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Jun 30, 2024
Service Corp Intl Q2 2024 Earnings Report
Service Corporation International reported slight revenue growth and strong cash flow, but experienced a decline in funeral services performed.
Key Takeaways
Service Corporation International (SCI) reported its second quarter 2024 financial results, with revenue growth of $20.6 million compared to the second quarter of 2023. Adjusted earnings per share were reported as $0.79. The company experienced a decline in funeral services performed during the latter part of the quarter, which impacted their quarterly performance. However, they generated strong cash flow from operations, which allowed them to reinvest and grow their business, as well as return capital to shareholders through share repurchases and dividends.
Revenue grew by $20.6 million compared to the second quarter of 2023.
Earnings per share was $0.81, compared to $0.86 in the second quarter of 2023.
Adjusted earnings per share was $0.79, compared to $0.83 in the second quarter of 2023.
Net cash provided by operating activities was $196.9 million, compared to $144.1 million in the prior year quarter.
Service Corp Intl
Service Corp Intl
Service Corp Intl Revenue by Segment
Revenue by Segment
Total Funeral Revenue
CapyFin.comTotal Cemetery Revenue
CapyFin.com Forward Guidance
The company now believes its full-year results will be in the lower end of its adjusted earnings per share guidance range of $3.50 to $3.80. However, the midpoint of the adjusted cash flow from operations guidance range is reiterated at $900 million to $960 million.
Positive Outlook
- SCI is focused on long-term growth strategy.
- SCI aims to grow revenue.
- SCI plans to leverage its unparalleled scale.
- SCI intends to allocate capital wisely.
- SCI seeks to enhance shareholder value.
Challenges Ahead
- The number of funeral services performed during the quarter were below expectations.
- Full year results are expected to be in the lower end of adjusted EPS guidance.
- Expenses net of insurance recoveries related to weather events and hurricanes are excluded.
- Gains or losses associated with asset divestitures are excluded.
- Potential costs or cash outflows associated with estimated litigation charges or legal settlements are excluded.
Revenue & Expenses
Visualization of income flow from segment revenue to net income