CORPORATE FINANCIAL REPORTS 5-6-19

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 $131 million, or 51 cents per share, for the first quarter ended March 31. That compares with $350 million, or $1.11 per share, for the same quarter a year earlier.{mprestriction ids="1,3"}

Revenue in the most recent quarter totaled $2 billion, down from $2.3 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 about 10,000 people in four business divisions.

“While global economic conditions remained challenging in the first quarter of this year, we are pleased with the relative resilience of our core downstream portfolio,” Peter R. Huntsman, chairman, president and CEO, said in announcing the results.

“The month of March ended slightly better than we projected, and while we remain cautious of certain regions of the world, notably Europe, we see momentum returning to Asia, especially in China. In 2019, we are on course to achieve our second-best year ever.  We remain focused on delivering consistent strong free cash flow and executing our downstream strategy through strategic investments, new products and continued globalization of recent bolt-on acquisitions. Our balance sheet is strong, our dividend yield is attractive, and we continue our balanced approach to capital allocation, including share repurchases.”

Extra Space Storage

Extra Space Storage Inc., based in Salt Lake City, reported funds from operations (FFO) attributable to common stockholders and unitholders of $1.16 per share, excluding adjustments for noncash interest, for the quarter ended March 31. That is 6.4 percent higher than for the same quarter a year earlier.

Net income attributable to stockholders was $94.8 million, or 74 cents per share, which compares with $88.3 million, or 70 cents per share, in the year-earlier quarter.

Revenues in the most recent quarter totaled $311.5 million, up from $285.5 million in the year-earlier quarter.

Extra Space Storage is a self-administered and self-managed real estate investment trust that owns and/or operates 1,696 self-storage stores in 40 states; Washington, D.C.; and Puerto Rico. 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.

“Extra Space Storage is off to a great start in 2019, with solid first-quarter performance,” Joe Margolis, CEO, said in announcing the results. “We exceeded our same-store revenue and NOI budgets, despite pressure from new supply. Core FFO growth was strong at 6.4 percent, 2 cents above the high end of our guidance.

“Our diversified portfolio and sophisticated operating platform have maintained high same-store occupancy, and we are well-positioned for the summer leasing season.”

SkyWest

SkyWest Inc., based in St. George, reported net income of $88 million, or $1.69 per share, for the first quarter ended March 31. That compares with $54 million, or $1.03 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $724 million, down from $783 million in the year-earlier quarter due to the sale of ExpressJet Airlines in January.

SkyWest Inc. is the holding company for SkyWest Airlines and SkyWest Leasing, an aircraft leasing company. SkyWest Airlines has nearly 500 aircraft serving 250 destinations and provides commercial air service in cities throughout North America with more than 2,100 daily flights. SkyWest Inc. has nearly 14,000 employees.

“This quarter was significant for SkyWest as we move forward as one airline with a smaller but more efficient footprint,” Chip Childs, CEO and president, said in announcing the results. “Our team performed well this quarter through a series of severe weather events. We are encouraged with our progress and are working together with our 14,000 employees to deliver the best possible product to our partners.”

Nu Skin

Nu Skin Enterprises Inc., based in Provo, reported net income of $43 million, or 77 cents per share, for the first quarter ended March 31. That compares with $35.5 million, or 64 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $623.6 million, up from $616.2 million in the year-earlier quarter.

Nu Skin focuses on consumer products, product manufacturing and automated controlled environment agriculture technology.

“We are encouraged by the positive start to the year, which began with a strong first quarter highlighted by 7 percent local-currency growth,” Ritch Wood, CEO, said in announcing the results.

“We were particularly pleased with local-currency revenue growth in nearly all our reporting segments, highlighted by 12 percent growth in Mainland China and 5 percent growth in Southeast Asia, or 6 percent and 2 percent on a reported basis, respectively. We continue to focus our global efforts on expanding our customer base through our Nu Skin growth strategy, which helped to drive a 10 percent increase in customers during the quarter.”

USANA Health Sciences

USANA Health Sciences Inc., based in Salt Lake City, reported net income of $24.2 million, or $1.01 per share, for the first quarter ended March 30. That compares with $28.9 million, or $1.19 per share, for the same quarter a year earlier.

Net sales in the most recent quarter totaled $273 million, down from $292 million in the year-earlier quarter.

USANA develops and manufactures nutritional supplements, healthy foods and personal care products that are sold directly to associates and preferred customers.

“As we reported in early April, three factors unfavorably affected our sales results for the first quarter of 2019,” Kevin Guest, CEO, said in announcing the results. “First, our 2019 operating plan contained very little promotional activity during the first quarter but calls for increasing promotional activity as the year progresses. This had a more significant impact on our global momentum than we anticipated, particularly during the seasonal slow-down that we experience each year in many of our markets during Chinese New Year.

“Second, the Chinese government’s 100-day review of the health product and direct-selling industries that occurred during the quarter was accompanied by unexpected, persistent, negative media coverage about these industries in China. This media coverage affected our sales in China for the quarter. Finally, the unfavorable impact of a stronger U.S. dollar on net sales was also significant.”

People’s Utah Bancorp

People’s Utah Bancorp, based in American Fork, reported net income of $10.5 million, or 55 cents per share, for the quarter ended March 31. That compares with $9 million, or 48 cents per share, for the same quarter a year earlier.

Net interest income grew 3.7 percent, or $1 million, from a year earlier. Noninterest income was $3.3 million during the quarter, down from $3.7 million in the year-earlier quarter. Total deposits increased $74.3 million, or 4 percent, to $1.95 billion at the end of the most recent quarter, compared with $1.88 billion at the beginning of that quarter.

People’s Utah Bancorp is the holding company for People’s Intermountain Bank, which has 26 locations in three banking divisions, Bank of American Fork, Lewiston State Bank and People’s Town & Country Bank; and a mortgage division, People’s Intermountain Bank Mortgage.

“People’s Utah Bancorp achieved another strong quarter with a return on average equity of over 14 percent as we continue to position, strengthen and fortify our balance sheet,” Len Williams, president and CEO, said in announcing the results.

The total deposits growth of $95.2 million occurred “as our commercial treasury management team has focused on raising commercial deposits both from existing commercial clients as well as the acquisition of new client relationships,” he said.

“Seasonal slowdowns, coupled with our increased selectivity and concentration management, has temporarily slowed loan growth; however, we believe this focus will ensure greater strength and safety. We anticipate that our annualized loan growth will be in the mid-single digits for 2019 as we continue to staff up our C&I business. The economic outlook for the Utah market continues to be strong relative to the U.S. economy overall, which provides us further opportunities to grow our organization. We continue to actively evaluate potential acquisition opportunities throughout the Intermountain West.”

Utah Medical Products

Utah Medical Products Inc., based in Salt Lake City, reported net income of $3.1 million, or 84 cents per share, for the first fiscal quarter ended March 31. That compares with $4 million, or $1.09 per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $10.7 million, down from $10.9 million in the prior-year quarter.

Utah Medical Products, with particular interest in healthcare for women and their babies, develops, manufactures and markets disposable and reusable specialty medical devices.

Co-Diagnostics

Co-Diagnostics Inc., based in Salt Lake City, reported a net loss of $6.3 million, or 50 cents per share, for the fiscal year ended Dec. 31. That compares with a net loss of $7 million, or 63 cents per share, in 2017.

Net sales in 2018 totaled $39,911, up from $7,662 in 2017.

Co-Diagnostics offers a platform for the development of molecular diagnostic tests.{/mprestriction}