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Service Corp. International Reports Operating Results (10-Q)

October 25, 2012 | About:
10qk

10qk

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Service Corp. International (SCI) filed Quarterly Report for the period ended 2012-09-30.

Service Corporation International has a market cap of $2.94 billion; its shares were traded at around $14.28 with a P/E ratio of 19.2 and P/S ratio of 1.3. The dividend yield of Service Corporation International stocks is 1.8%. Service Corporation International had an annual average earning growth of 6.6% over the past 10 years.
This is the annual revenues and earnings per share of SCI over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of SCI.


Highlight of Business Operations:

Cash flows from investing activities used $95.1 million in the first nine months ended September 30, 2012 compared to using $167.2 million in the same period of 2011. This decrease was primarily attributable to a decrease of $78.2 million in cash spent on acquisitions (primarily the Neptune acquisition in 2011) and a $5.0 million decrease in capital expenditures, partially offset by a $6.3 million decrease in cash receipts from divestitures and asset sales and a $4.8 million increase in net deposits of restricted funds.

Our consolidated average revenue per funeral service increased $30, or 0.6%, in the third quarter of 2012 compared to 2011, primarily as a result of the increase in comparable average revenue per funeral service described below, partially offset by our acquisition of Neptune which has a lower average. Our comparable average revenue per funeral service increased $38, or 0.7%, in the third quarter of 2012 compared to the same period in 2011. Excluding an unfavorable Canadian currency impact and lower funeral trust fund income, the average revenue per funeral service grew approximately 1.0%. This increase is primarily from initiatives centered around better consumer choice and flexibility, such as enhanced dignity packaging, increased receptions and events offerings, and expansion of floral offerings through e-commerce solutions.

Consolidated revenues from funeral operations were $1,209.1 million in the first nine months ended September 30, 2012 compared to $1,178.4 million for the same period in 2011. This increase is primarily attributable to the $39.8 million of additional revenues as the result of acquisitions in 2012 and 2011. These increases were partially offset by a $4.9 million decrease in comparable revenues described below and a decline of $4.2 million in revenues contributed by non-strategic assets that were divested throughout 2012 and 2011. Comparable revenues from funeral operations were $1,141.8 million in the first nine months ended September 30, 2012 compared to $1,146.7 million for the same period in 2011. This decrease was primarily due to the 3.1% decrease in the number of comparable funeral services described below.

Our consolidated average revenue per funeral service decreased $75, or 1.4%, in the first nine months ended September 30, 2012 compared to 2011, primarily as a result of our acquisition of Neptune which has a lower average, partially offset by the increase in comparable average revenue per funeral service described below. Our comparable average revenue per funeral service increased $118, or 2.2%, in the first nine months ended September 30, 2012 compared to the same period in 2011. Excluding an unfavorable Canadian currency impact and lower funeral trust fund income, the average revenue per funeral service grew approximately 2.5% despite an increase in cremation rates. This increase is primarily from initiatives centered around better consumer choice and flexibility, such as enhanced dignity packaging, increased receptions and events offerings, and expansion of floral offerings through e-commerce solutions.

Consolidated revenues from our cemetery operations increased $20.9 million, or 3.8%, in the first nine months ended September 30, 2012 compared to the same period in 2011 primarily as a result of the increase in comparable revenues described below. The increase was partially offset by a decline of $4.4 million in revenues contributed by non-strategic assets that were divested throughout 2012 and 2011. Comparable cemetery revenues increased $25.2 million, or 4.6%, primarily as a result of strong cemetery preneed property production during the first nine months ended September 30, 2012, partially offset by lower atneed revenues.

Read the The complete Report

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