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

Rhea-AI Summary

Service Corporation International (NYSE: SCI) announces a quarterly cash dividend of twenty-nine cents per share of common stock and an increase in authorized level of stock repurchases by approximately $477 million.

Positive

• The announcement of a quarterly cash dividend and an increase in authorized stock repurchases reflects the company's confidence in its financial performance and commitment to returning value to shareholders.

Negative

• None.

HOUSTON, Nov. 8, 2023 /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 a quarterly cash dividend of twenty-nine cents per share of common stock.  The quarterly cash dividend announced today is payable on December 29, 2023 to shareholders of record at the close of business on December 15, 2023.  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 $477 million.  When combined with approximately $123 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 2022 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, 2023, we owned and operated 1,486 funeral service locations and 489 cemeteries (of which 304 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 dividend amount announced by Service Corporation International (NYSE: SCI)?

The company announced a quarterly cash dividend of twenty-nine cents per share of common stock.

When is the dividend payable to shareholders of Service Corporation International (NYSE: SCI)?

The dividend is payable on December 29, 2023 to shareholders of record at the close of business on December 15, 2023.

What is the total current share repurchase authority announced by Service Corporation International (NYSE: SCI)?

The company has increased the authorized level of repurchases of its common stock by approximately $477 million, representing a total of $600 million of current share repurchase authority effective today.