Q2 2024 Service Corporation International Earnings Call Transcript
Key Points
- Adjusted earnings per share of $0.79, despite a slight decline from the previous year.
- Cemetery segment showed a $12 million increase in comparable revenue, driven by a $7 million increase in core revenue.
- Year-to-date preneed cemetery sales production is up $17 million or about 3%.
- Cash flow remained resilient with an adjusted operating cash flow of $220 million, a $62 million increase over the prior year.
- Successful M&A activity with three transactions closed in Illinois, Kentucky, and Western Canada, totaling $23 million.
- Total comparable funeral revenues declined by $5 million or about 1% over the prior year quarter.
- Funeral gross profit declined by $16 million, with the gross profit percentage dropping from 21% to 18%.
- Higher interest expense and a higher tax rate negatively impacted the bottom line.
- Comparable preneed cemetery sales production decreased by $7 million or 2%, missing the flat to slightly up expectation.
- Leverage increased slightly to about 3.7 times on a net debt-to-EBITDA basis.
Good day, and welcome to the SCI second-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to SCI management. Please go ahead.
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Good morning. This is Allie O'Connor, AVP of Investor Relations and Financial Reporting. Welcome to our second-quarter earnings call. We will have prepared remarks about the quarter from Tom and Eric in just a moment. But before that, let me quickly go over the Safe Harbor language.
Any comments made by our management team that state our plans, beliefs, expectations or projections for the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such statements. These risks and uncertainties include, but are not limited to, those factors identified in our earnings release and in our filings with the SEC
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