Service International(US:SCI) Prnewswireยท2024-07-31 20:20Core Insights - Service Corporation International (SCI) reported a revenue increase of $20.6 million in Q2 2024 compared to Q2 2023, reaching $1,034 million [1][2] - Earnings per share (EPS) decreased to $0.81 from $0.86 year-over-year, while adjusted EPS was $0.79 compared to $0.83 in the prior year [1][2] - Net cash provided by operating activities rose to $196.9 million from $144.1 million in the same quarter last year, with adjusted operating cash flow increasing to $219.9 million from $157.4 million [1][2] Financial Performance - Revenue for the first half of 2024 was $2,079.4 million, slightly down from $2,042.1 million in the first half of 2023 [2] - Operating income for Q2 2024 was $220.8 million, down from $233.5 million in Q2 2023 [2] - Net income attributable to common stockholders was $118.2 million in Q2 2024, compared to $132.2 million in Q2 2023 [2] Cash Flow and Capital Allocation - The company generated strong cash flow from operations, allowing for reinvestment and capital return to shareholders through share repurchases and dividends [1][2] - Capital expenditures for 2024 are projected at $325 million, including $125 million for maintenance and $165 million for cemetery development [4] Outlook for 2024 - The company expects full-year adjusted EPS to be at the lower end of the guidance range of $3.50 to $3.80 due to lower-than-expected funeral services performed [3][4] - The midpoint of the adjusted cash flow from operations guidance is reiterated at $900 million to $960 million [3][4] Operational Highlights - Comparable core preneed funeral sales production increased by $9.7 million, or 4.0%, in the current quarter [1] - The average revenue per funeral service rose to $5,636, up from $5,568 in the previous year [13]