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 $243 million, or $1.63 per share, for the second quarter ended June 30. That compares with $190 million, or $1.28 per share, for the same quarter a year earlier.
Zions operates banks in 11 western states.
“We’re very pleased with the quarter’s strong financial results, with earnings per share up 27 percent over the prior year period, and adjusted pre-provision net revenue up 14 percent,” Harris H. Simmons, chairman and CEO, said in announcing the results. “The net interest margin continued to improve, increasing to 3.17 percent from 2.98 percent a year ago, and customer-related noninterest income rose 7 percent.
“Though average deposits were relatively flat, average loans were up 4 percent over last year. Credit results remained solid, with net charge-offs of only 7 basis points of average loans. While there are some signs of moderate slowing, including a stabilization of housing costs in many western U.S. markets, the economy has performed somewhat better than might have been expected earlier in the year, and we’re incrementally more optimistic about growth in the back half of the year than we’d previously been.”
Extra Space Storage
Extra Space Storage Inc., based in Salt Lake City, reported funds from operations attributable to common stockholders and unit holders of $439.3 million, or $1.98 per share, for the quarter ended June 30. That is essentially flat with the same quarter a year earlier.
Net income attributable to common stockholders in the most recent quarter totaled $249.7 million, or $1.18 per share. That compares with $185.9 million, or 88 cents per share, for the year-earlier quarter.
Revenues in the most recent quarter totaled $841.6 million, up from $810.7 million a year earlier.
Extra Space Storage is a real estate investment trust that owns and/or operates 4,179 self-storage stores in 43 states and Washington, D.C. It is the largest operator of self-storage properties in the United States.
“We delivered solid second-quarter results, driven by historically high occupancy, steady existing customer behavior and gradually improving new customer rates,” Joe Margolis, CEO, said in announcing the results.
“We have been active on the external growth front, with significant third-party management and bridge loan activity, as well as the buyout of our partners’ interest in two joint ventures. Based on our year-to-date performance, and our current outlook, we have maintained our annual FFO and same-store guidance at the midpoints, while we continue to monitor gradually improving storage fundamentals.”
FatPipe
FatPipe Inc., based in Salt Lake City, reported net income of $700,000 for the fiscal first quarter ended June 30. That compares with $600,000 for the same quarter a year earlier.
Product revenue in the most recent quarter totaled $3.9 million, up from $3.8 million in the year-earlier quarter.
FatPipe is focused on software-defined wide area networking (SD-WAN) and hybrid WANs that eliminate the need for hardware and software or cooperation from ISPs and allows companies and service providers to control multi-link network traffic.
“This has been a pivotal quarter for FatPipe, our first as a public company, and I’m incredibly proud of the team’s execution during this transformational period,” Ragula Bhaskar, CEO, said in a prepared statement. “Despite the operational demands of our IPO, we delivered solid top-line growth and saw meaningful traction in our recurring revenue streams, demonstrating the strength and resilience of our business model.
“As we scale our sales organization and capitalize on renewed interest from enterprises seeking secure, high-performance SD-WAN alternatives to legacy vendors, we are well-positioned for accelerated momentum. With our strategic investments in go-to-market expansion and our award-winning cybersecurity offerings, we are committed to delivering long-term value for our shareholders.”