Service Corporation International Declares Quarterly Cash Dividend And Increases Share Repurchase Authorization

Rhea-AI Summary

Service Corporation International (NYSE: SCI) announced a quarterly cash dividend of 21 cents per share, payable on June 30, 2021, to shareholders of record on June 15. The company also approved a share repurchase increase of $414 million, bringing the total repurchase authority to $500 million.

These actions reflect SCI's commitment to returning value to shareholders, although future dividends are subject to board approval based on financial performance.

Positive

• Quarterly cash dividend of 21 cents per share enhances shareholder value.
• Increased share repurchase authorization to $500 million indicates strong financial position and confidence from the Board.

Negative

• Future dividends are not guaranteed and depend on financial performance and board decisions.

HOUSTON, May 12, 2021 /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-one cents per share of common stock.  The quarterly cash dividend announced today is payable on June 30, 2021 to shareholders of record at the close of business on June 15, 2021.  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 $414 million.  When combined with approximately $86 million of authority remaining under the existing program, this represents a total of $500 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 2020 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.  We offer families exceptional service in planning life celebrations and personalized remembrances.  Our Dignity Memorial® brand serves approximately 500,000 families each year with professionalism, compassion, and attention to detail.  At March 31, 2021, SCI owned and operated 1,461 funeral homes and 484 cemeteries (of which 296 are combination operations) in 44 states, eight Canadian provinces, the District of Columbia, and Puerto Rico. Please visit us at www.SCI-Corp.com and www.DignityMemorial.com.

For additional information contact:

Investors: Debbie Young - Director / Investor Relations (713) 525-9088
Media: Jay Andrew - Managing Director / Corporate Communications (713) 525-3468

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SOURCE Service Corporation International

FAQ

What is the quarterly cash dividend announced by SCI?

Service Corporation International has announced a quarterly cash dividend of 21 cents per share, payable on June 30, 2021.

When will SCI's dividend be paid?

The dividend will be paid on June 30, 2021, to shareholders of record by June 15, 2021.

How much has SCI increased its share repurchase authorization?

SCI has increased its share repurchase authorization by approximately $414 million, totaling $500 million.

What factors could affect SCI's future dividends?

Future dividends are subject to the Board of Directors' review of the company's financial performance and may not be guaranteed.