelines, tankage and terminals in Utah and eight other states, plus refinery processing units in Utah and Kansas.
“HEP had a solid third quarter led by the continued strength in crude transportation across our system,” George Damiris, CEO, said in announcing the results. “The recently announced Cushing Connect joint venture highlights both our opportunities to grow HEP as well as our strong parent, HollyFrontier.”
Dominion
Dominion Energy, based in Virginia but with operations in Utah, reported earnings of $975 million, or $1.17 per share, for the quarter ended Sept. 30. That compares with $854 million, or $1.30 per share, for the same quarter a year earlier.
Operating revenue in the most recent quarter totaled $4.27 billion, up from $3.45 billion in the year-earlier period.
Dominion has nearly 7.5 million electricity and natural gas customers in 18 states.
“Strong performance across our business units, combined with favorable weather, resulted in operating earnings per share above the midpoint of our quarterly guidance range,” Thomas F. Farrell II, chairman, president and CEO, said in announcing the results. “Weather-normalized results were also above the midpoint of our guidance range.
“Year-to-date results and our fourth-quarter outlook are supportive of a narrowing of our existing 2019 operating earnings guidance range to $4.15 to $4.30 per share.”