The following are recent financial reports as posted by selected Utah corporations:
Merit Medical
Merit Medical Systems Inc., based in South Jordan, reported a net loss of $4.2 million, or 8 cents per share, for the fourth quarter ended Dec. 31. That compares with net income of $9.2 million, or 16 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $257.9 million, up from $233.2 million in the year-earlier quarter.
For the full year 2019, the company reported net income of $5.5 million, or 10 cents per share. That compares with $42 million, or 78 cents per share, for 2018. Revenue in 2019 totaled $994.9 million, up from $882.8 million in 2018.
Merit Medical manufactures and markets disposable devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy.
“We are pleased with the strong performance across our business during the fourth quarter and that the integration of our most recent acquisitions is largely complete,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results.
“As noted in our recent press release, we have received a number of important new regulatory approvals. These approvals, along with other internally developed products scheduled for release and a full pipeline of new products in the works, give us confidence in the future growth of the company.”
HollyFrontier
HollyFrontier Corp., based in Dallas but with operations in Utah, reported net income attributable to stockholders of $60.6 million, or 37 cents per share, for the quarter ended Dec. 31. That compares with $141.9 million, or 81 cents per share, for the same quarter a year earlier.
The company said special items decreased net income in the most recent quarter by $17.4 million.
Sales and other revenues in the most recent quarter totaled $4.38 billion, up from $4.34 billion in the prior-year quarter.
For the full year 2019, the company reported net income of $772.4 million, or $4.61 per share. That compares with $1 billion, or $6.19 per share, for 2018. Sales and other revenues in 2019 totaled $17.49 billion, down from $17.71 billion in 2018.
HollyFrontier is an independent petroleum refiner and marketer that produces products including gasoline, diesel fuel, jet fuel and other specialty products. HollyFrontier owns and operates refineries located in Utah and four other states. It also owns a 57 percent limited partner interest and a non-economic general partner interest in Holly Energy Partners LP.
“Despite heavy maintenance across our refining system in the fourth quarter, HFC achieved healthy financial results in 2019,” Michael Jennings, president and CEO, said in announcing the results. “The resulting strong cash flow generation allowed us to invest over $500 million into our assets, complete the acquisition of Sonneborn and return $758 million in cash to shareholders through dividends and share repurchases during the year.
“Looking forward to 2020, we are optimistic that demand for gasoline and diesel will strengthen into the summer driving season, margins for finished lubricants will remain strong and the base oil market will improve as existing capacity absorbs growing demand for premium base oils.”
Holly Energy
Holly Energy Partners LP (HEP), based in Dallas but with operations in Utah, reported net income attributable to HEP of $45.7 million, or 43 cents per limited partner unit, for the fourth quarter ended Dec. 31. That compares with $47.5 million, or 45 cents per limited partner unit, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $131.6 million, down from $132.9 million in the year-earlier quarter.
For the full year 2019, the company reported net income of $224.9 million, or $2.13 per limited partner unit. That compares with $178.8 million, or $1.70 per unit, for 2018. Revenues in 2019 totaled $532.8 million, up from $506.2 million in 2018.
Holly Energy Partners 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.
“HEP delivered solid fourth-quarter results despite heavy maintenance across HFC’s refining system,” Michael Jennings, CEO, said in announcing the results. “HEP’s business model continues to provide stable cash flows supported by long-term contracts with minimum volume commitments.”
