The following are recent financial reports as posted by selected Utah corporations:
SkyWest
SkyWest Inc., based in St. George, reported net income of $89.7 million, or $2.16 per share, for the third quarter ended Sept. 30. That compares with $23.5 million, or 55 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $913.8 million, up from $766.2 million in the year-earlier quarter.
SkyWest Inc. is the holding company for SkyWest Airlines, SkyWest Charter and SkyWest Leasing, an aircraft leasing company. SkyWest Airlines has a fleet of approximately 500 aircraft connecting passengers to over 240 destinations throughout North America.
“Our ability to organically grow the number of available captains for the first three quarters of 2024 has opened up incremental growth vectors for us,” Chip Childs, CEO, said in announcing the results. “We are making significant progress in recapturing underserved markets, increasing fleet utilization and quickly placing new aircraft deliveries into service. I want to thank our people for their amazing work as we continue to execute on these opportunities, including the expansion of our CRJ550 and E175 fleets.”
Merit Medical
Merit Medical Systems Inc., based in South Jordan, reported net income of $28.4 million, or 48 cents per share, for the third quarter ended Sept. 30. That compares with $25.8 million, or 44 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $339.8 million, up from $315.2 million in the year-earlier quarter.
Merit develops, manufactures and distributes medical devices used in interventional, diagnostic, and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy. It has approximately 7,200 employees worldwide.
“We delivered better-than-expected financial results in the third quarter, reflecting continued strong execution,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results. “Our constant currency, organic, revenue and our constant currency total revenue modestly exceeded the high end of our expectations in the third quarter.”
Extra Space
Extra Space Storage Inc., based in Salt Lake City, reported funds from operations attributable to common stockholders and unit holders of $388.8 million, or $1.75 per share, for the third quarter ended Sept. 30. That compares with $348.5 million, or $1.69 per share, for the same quarter a year earlier.
Net income attributable to common stockholders totaled $193.2 million, or 91 cents per share. That compares with $188.4 million, or 96 cents per share, for the year-earlier quarter. The company said earnings per share decrease was primarily due to a $51.8 million loss related to the the impairment of the Life Storage Inc. trade name based on the company’s decision to operate under a single brand.
Same-store revenues in the most recent quarter totaled $424 million, down from $425.3 million in the year-earlier quarter.
“We continue to maintain strong occupancy during a time of year which is typically marked by occupancy declines,” Joe Margolis, CEO, said in announcing the results. “This occupancy both optimizes performance in the current market and positions the portfolio for future revenue growth. Our third-party management, bridge loan and insurance businesses continue to outperform projections, and together with incremental G&A savings, produced core FFO per share growth modestly ahead of our projections.”
Beyond
Beyond Inc., based in Midvale, reported a net loss of $61 million, or $1.33 per share, for the third quarter ended Sept. 30. That compares with a loss of $63 million, or $1.39 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $311.4 million, down from $373.3 million in the year-earlier quarter.
Beyond is an e-commerce and affinity data monetization company that owns Overstock, Bed Bath & Beyond, Baby & Beyond and Zulily.
“We delivered sequential improvement in gross margin and continued to recognize the benefits of our cost reduction actions, ultimately delivering against our commitment to improve adjusted EBITDA (earnings before interest, taxes, depreciation and amortization),” Adrianne Lee, chief financial and administrative officer, said in announcing the results.
“We recently announced the sale of our headquarters, which is expected to close in the fourth quarter, and announced a $20 million annualized reduction in staff-related expenses as we drive towards profitability and continue create a more variable and leverageable cost structure to support our evolving business needs. All in, we expect to have reduced our fixed expense base by an annualized $65 million heading into 2025.”
“We are in the process of transforming our asset-light business into an affinity and data monetization model with a strong technology focus, comprised of a collection of brands offered on a comprehensive platform from which customers can unlock value within the four walls of their home and four corners of their property,” said Marcus Lemonis, executive chairman.
“We are still in the early innings of creating a robust data cooperative that will serve as the affinity and loyalty program foundation, and having recently announced partnerships with both The Container Store and Kirkland’s Home, we are well on our way,” he said. “What we are ultimately building at Beyond is intended to leverage the combined strengths of all involved parties, driving improved financial performance and shareholder value.”
Zions
Zions Bancorporation, based in Salt Lake City, reported net earnings applicable to common shareholders of $204 million, or $1.37 per share, for the third quarter ended Sept. 30. That compares with $168 million, or $1.13 per share, for the same quarter a year earlier.
Zions has banking operations in 11 western states and had approximately $87 billion of total assets Dec. 31, 2023.
“We’re pleased with the continued improvement in our financial performance, reflected in the 21 percent increase in earnings per share over the same period last year,” Harris H. Simmons, chairman and CEO, said in announcing the results.
Among statistics cited by Simmons are net interest margin growing to 3.03 percent from 2.93 percent a year ago, operating costs increasing 1 percent, average noninterest-bearing demand deposits decreasing 1.7 percent relative to the prior quarter of this year, and tangible common equity growing 28 percent over the past year and 8 percent over the past quarter.
“While classified loans increased 66 percent quarter over quarter, reflecting somewhat weaker fundamental performance in multi-family residential loans, we expect credit losses to remain well-controlled as a result of strong equity and sponsorship in these deals. Realized total credit losses remained very low during the quarter at an annualized rate of 0.02 percent of loans,” he said.
FinWise
FinWise Bancorp, based in Murray, reported net income of $3.5 million, or 25 cents per share, for the third quarter ended Sept. 30. That compares with $4.8 million, or 37 cents per share, for the same quarter a year earlier.
FinWise Bancorp is a bank holding company that wholly owns FinWise Bank, a Utah-chartered state bank, and FinWise Investment LLC.
Among other third-quarter statistics, loan originations increased to $1.4 billion, compared to $1.2 billion for the quarter ended June 30 and $1.1 billion for the third quarter of the prior year. Net interest income was $14.8 million, compared to $14.6 million for the quarter ended June 30 and $14.4 million for the third quarter of the prior year.
“Our results during the third quarter reflect the resiliency of our existing business as well as the actions we’ve taken to enhance long-term growth,” Kent Landvatter, CEO, said in announcing the results. “We saw a notable step-up in loan originations and generated solid revenue, coupled with a deceleration of our expense growth. Additionally, we continued to gain traction with new strategic programs, as we announced one new lending program in the quarter, which brings the total new lending programs to three so far this year.
“Overall, I am pleased with the operational performance of our company and I am excited about the outlook. We will remain laser-focused on continuing to grow our business and will strive to continue to deliver long-term value for all our stakeholders.”