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Utah's top companies: A mixed revenue bag

Published October 9, 2013 10:29 am

Economy • Myriad Genetics, Fusion-io, USANA fare well, Zions Bancorp, Headwaters struggle.
This is an archived article that was published on sltrib.com in 2013, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

The Great Recession and the slow economic growth that's followed has proven to be a mixed bag for Utah's largest publicly held companies.

Myriad Genetics, which produces diagnostic tests for breast, ovarian and other cancers, saw double-digit annual revenue growth from the start of the recession in December 2007 to the end of its most recent fiscal year. So did two of the state's better known multilevel marketing companies, Nu Skin and USANA, purveyors of nutritional and personal-care products.

They were followed by the online discount retailer Overstock.com, which saw revenue increases in the high single digits.

The one big standout, though, was Fusion-io, the maker of flash memory drives. It was a startup company in 2007 and had less than $1 million in sales when the recession began. Fusion-io went public a little more than two years ago and now reports revenue of nearly $432.5 million.

Others didn't fare nearly as well.

Utah's largest public company, the chemicals conglomerate Huntsman Corp. that operates out of Salt Lake City and The Woodlands, Texas, posted a respectable gain in its worldwide sales. St. George-based airline operator SkyWest and the natural gas company Questar Corp. held their own against the ravages of the recession and the lackluster rebound but saw little growth.

Zions Bancorp, the multi-state bank holding company and parent of Zions First National Bank, in the aftermath of the financial crisis saw its revenue decline. And so did Headwaters, the building products company that only now is beginning to experience a rebound in sales.