The following are recent financial reports as posted by selected Utah corporations:
Huntsman Corp., with main offices in Texas and Salt Lake City, reported a net loss of $59 million, or 28 cents per share, for the second quarter ended June 30. That compares with net income of $118 million, or 47 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $1.25 billion, down from $1.78 billion in the prior-year period.
Huntsman is a manufacturer and marketer of differentiated and specialty chemicals. It operates more than 70 manufacturing, research and development and operations facilities in approximately 30 countries and employs approximately 9,000 people in four business divisions.
“We were fortunate to have been more prepared than ever as we entered the second quarter in an unprecedented global economic crisis, with little to no visibility,” Peter R. Huntsman, chairman, president and CEO, said in announcing the results. “With our transformed balance sheet, there was no need to access capital markets and we completed the quarter with $2.6 billion of overall liquidity and generated positive free cash flow.
“We remain focused on what we can control and have accelerated and improved integration plans for our recent acquisitions, CVC Thermoset Specialties and Icynene-Lapolla. The total annualized targeted synergies for these acquisitions, to be achieved by the end of 2021, is now $35 million. Including these synergies, we have plans to achieve in excess of $100 million of targeted annualized savings by year- end 2021.”
Huntsman said that the ongoing related global effects of COVID-19 “remain uncertain and visibility continues to be poor,” the company sees improving trends within most of its major markets “and are optimistic that the worst of this economic slowdown is behind us.”
USANA Health Sciences Inc., based in Salt Lake City, reported net income of $28 million, or $1.32 per share, for the fiscal second quarter ended June 27. That compares with $21.4 million, or 91 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $259 million, up from $256 million in the year-earlier quarter.
USANA develops and manufactures nutritional supplements, healthy foods and personal care products that are sold directly to associates and preferred customers worldwide.
“Strong consumer demand for our high-quality, health products and successful promotions drove our second-quarter performance,” Kevin Guest, CEO and chairman, said in announcing the results. “During the quarter, we generated nearly 8 percent growth in active customers, due to double-digit customer growth in three of our four regions, including the Americas and Europe region.
“We also continued to successfully execute a virtual sales and operating strategy to deliver our results. This strategy included USANA hosting its first all-virtual Asia Pacific Convention, as well as the facilitation of other technology-based tools that assisted our Associates in their sales efforts. Finally, we offered several promotions and incentives during the quarter that benefited net sales and our overall results.”
The company raised its full-year guidance. “We recognize that we cannot anticipate all of the challenges that might arise as a result of the ongoing COVID-19 pandemic, but we believe that we are positioned to continue adapting to an evolving operating environment,” Guest said. “Overall, we remain confident in the strength of USANA’s underlying business and the growth strategies we have in place for the remainder of 2020 and beyond.”