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Service Corporation International (NYSE: SCI), headquartered in Houston, Texas, is North America's leading provider of funeral, cemetery, and cremation services. The company operates an extensive network with over 1,480 funeral service locations and nearly 490 cemeteries across 44 U.S. states, eight Canadian provinces, the District of Columbia, and Puerto Rico as of December 31, 2023.
SCI's business is segmented into funeral services and cemetery operations. Through these segments, the company provides a comprehensive range of services including professional funeral and cremation services, cemetery property, memorial markers, and graveyard services. The company’s well-known Dignity Memorial® brand is recognized for its high-quality and compassionate service, fulfilling the diverse needs of over 600,000 families annually.
Recently, SCI reported strong financial performance. For the fourth quarter of 2023, the company achieved adjusted earnings per share of $0.89 and net cash provided by operating activities of $220 million, largely driven by a 9% increase in preneed cemetery sales. The company's strategic focus on revenue growth, leveraging its scale, and prudent capital allocation continues to enhance shareholder value.
SCI's financial stability is further evidenced by its updated guidance for the full year of 2024. The company expects to maintain its long-term growth framework with anticipated earnings per share growth of 8%-12%, even after accounting for economic challenges such as higher interest rates.
The company’s leadership attributes these successes to their dedicated workforce of 25,000 associates who uphold the highest standards in service excellence. SCI's ongoing projects include expanding their digital investments to optimize customer experience and support preneed sales growth. These initiatives are part of SCI's long-term strategy to remain a leader in the deathcare industry.
For more information about Service Corporation International, please visit www.sci-corp.com. To learn more about Dignity Memorial®, visit www.dignitymemorial.com.
Global Atlantic Financial Group has announced a 10-year partnership with Service International (SCI) to become the preferred provider of preneed insurance for North America's largest funeral service provider.
This partnership aims to significantly grow Global Atlantic's preneed business and position it as the top provider in North America. Preneed insurance helps cover funeral costs, providing financial relief to families. SCI serves over 600,000 families annually across 1,900 locations.
The partnership will bring digital advancements for seamless customer experiences and operational efficiencies. Global Atlantic plans to hire additional staff and enhance customer support capabilities across its offices.
Service International (NYSE: SCI) declared a quarterly cash dividend of thirty cents per share of common stock, payable on June 28, 2024. The company is the largest deathcare products and services provider in North America. While the intention is to pay regular quarterly dividends, final decisions are subject to the Board of Directors' review of financial performance.
Service International (SCI), the largest deathcare provider in North America, reported strong financial results for the first quarter of 2024. Revenue increased by $16.7 million, while earnings per share was $0.89. The company's net cash provided by operating activities was $220.1 million. Comparable preneed cemetery sales production grew by 7.8%, and comparable core funeral sales average grew by 3.9%. Despite a decline in comparable core funeral services performed, the company's financial results are solid. SCI remains focused on long-term growth and shareholder value.
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