CORPORATE FINANCIAL REPORTS 3-4-19

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

Extra Space

Extra Space Storage Inc., based in Salt Lake City, reported funds from operations (FFO) attributable to common stockholders and unit holders of $162.3 million, or $1.20 per share, for the fourth quarter ended Dec. 31. That compares with $158.6 million, or $1.17 per share, for the same quarter a year earlier.{mprestriction ids="1,3"}

In the most recent quarter, net income attributable to common stockholders was $101.5 million, or 80 cents per share. That compares with $216 million, or $1.69 per share, for the same quarter a year earlier.

Same-store rental revenues in the most recent quarter totaled $242.8 million, up from $233.9 million a year earlier.

For the full year 2018, the company reported FFO of $623 million, or $4.62 per share. That compares with $590.2 million, or $4.37 per share, in 2017. Net income was $415.3 million, or $3.27 per share. That compares with $479 million, or $3.76 per share, in 2017. For the full year 2018, same-store rental revenues totaled $958.8 million, up from $921.3 million in 2017.

“2018 played out as expected, and it was another solid year for Extra Space Storage,” Joe Margolis, CEO, said in announcing the results. “Our diversified portfolio continues to produce steady results, with same-store revenue and NOI (net operating income) growth both over 4 percent for the year despite the increasing impact from development. Our same-store NOI was enhanced by our strong external growth, together driving core FFO growth of 6.6 percent. We expect additional pressure from new supply in 2019, but believe that our diversified portfolio and best-in-class platform are well-positioned to navigate the competitive landscape.”

Merit Medical

Merit Medical Systems Inc., based in South Jordan, reported net income of $9.2 million, or 16 cents per share, for the fourth quarter ended Dec. 31. That compares with $6.8 million, or 13 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $233.2 million, up from $190.9 million in the year-earlier quarter.

For the full year 2018, the company reported net income of $42 million, or 78 cents per share. That compares with $27.5 million, or 55 cents per share, for 2017. Revenue in 2018 totaled $882.8 million, up from $727 million in 2017.

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

“2018 was an important and very positive year for the company and included the closing of the Becton Dickinson deal, the acquisitions of Cianna Medical and Vascular Insights, and the execution of our global growth and profitability plan,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results.

“Integration of these new businesses and sales of our core products continue to drive growth to the point where we are confident forecasting an expansion of our 2019 core revenue growth to a range of 8 to 10 percent.”

Lampropoulos said the company recently opened a new distribution center in Reading, England, in an effort to hedge against potential Brexit disruption, and a direct sales and distribution center in Johannesburg, South Africa. “We believe the ability to provide essentially same-day service to our customers in those regions will enhance customer confidence and increase our growth prospects,” he said.

The company expects to introduce 10-15 products this year, he added.{/mprestriction}