SCI Reports First-Quarter Earnings

On May 1, Service Corporation International, the largest provider of death-care products and services in North America, reported results for the first quarter of 2024.

Quarterly highlights included:

Revenue increased $16.7 million over the first quarter of 2023.
Earnings per share was 89 cents compared with 93 cents in the first quarter of 2023
Net cash provided by operating activities was $220.1 million compared to $219.6 million in the first quarter of 2023
Comparable preneed cemetery sales production grew 7.8%
Comparable core funeral sales average grew 3.9%

Tom Ryan, the company’s chairman and CEO, commented on the first quarter performance, “Today we are proud to start off the year with earnings per share of 89 cents and net cash provided by operating activities of $220 million. These results are primarily attributable to strong performance in our cemetery segment with an increase in preneed cemetery sales production of 8% driving growth in comparable cemetery revenue and cemetery gross profit. We continued to experience strong growth in our comparable core funeral average, which offset the anticipated decline in comparable core funeral services performed, delivering financial results that form a great foundation for the year.”

He added, “I would like to thank our 25,000 associates for their unwavering commitment in providing excellent service to our client families. We remain focused on our long-term growth strategy, which is on track as we continue to grow revenue, leverage our unparalleled scale, and allocate our capital wisely to enhance shareholder value.”