SERVICE CORPORATION INTERNATIONAL DECLARES AN INCREASE IN QUARTERLY CASH DIVIDEND AND INCREASES SHARE REPURCHASE AUTHORIZATION

Rhea-AI Summary

Service Corporation International (NYSE: SCI) has announced an increase in its quarterly cash dividend to $0.27 per share, reflecting an 8% increase from the previous $0.25. The dividend is payable on December 30, 2022, to shareholders of record on December 15. Additionally, the Board has authorized an increase in share repurchases by $350 million, bringing the total repurchase authority to $600 million. This move aims to enhance shareholder value while the company anticipates maintaining regular dividends in the future.

Positive

• Quarterly cash dividend increased by 8% to $0.27 per share, enhancing shareholder value.
• Total share repurchase authorization now at $600 million, signaling confidence in the company's future.

Negative

• None.

HOUSTON, Nov. 2, 2022 /PRNewswire/ -- Service Corporation International (NYSE: SCI), the largest provider of deathcare products and services in North America, today announced that its Board of Directors has approved an increase in its quarterly cash dividend to twenty-seven cents per share of common stock.  This quarterly cash dividend declared today represents an 8% increase from the previously declared quarterly dividend of twenty-five cents per share of common stock per quarter.  The quarterly cash dividend announced today is payable on December 30, 2022 to shareholders of record at the close of business on December 15, 2022.  While the Company intends to pay regular quarterly cash dividends for the foreseeable future, all subsequent dividends, and the establishment of record and payment dates, are subject to final determination by the Board of Directors each quarter after its review of the Company's financial performance.

The Company also announced that its Board of Directors has increased the authorized level of repurchases of its common stock by approximately $350 million.  When combined with approximately $250 million of authority remaining under the existing program, this represents a total of $600 million of current share repurchase authority effective today.

Cautionary Statement on Forward-Looking Statements

The statements in this press release that are not historical facts are forward-looking statements.  These forward-looking statements have been made in reliance on the "safe harbor" protections provided under the Private Securities Litigation Reform Act of 1995.  These statements may be accompanied by words such as "believe," "estimate," "project," "expect," "anticipate," or "predict," that convey the uncertainty of future events or outcomes.  These statements are based on assumptions that we believe are reasonable; however, many important factors could cause our actual results in the future to differ materially from the forward-looking statements made herein and in any other documents or oral presentations made by, or on behalf of us.  There can be no assurance that future dividends will be declared.  The actual declaration of future dividends, and the establishment of record and payment dates, is subject to final determination by our Board of Directors each quarter after its review of our financial performance.  Important factors which could cause actual results to differ materially from those in forward-looking statements include, among others, restrictions on the payment of dividends under existing or future credit agreements or other financing arrangements; changes in tax laws relating to corporate dividends; a determination by the Board of Directors that the declaration of a dividend is not in the best interests of the Company and its shareholders; an increase in our cash needs or a decrease in available cash; or a deterioration in our financial condition or results.  For further information on these and other risks and uncertainties, see our Securities and Exchange Commission filings, including our 2021 Annual Report on Form 10-K.  Copies of this document as well as other SEC filings can be obtained from our website at http://www.sci-corp.com.  We assume no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by us, whether as a result of new information, future events or otherwise.

About Service Corporation International

Service Corporation International (NYSE: SCI), headquartered in Houston, Texas, is North America's leading provider of funeral, cemetery and cremation services, as well as final-arrangement planning in advance, serving more than 600,000 families each year. Our diversified portfolio of brands provides families and individuals a full range of choices to meet their needs, from simple cremations to full life celebrations and personalized remembrances. Our Dignity Memorial® brand is the name families turn to for professionalism, compassion, and attention to detail that is second to none. At September 30, 2022, we owned and operated 1,463 funeral service locations and 488 cemeteries (of which 300 are combination locations) in 44 states, eight Canadian provinces, the District of Columbia, and Puerto Rico. For more information about Service Corporation International, please visit our website at www.sci-corp.com. For more information about Dignity Memorial®, please visit www.dignitymemorial.com.

For additional information contact:
Investors:		Debbie Young – Director / Investor Relations			(713) 525-9088
Media:			Jay Andrew – Assistant Vice President / Corporate Communications		(713) 525-3468

 

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SOURCE Service Corporation International

FAQ

What is the new quarterly dividend amount for SCI?

The new quarterly dividend amount for Service Corporation International (SCI) is $0.27 per share.

When will the new dividend be payable?

The new dividend will be payable on December 30, 2022, to shareholders of record on December 15, 2022.

How much has SCI increased its share repurchase authorization?

Service Corporation International has increased its share repurchase authorization by $350 million, totaling $600 million.

What percentage increase was made to the quarterly dividend?

The quarterly dividend was increased by 8% from the previous amount.