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 $169 million, or $1.13 per share, for the first quarter ended March 31. That compares with $143 million, or 96 cents per share, for the same quarter a year earlier.
Total deposits were $75.7 million, up 2 percent from a year earlier. Net interest income was $624 million, up $38 million, or 6 percent, from a year earlier.
Zions has banking operations in 11 western states.
“First-quarter net income and earnings per share increased 18 percent from last year’s period, to $169 million and $1.13, respectively,” Harris H. Simmons, chairman and CEO, said in announcing the results. “This reflects a 16 basis-point increase in the net interest margin and a 10 percent increase in adjusted pre-provision net revenue.”
Simmons said credit quality “remained in very good shape during the quarter, with nonperforming assets stable compared with last quarter at 0.51 percent of loans and leases and annualized net charge-offs of 0.11 percent of loans and leases. At the same time, the outlook for the economy is perhaps more uncertain than it’s been in a number of years, clouded by the very real potential for negative impacts from tariffs and trade policy, both here and abroad. We are nevertheless confident that our credit culture and practices and our strong reserves position us to manage through possible turbulence that might materialize in coming quarters.”
SkyWest
SkyWest Inc., based in St. George, reported net income of $101.6 million, or $2.42 per share, for the first quarter ended March 31. That compares with $60.3 million, of $1.45 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $948.5 million, up from $803.6 million in the year-earlier quarter.
SkyWest Inc. is the holding company for SkyWest Airlines, SkyWest Charter and SkyWest Leasing. SkyWest Airlines has a fleet of approximately 500 aircraft connecting passengers to over 240 destinations throughout North America.
“Although the airline industry is dealing with uncertain macroeconomic factors, demand for our product remains solid,” Chip Childs, president and CEO, said in announcing the results. “We continue to be committed to adding value to our partners’ network strategies, improving daily scheduled service to smaller communities, and deploying our capital to improve our fleet for long-term opportunities. I want to thank our teams for continuing to deliver an exceptional product through the challenging winter conditions of the first quarter.”
Merit Medical
Merit Medical Systems Inc., based in South Jordan, reported net income of $30.1 million, or 49 cents per share, for the first quarter ended March 31. That compares with $28.2 million, or 48 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $355.4 million, up from $323.5 million in the year-earlier quarter.
Founded in 1987, 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 about 7,300 employees worldwide.
“We delivered better-than-expected financial performance in the first quarter, with our constant currency revenue, organic, our constant currency total revenue and our non-GAAP EPS exceeding the high-end of our expectations,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results.
“We also delivered impressive year-over-year improvements in our non-GAAP operating margin and our non-GAAP earnings per share, which increased 229 basis points and 15 percent, respectively, year-over-year.”
Franklin Covey
Franklin Covey Co., based in Salt Lake City, reported a net loss of $1 million, or 8 cents per share, for the second quarter ended Feb. 28. That compares with net earnings of $874,000, or 6 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $59.6 million, down from $61.3 million in the year-earlier quarter.
Franklin Covey is focused on organizational performance improvement and creates, and on a subscription basis, distributes content, training, processes and tools that organizations and individuals use to achieve systemic changes in human behavior to transform their results.
“The current economic and business environment is turbulent and uncertain,” Paul Walker, president and CEO, said in announcing the results. “While our clients are not immune to the challenges in the broader economic and political landscape, we are pleased that first, the nature and importance of the opportunities and challenges we help organizations address are critical in both good and challenging business environments, and that our business model is strong; second, that we are already seeing significant traction from the implementation of our new go-to-market and sales force strategy in North America; and third, that our Education business continues to be strong.
“Overall, we feel encouraged about our second-quarter results, particularly considering canceled or postponed government contracts, lower revenue through our international operations, and the general macroeconomic environment.”
TruGolf
TruGolf Holdings Inc., based in Salt Lake City, reported a net loss of $8.8 million, or 76 cents per share, for the fiscal year ended Dec. 31, 2024. That compares with a loss of $10.3 million, or $857.35 per share, for 2023.
Revenue in 2024 totaled a company-record $21.9 million, up from $20.6 million for 2023.
The company provides golf simulator software and hardware.
“We are very pleased with our growing sales momentum for our upgraded and industry-leading golf simulators and software,” Chris Jones, CEO and director, said in announcing the results. “Cost controls were effective and contributed to our greater cash generation in the second half of the year. We ended the year with $10.9 million in cash, and our debt went down. Interest in our franchise concept remains high and we anticipate announcing contracts for additional franchises in the United States throughout 2025. We now expect the first franchise locations to open by the end of the second quarter, with associated delivery of TruGolf simulators in the first half of 2025.”