The following are recent financial reports as posted by selected Utah corporations:
Overstock.com
Overstock.com Inc., based in Salt Lake City, reported net income attributable to stockholders of $309.9 million, or $1.72 per share, for the quarter ended June 30. That compares with $36.4 million, or $1.11 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $794.5 million, up from $767 million in the year-earlier quarter.
Overstock.com is an online retailer and technology company.
“In a significant quarter for the company, I am proud to report Overstock delivered both growth and profitability in the second quarter of 2021 as we lapped the start of the pandemic,” Jonathan Johnson, CEO, said in announcing the results.
“Our strong and consistent results stem from foundational operational improvements in the business, a disciplined strategy and intense focus. The furniture and home furnishings market is large and growing. We expect this market to benefit from strong and sustained demand, and to continue to migrate online over time. Overstock remains well-positioned to capture market share and sustain its profitable trajectory through the remainder of 2021 and beyond.”
Extra Space Storage
Extra Space Storage Inc., based in Salt Lake City, reported funds from operations (FFO) of $232.3 million, or $1.64 per share, for the second quarter ended June 30. That compares with $166.8 million, or $1.21 per share, for the same quarter a year earlier.
The company reported net income attributable to common stockholders of $167.9 million, or $1.25 per share. That compares with $102.9 million, or 80 cents per share, for the same quarter a year earlier.
Same-store rental revenue in the most recent quarter totaled $294.8 million, up from $259.6 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 1,973 self-storage stores in 40 states and Washington, D.C. 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 nation.
“We had an exceptionally strong second quarter, with record-setting occupancy and very strong rental rates, resulting in same-store NOI (net operating income) growth of over 20 percent,” Joe Margolis, CEO, said in announcing the results.
“Our excellent property performance, coupled with accretive investments, led to FFO growth of 33.3 percent. Our stronger-than-expected year-to-date performance, together with an improved outlook for the remainder of 2021, has allowed us to increase the midpoint of our FFO guidance by 8.3 percent to $6.53 per share.”
Altabancorp
Altabancorp, based in American Fork, reported net income of $12.7 million, or 67 cents per share, for the second quarter. That compares with $10.3 million, or 55 cents per share, for the same quarter a year earlier.
Altabancorp is the bank holding company for Altabank, a full-service bank with 25 branch locations from Preston, Idaho, to St. George.
The company reported that loans held for investment grew $76.7 million, or 17.1 percent on an annualized basis, in the second quarter. Total deposits declined $2.3 million in the second quarter but grew $240 million for the first six months of 2021 to $3.16 billion.
“We are pleased to have achieved strong loan growth and solid financial performance for the first half of 2021,” Len Williams, president and CEO, said in announcing the results.
“For the past couple of years, we have completed several initiatives to improve the overall credit quality of our loan portfolio, including lowering our overall loan concentrations both in terms of product type and asset class; tightening of our overall underwriting standards; improving our sales and credit processes; and enhancing technology in the commercial lending space. With these initiatives substantially complete, our existing and recently hired commercial lenders have the tools and processes in place to aggressively and safely grow our loan book. Our loan growth for the first half of 2021 reflects the success of these initiatives.”
Williams added that Utah has one of the strongest economies in the nation “and we have significant liquidity that provides us with the flexibility to grow our loan portfolio.”
Merit Medical
Merit Medical Systems Inc., based in South Jordan, reported net income of $4.9 million, or 9 cents per share, for the second quarter ended June 30. That compares with a net loss of $19.1 million, or 34 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $280.3 million, up from $218.4 million in the year-earlier quarter.
Merit manufactures and markets medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy.
“We delivered better-than-expected revenue results for the second quarter, driven by strong execution and improving customer demand trends as the global recovery continues to progress,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results.
“We are pleased with the strong financial results we have delivered over the first half of 2021 and remain optimistic in our outlook for measured improvement in the operating environment as we move through the remainder of 2021.”
Medallion Bank
Medallion Bank, based in Salt Lake City, reported record net income of $17.5 million for the second quarter ended June 30. That compares with $1.8 million for the same quarter a year earlier.
Medallion, a wholly owned subsidiary of Medallion Financial Corp., provides consumer loans for the purchase of recreational vehicles, boats and home improvements, along with loan origination services to fintech partners.
The company reported net interest income in the most recent quarter of $33.1 million, up from $28.1 million in the year-earlier quarter. Total assets were $1.4 billion.
“The performance of our consumer lending businesses continues to be reflected in our bottom-line results,” Donald Poulton, president and CEO, said in announcing the results. “For three consecutive quarters, we have delivered a return on assets above 3 percent, and a return on equity over 20 percent, levels that demonstrate our impressive margins and strength of our earnings stream.
“Earnings for the quarter were a record $17.5 million and follow two quarters of more than $13 million in net income. We expect our strong capital position will continue to allow us to grow the loan portfolios in our two key segments while we adhere to our high credit quality standards, both of which are key components of the bank’s strategy.”
Clarus
Clarus Corp., based in Salt Lake City, reported net income of $1.8 million, or 6 cents per share, for the second quarter ended June 30. That compares with a net loss of $2.7 million, or 9 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled a company-record $73.3 million, up from $30 million in the year-earlier quarter.
Clarus develops, manufacturers and distributes outdoor equipment and lifestyle products focused on the climb, ski, mountain and sport markets.
“We had another outstanding quarter, driven by continued growth across our portfolio of ‘Super Fan’ brands and favorable trends in the overall outdoor industry,” John Walbrecht, president, said in announcing the results.
“Our ability to report record sales and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) performance while continuing to increase gross margin is a testament to our brand value, operational excellence, and strong supplier partnerships.”
Walbrecht said the company’s Sierra segment continues to see unprecedented demand for both the Sierra and Barnes brands.
“In addition to underlying market tailwinds, we are experiencing success by treating each business as a discrete brand. This allows for rapid alignment with our retail partners and promotes an ‘ease of doing business with’ mentality that is driving our market share gains. We have also used our strong balance sheet to take more control over our supply chain, which has allowed us to have less constraints on product availability, particularly in our core categories.”
