CORPORATE FINANCIAL REPORTS 11-4-19

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

Huntsman 

Huntsman Corp., with main offices in Salt Lake City and Texas, reported net income of $41 million, or 13 cents per share, for the third quarter ended Sept. 30. That compares with a net loss of $8 million, or 5 cents per share, for the same quarter a year earlier. {mprestriction ids="1,3"}

Revenues in the most recent quarter totaled $1.69 billion, down from $1.97 billion a year earlier.

The company is a manufacturer and marketer of 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.

“In spite of an increasingly challenging global economic environment, I have never been more pleased about our mix of businesses and the strength of our balance sheet,” Peter R. Huntsman, chairman, president and CEO, said in announcing the results. “We continue our strategy to move and shift our asset portfolio to more downstream, stable and resilient businesses, as well as to manage effectively our working capital and balance sheet.

“We are on track to close the divestiture of our Chemical Intermediates and Surfactants businesses in early 2020, yielding approximately $1.6 billion of net proceeds upon completion. This, coupled with our ongoing strong free cash flow and investment-grade balance sheet, will provide us with abundant resource and flexibility in our ongoing balanced approach to capital allocation, which includes organic and inorganic expansion, opportunistic share repurchases and a competitive dividend.  We are very well-positioned for the future.”

People’s Utah Bancorp

People’s Utah Bancorp, based in American Fork, reported net income of $11.1 million, or 59 cents per share, for the third quarter ended Sept. 30. That compares with $10.5 million, or 55 cents per share, for the same quarter a year earlier.

Net interest income grew $1 million to $28.2 million during the 12-month period. Noninterest income rose $700,000 to $4.5 million. Loans held for investment fell $3.8 million to $1.68 billion. Total assets grew $232 million to $2.4 billion. Total deposits grew $230 million to $2.1 billion year over year.

People’s Utah Bancorp is the holding company for People’s Intermountain Bank, which has 26 branches in Utah and Idaho.

“People’s Utah Bancorp achieved strong financial performance in the third quarter,” Len Williams, president and CEO, said in announcing the results. “Our total assets grew 10.5 percent from a year ago, primarily as a result of strong low-cost, core deposit growth. Total deposits grew $230 million, or 12.3 percent year-over-year, as our retail branches and commercial treasury management team focused on raising commercial deposits from existing commercial clients, as well as the acquisition of new client relationships. Our loan growth has slowed as we have increased selectivity and managed overall concentrations.”

Williams said the company has decided to simplify its branding strategy to a single, unified name; a new logo; and a more contemporary look.

“We are currently communicating the new brand with our existing clients, through one-on-one discussions and other forms of communication. We plan to make a public announcement on Nov. 12, 2019, regarding our new branding strategy. We expect this new branding strategy will provide us with the opportunity to increase market penetration as potential clients better understand our size, scale and product offerings as a unified bank. Ultimately, we anticipate that these efforts will result in greater growth in our loan and deposit portfolios and higher overall revenues.”

Instructure

Instructure Inc., based in Salt Lake City, reported a net loss of $20.9 million, or 56 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $11.5 million, or 33 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $68.3 million, up from $55.2 million in the year-earlier quarter.

Instructure offers its Canvas Learning Management Platform for schools and the Bridge Employee Development Platform for businesses.

“Q3 was a solid quarter for Instructure as we grew revenue while improving the bottom line,” Dan Goldsmith, CEO, said in announcing the results. “We delivered $68.3 million in revenue, representing 24 percent year-over-year growth, had GAAP net loss of $20.9 million and exceeded our previously issued guidance for non-GAAP net income by $2.9 million.”{/mprestriction}