Thu, Aug 1, 9:15 PM (88 days ago)
Service Corporation International (SCI) reported a slight increase in total revenue for Q2 2024, reaching $1,034.0 million compared to $1,013.4 million in Q2 2023. Despite the revenue growth, net income attributable to common stockholders decreased to $118.2 million ($0.81 per diluted share) from $132.2 million ($0.86 per diluted share) in the same period last year. This decline was primarily due to lower funeral services performed, higher interest expenses, and a higher effective tax rate, partially offset by increased cemetery revenue and gross profit. Funeral operations saw a marginal revenue increase to $565.8 million, but gross profit fell by 13.1% to $100.4 million, impacted by fewer services performed and higher costs. Cemetery operations, however, experienced a 4.5% revenue increase to $468.2 million and an 8.0% rise in gross profit to $157.5 million, driven by higher preneed sales and trust fund income. Operating cash flow improved to $417.0 million for the six months ended June 30, 2024, up from $363.6 million in the prior year, supported by lower tax payments and higher customer receipts. The company maintains a strong liquidity position with $606.0 million in borrowing capacity under its credit facility.