Corporate Financial Reports 11-7-22

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 $211 million, or $1.40 per share, for the third quarter ended Sept. 30. That compares with $234 million, or $1.45 per share, for the same quarter a year earlier.{mprestriction ids="1,3"}

Zions, with more than $90 billion of total assets at the end of 2021, operates in 11 western states.

“Our third-quarter results continued to demonstrate the positive impact of solid loan growth and moderately higher interest rates, as our net interest margin strengthened to 3.24 percent, up from 2.68 percent a year ago, producing strong adjusted pre-provision net revenue (PPNR) growth and positive operating leverage,” Harris H. Simmons, chairman and CEO, said in announcing the results.

“Strong PPNR growth was offset by a higher provision for credit losses. Despite material improvements in most of our credit quality metrics relative to both last quarter and last year, we boosted our loan loss reserve to reflect both loan growth and a heightened probability of economic recession in the coming year.”

Merit Medical

Merit Medical Systems Inc., based in South Jordan, reported net income of $15.3 million, or 27 cents per share, for the quarter ended Sept. 30. That compares with $12 million, or 21 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $287.2 million, up from $267 million in the year-earlier quarter.

Merit Medical is a manufacturer and marketer of healthcare technology.

“We delivered better-than-expected revenue results for the third quarter of 2022, posting 10.5 percent constant currency sales growth fueled by solid execution from our team and more favorable than anticipated demand trends from customers in the U.S., EMEA and APAC regions,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results.

“We also delivered better-than-expected profitability in the quarter, with approximately 23 percent growth year-over-year in both non-GAAP net income and non-GAAP earnings per share, driven by the combination of our strong revenue results and continued benefits from our multi-year strategic initiatives related to the Foundations for Growth Program.”

Utah Medical

Utah Medical Products Inc., based in Salt Lake City, reported net income of $4.3 million, or $1.18 per share, for the third quarter ended Sept. 30. That compares with $4.2 million, or $1.15 per share, for the same quarter a year earlier.

Net sales in the most recent quarter totaled $13 million, up from $12.6 million in the year-earlier quarter.

Utah Medical Products develops, manufactures and markets disposable and reusable specialty medical devices.

FinWise

FinWise Bancorp, based in Murray, reported net income of $3.7 million, or 27 cents per share, for the quarter ended Sept. 30. That compares with $8.4 million, or 91 cents per share, for the same quarter a year earlier.

The parent company of FinWise Bank reported loan originations in the quarter of $1.5 billion, compared with $1.8 billion in the prior-year period; net interest income of $12.5 million, compared with $13.5 million; and it noted that asset quality remained solid as there were no nonperforming loans as of Sept. 30.

“FinWise delivered a solid third quarter even as we faced an increasingly challenging macro environment,” Kent Landvatter, CEO and president, said in announcing the results.

“The FinWise team remains thoroughly focused on serving our clients while managing what we can control during the current environment: prudent underwriting, cost control, and continuing to enhance our differentiated business model in order to remain well-positioned to capitalize on future growth opportunities when the environment stabilizes. We believe these factors allow us to continue to follow our path of long-term operating efficiency and profitability.”

Overstock.com

Overstock.com Inc., based in Salt Lake City, reported a net loss attributable to stockholders of $37 million, or 81 cents per share, for the third quarter ended Sept 30. That compares with net income of $30.4 million, or 64 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $460 million, down from $689.4 million in the year-earlier quarter.

Overstock.com is an online furniture and home furnishings retailer and technology-focused innovator.

“Despite a challenging retail environment, our business continues to be profitable for the 10th consecutive quarter, and we ended the quarter with a strong balance sheet and cash position,” Jonathan Johnson, CEO, said in announcing the results.

“Our sales trends improved in late-Q3, including a successful Labor Day event that culminated into our biggest sales day of the year thus far. We improved gross margin by leveraging our differentiated asset-light business model, supported our vendor partners to move through ample inventory, and continued to provide smart value to our customers in a highly promotional time. We accomplished this while navigating shifting consumer spending preferences, high inflation and macro headwinds that put pressure on our industry.”{/mprestriction}