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) of $305 million, or $2.13 per share, for the quarter ended June 30. That compares with $232.3 million, or $1.64 per share, for the same quarter a year earlier.
The company reported net income attributable to common stockholders of $232.1 million, or $1.73 per share, for the most recent quarter, which compares with $167.9 million, or $1.25 per share, in the year-earlier quarter.
Same-store rental revenues in the most recent quarter totaled $362.2 million, up from $297.6 million in the year-earlier quarter.
Extra Space Storage is a real estate investment trust that owns and/or operates 2,177 self-storage stores in 41 states and Washington, D.C. 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 U.S.
“We had another strong quarter, matching last quarter’s record same-store revenue growth of 21.7 percent and achieving same-store NOI (net operating income) growth of 26.0 percent,” Joe Margolis, CEO, said in announcing the results.
“We were active in all of our external growth channels. We continue to find accretive investments through our deep industry relationships, and expand our diversified portfolio. We achieved FFO growth of 29.9 percent, allowing us to increase our annual FFO guidance for the second time this year.”
Zions
Zions Bancorporation NA, based in Salt Lake City, reported net earnings applicable to common shareholders of $195 million, or $1.29 per share, for the second quarter. That compares with $345 million, or $2.08 per share, for the same quarter a year earlier.
Zions has more than $90 billion in total assets and has banking operations in 11 states.
“In the second quarter, we built on recent loan growth momentum, with average non-PPP loans increasing $1.5 billion, or an annualized 12 percent,” Harris H. Simmons, chairman and CEO, said in announcing the results.
“Customer-related noninterest income was also strong, with year-over-year improvement of 11 percent. Adjusted revenue increased nearly 8 percent over the prior year, despite a significant reduction in PPP revenue as that portfolio runs off. Excluding the impact of PPP, adjusted revenue increased nearly 17 percent over the prior year.
“We are particularly pleased with the credit performance of the loan portfolio. Our net charge-off ratio was an annualized 0.07 percent of average loans, and our nonperforming asset ratio fell to a very clean 0.4 percent of loans. Also, for the first time in several decades, our real estate owned figure was zero. We are well-prepared for the possibility of a recession with solid credit quality and capital, and strong pre-provision net revenue growth.”
SkyWest
SkyWest Inc., based in St. George, reported net income of $54 million, or $1.07 per share, for the second quarter. That compares with $62 million, or $1.22 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $799 million, up from $657 million in the year-earlier quarter.
SkyWest Inc. is the holding company for SkyWest Airlines and SkyWest Leasing. SkyWest Airlines has a fleet of over 500 aircraft connecting passengers to over 230 destinations throughout North America.
“The quarter results reflect the continued strong demand for our product and the impact of our improved fleet mix as we continue investing in our E175 fleet,” Chip Childs, CEO, said in announcing the results. “As we work through the constraints of an ongoing pilot imbalance and industry-wide staffing challenges, demand for our product remains exceptionally strong. I want to thank our people for their dedicated, world-class efforts.”
Nu Skin
Nu Skin Enterprises Inc., based in Provo, reported net income of $34.2 million, or 67 cents per share, for the second quarter ended June 30. The per-share figure would have been 77 cents without charges associated with the 2021 fourth-quarter exit from Grow Tech, the company said. The results compare with net income of $59.3 million, or $1.15 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $560.6 million, down from $704.1 million in the year-earlier quarter.
Nu Skin Enterprises offers beauty and wellness products, including Nu Skin personal care, Pharmanex nutrition and the ageLOC anti-aging brands.
“As previously announced, our second-quarter results were impacted by extended COVID-related factors in Mainland China, distractions in EMEA related to the ongoing conflict, weaker global economic conditions impacting emerging markets and the record strength of the U.S. dollar,” Ryan Napierski, president and CEO, said in announcing the results.
“Despite these challenges, we delivered our ninth consecutive quarter of growth in the U.S. on the strength of new product launches and our social commerce model. Additionally, we drove year-over-year growth in our Southeast Asia/Pacific and Hong Kong/Taiwan segments due to the successful launch of ageLOC Meta and early social commerce adoption.”
Qualtrics
Qualtrics, based in Provo, reported a net loss of $279.2 million, or 48 cents per share, for the second quarter ended June 30. That compares with a loss of $263.5 million, or 51 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $356.4 million, up from $249.3 million in the year-earlier quarter.
Qualtrics is focused on experience management.
“Q2 was a strong quarter of revenue growth for Qualtrics, and we are proud to deliver another quarter of positive non-GAAP operating margin as we drive toward long-term, durable growth,” Zig Serafin, CEO, said in announcing the results. “We continue to see robust demand for our experience management platform as companies look to Qualtrics to help them navigate the uncertain macro-environment and win in their markets.”
Medallion Bank
Medallion Bank, based in Salt Lake City, reported net income of $17.9 million for the second quarter ended June 30. That compares with $17.5 million for the same quarter a year earlier.
Medallion provides consumer loans for the purchase of recreational vehicles, boats and home improvements, along with offering loan origination services to fintech strategic partners.
“We recorded another quarter of substantial earnings, driven by record loan originations on sustained demand for our products that serve the recreation vehicle, marine and home improvement industries,” Donald Poulton, president and CEO, said in announcing the results.
“Despite rising interest rates and inflationary pressure, our borrowers continued to perform well and loan losses remained lower than historical norms. While the provision for loan losses grew year-over-year commensurate with loan growth, net recoveries of $2.3 million in our medallion loan portfolio were a helpful offset. We continue to focus on serving our customers with an optimal balance of high tech and high touch in order to deliver superior financial performance.”
Merit Medical
Merit Medical System Inc., based in South Jordan, reported net income of $15.3 million, or 27 cents per share, for the second quarter ended June 30. That compares with $4.9 million, or 9 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $295 million, up from $280.3 million in the year-earlier quarter.
Merit Medical Systems manufactures and markets healthcare products. It has about 6,500 employees worldwide.
“We delivered better-than-expected revenue results for the second quarter of 2022, posting 7.4 percent constant currency sales growth fueled by solid execution from our team and more favorable than anticipated demand trends from customers in the U.S., EMEA and ‘Rest of World’ regions,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results.
“We also delivered better-than-expected profitability in the quarter, with year-over-year growth in non-GAAP net income and non-GAAP earnings per share of 20 percent and 19 percent, respectively, driven by material improvements in profitability resulting in a record non-GAAP operating margin of 19.1 percent.”
Varex
Varex Imaging Corp., based in Salt Lake City, reported net income of $8.2 million, or 20 cents per share, for the fiscal third quarter ended July 1. That compares with $12 million, or 29 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $214.5 million, up from $211.2 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 key components of X-ray imaging systems. The company has about 2,100 employees in North America, Europe and Asia.
“Our supply chain diversification efforts are beginning to show results in an otherwise challenging environment, and this enabled us to focus on meeting our customers’ needs and realize sales at the high end of our guidance range,” Sunny Sanyal, CEO, said in announcing the results. “Demand remains robust and we are excited about our future growth prospects.”