The following are recent financial reports as posted by selected Utah corporations:
Zions
Zions Bancorporation NA, based in Salt Lake City, reported net earnings applicable to common shareholders of $167 million, or $1.01 per share, for the third quarter. That compares with $214 million, or $1.17 per share, for the same quarter a year earlier.
Zions operates under local management teams and brands in 11 western states.
“Despite the headwinds of a challenging interest rate and credit environment, we are pleased with many aspects of the bank’s third-quarter performance,” Harris H. Simmons, chairman and CEO, said in announcing the results. “We’re particularly pleased by the resilience demonstrated by our customers in the face of the coronavirus pandemic. Approximately 9 percent of our borrowers availed themselves of loan modifications or short-term deferrals earlier this year, with 88 percent of deferred loans having completed the deferral period before Aug. 1.
“At quarter-end, a mere 1.0 percent of those loans were delinquent 30 days or more, with an additional 0.2 percent having been charged off. Additionally, annualized net charge-offs for the entire loan portfolio were a very manageable 0.38 percent.”
The recession prompted by the pandemic has resulted in weak loan demand at Zions and across the industry, “with the exception of residential mortgages, where we’ve experienced record production and income,” Harris said.
“At the same time, economic stimulus programs have produced substantial deposit growth, resulting in higher cash holdings and margin compression. We’ve worked at offsetting margin pressure through disciplined expense control, with the result that adjusted pre-provision net revenue has remained healthy.”
Clarus
Clarus Corp., based in Salt Lake City, reported preliminary results for the third quarter ended Sept. 30 that includes sales between $63 million and $64 million, compared with $60.2 million in the year-earlier quarter.
Clarus develops, manufactures and distributes outdoor equipment and lifestyle products focused on the climb, ski, mountain and sport markets. Its brands include Black Diamond, Sierra, Barnes, PIEPS and SKINourishment.
The company said Black Diamond’s third-quarter sales are expected to decline approximately 10 percent and Sierra sales are expected to increase approximately 130 percent from year-earlier totals. Clarus also expects adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter to range between $8 million and $9 million, which compares with $6.8 million in the year-ago quarter.
“The momentum of our well-diversified brand portfolio strengthened in the third quarter as demonstrated by today’s preliminary results,” John Walbrecht, Clarus’ president, said in announcing the results. “In our Black Diamond business, our performance continued to improve sequentially each month of the quarter, and we believe the brand is well-positioned for continued recovery into the fourth quarter. We also achieved record sales performance in our Sierra brand as a result of strong domestic market conditions, a return to growth in our international markets, and positive reception to our new ammunition line.”
The company expects to report its full third-quarter results in early November.
