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) attributable to common stockholders and unit holders of $160.6 million, or $1.19 per share, for the quarter ended Sept. 30. That compares with $147.6 million, or $1.09 per share, for the same quarter a year earlier. {mprestriction ids="1,3"}
In the most recent quarter, FFO excluding adjustments for noncash interest and hurricane losses was $1.20 per share.
Net income attributable to common stockholders totaled $130.4 million, or $1.02 per share. That compares with $93.8 million, or 74 cents per share, in the year-earlier quarter.
Revenues in the most recent quarter totaled $307 million, up from $284.2 million a year earlier.
Extra Space Storage is a self-administered and self-managed real estate investment trust. At the end of the quarter, it owned and/or operated 1,606 self-storage stores in 39 states; Washington, D.C.; and Puerto Rico. The company 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 United States.
“The year continues to progress as expected as we head down the home stretch,” Joe Margolis, CEO, said in announcing the results. “Our stores have maintained very high occupancy, we continue to achieve positive rate growth and our diversified portfolio continues to deliver solid results, despite new supply in certain markets. External growth has also been strong through consistent acquisition volume and a record year expanding our third-party management platform.”
SkyWest
SkyWest Inc., based in St. George, reported net income of $83 million, or $1.57 per share, for the third quarter ended Sept. 30. That compares with $53.7 million, or $1.01 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $829.3 million, up from $812.7 million in the year-earlier period.
SkyWest is a holding company for two scheduled passenger airline operations and an aircraft leasing company with more than 17,000 employees. Its companies provide commercial air service in cities throughout North America with nearly 3,000 daily flights.
“We are focused on remaining disciplined in delivering a product that meets the evolving needs of our customers,” Chip Childs, CEO and president, said in announcing the results. “We expect the flying and labor agreements announced this quarter to contribute to our ongoing fleet transition and help position us well for current and future market opportunities. I am proud of the outstanding product our professionals consistently deliver to our customers.”
Huntsman
Huntsman, with main offices in Texas and Salt Lake City, reported a net loss of $8 million, or 5 cents per share, for the third quarter ended Sept. 30. That compares with net income of $179 million, or 60 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $2.44 billion, up from $2.17 billion in the year-earlier quarter.
Huntsman is a manufacturer and marketer of differentiated and specialty chemicals. It operates more than 75 manufacturing, research and development and operations facilities in approximately 30 countries and employs roughly 10,000 people in four business divisions.
“This was a solid quarter overall for our company, which demonstrated the consistency of our downstream and differentiated businesses,” Peter R. Huntsman, chairman, president and CEO, said in announcing the results.
“Expected adjustments to short-term fundamentals in component MDI provided us an opportunity to show the strength of our unique downstream urethanes portfolio and strategy.
“In spite of the uncertainty around global trade and certain pockets of softer demand mostly seen in China, long-term fundamentals remain intact. We are confident and on track to deliver on our 2020 targets that we laid out at our Investor Day on May 23, 2018. Our free cash flow remains strong with a good performance in the third quarter and our balance sheet continues to strengthen with net leverage improving to 1.3 times, well within investment grade metrics. We are committed to our balanced and opportunistic approach to capital allocation by growing our downstream differentiated portfolio of businesses and repurchasing shares to create long-term value for our shareholders.”
Merit Medical Products
Merit Medical Products Inc., based in South Jordan, reported net income of $16.6 million, or 30 cents per share, for the quarter ended Sept. 30. That compares with a net loss of $3.6 million, or 7 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $221.7 million, up from $179.3 million in the year-earlier quarter.
The company manufactures and markets proprietary disposable medical devices. It has about 5,600 employees worldwide.
“By many measures, Merit had an outstanding third quarter,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results. “All geographic areas and all reporting product groups met or exceeded our expectations. Of note were the stand-alone devices, catheters, CRM/EP and endoscopy devices.”
Lampropoulos said the company’s core revenue growth continues to reflect the company’s commitment to internal development as well as its practice of “engaging new employees retained through our merger and acquisition strategy to improve acquired products and join our vision for new innovations within their expertise. To that point, sales of the products we acquired from BD continue to exceed our expectation, our transition plans are on schedule and several new biopsy products are in development.”
Pluralsight
Pluralsight, based in Farmington, reported a net loss attributable to common shares of $14.2 million, or 23 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $67.9 million for the same quarter a year earlier.
The company said the most recent quarter had an adjusted pro forma net loss of 10 cents per share, compared with a loss of 39 cents in the year-earlier quarter.
Revenue in the most recent quarter totaled $61.6 million, up from $43.3 million in the year-earlier quarter.
Pluralsight is an enterprise technology learning platform.
“We achieved our sixth consecutive quarter of greater than 50 percent growth in B2B billings, while demonstrating the inherent levers to profitability in our model,” Aaron Skonnard, co-founder and CEO, said in announcing the results. “Our platform gives tech leaders unprecedented insights into the skill gaps across their organizations, and we provide the tools to close them, enabling enterprises to accelerate innovation.”
Instructure
Instructure Inc., based in Salt Lake City, reported a net loss of $11.5 million, or 33 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $11.5 million, or 39 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $55.2 million, up from $43.2 million in the year-earlier quarter.
Instructure is a software-as-a-service (SaaS) technology company in education, learning and employee development. Its offerings include Canvas and Bridge.
“We delivered a solid third quarter with $55.2 million in revenue and realized meaningful year-over-year improvements to our operating margin,” Josh Coates, CEO, said in announcing the results. “During the quarter, we had great success executing against our long-term strategy of providing a more robust suite of Bridge offerings as well as winning key deals in the extended enterprise space.”
Holly Energy Partners
Holly Energy Partners LP, based in Texas but with facilities in Utah, reported net income attributable to HEP of $45 million, or 43 cents per share, for the third quarter ended Sept. 30. That compares with $42.1 million, or 66 cents per share, for the same quarter a year earlier.
The company said the net income increase was primarily due to its acquisition of the remaining interests in the SLC and Frontier pipelines in the fourth quarter of 2017 and higher crude oil gathering volumes around the Permian Basin.
Revenues in the most recent quarter totaled $125.8 million, up from $110.4 million in the year-earlier quarter.
HEP provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corp. subsidiaries. The partnership, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude pipelines, tankage and terminals in Utah and eight other states, plus refinery processing units in Utah and Kansas.{/mprestriction}
