CORPORATE FINANCIAL REPORTS 3-12-18

The following are recent financial reports as posted by selected Utah corporations:

 Huntsman

Huntsman Corp., with main offices in Texas and Salt Lake City, reported net income of $287 million, or $1 per share, for the fourth quarter ended Dec. 31. That compares with $137 million, or 53 cents per share, for the same quarter a year earlier.

{mprestriction ids="1,3"}Revenue in the most recent quarter totaled $2.2 billion, up from $1.9 billion in the year-earlier quarter.

For the full year 2017, the company reported net income of $741 million, or 60 cents per share, on revenues of $8.4 billion. That compares with $357 million, or $1.36 per share, on revenues of $7.5 billion for 2016.

Huntsman manufactures and markets differentiated and specialty chemicals. It operates more than 75 manufacturing, research and development and operations facilities in roughly 30 countries and employs approximately 10,000 associates within four business divisions.

“2017 was a transformational year marked with significant milestones for our company,” Peter R. Huntsman, chairman, president and chief executive officer, said in announcing the results.

“We successfully separated our pigments and additives business, now called Venator, by IPO and completed a first follow-on offering in December. Combined with our cash flow and the $1.7 billion in net proceeds from Venator, we were able to pay down approximately $2.1 billion in debt during the year. This debt reduction enabled Huntsman to enter 2018 with the strongest balance sheet in its history, with a net debt to EBITDA (earnings before interest, taxes, depreciation and amortization) ratio of 1.4x, which is well within investment-grade metrics.”

With a stronger balance sheet, he said, the company will continue to invest in its operational reliability and organic growth.

“We expect to generate between $450 million and $650 million of free cash flow in the upcoming years. We will also pursue acquisitions that will create value, greater growth in our downstream business and stronger earnings. This morning, we are enhancing our shareholder returns by increasing the dividend 30 percent and announcing a share repurchase program of up to $450 million.”

Merit Medical

Merit Medical Systems Inc. based in South Jordan, reported net income of $6.8 million, or 13 cents per share, for the quarter ended Dec. 31. That compares with $7.5 million, or 17 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $190.9 million, up from $157.7 million in the year-earlier quarter.

For the full year 2017, the company reported net income of $27.5 million, or 55 cents per share, on revenue of $727.9 million. That compares with $20.1 million, or 45 cents per share, on revenue of $603.8 million in 2016.

Merit Medical manufactures and markets proprietary disposable devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy.

“We have now closed the final year of our initial three-year plan,” Fred P. Lampropoulos, chairman and chief executive officer, said in announcing the results. “We believe that much has been accomplished and that the structure and programs are in place to reach our previously disclosed goals related to core growth, gross margin improvement and profitability.”

Lampropoulos said he looks forward to “substantial sales growth” from the company’s consolidation of businesses in Japan. He said the company will have “some irregular quarters” as it transitions product lines recently purchased from Becton, Dickinson and Co. to Merit’s facilities in Tijuana, Mexico.

“Our overall pipeline is robust with new drainage products, inflation devices, vascular access products, endoscopy balloons and stents. We also have many other products and programs in place which we believe will support our organic growth for years to come,” Lampropoulos said.

“We believe the substantial investments of the past, along with a long-term vision of the future, continued discipline, and a keen eye on the present will continue to present a substantial opportunity for stakeholders and value for our shareholders.”{/mprestriction}