Security National Financial Corporation Reports Financial Results for the Quarter Ended June 30, 2024
Security National Financial (NASDAQ: SNFCA) reported strong financial results for Q2 2024. After-tax earnings increased by 15% to $7,272,000 for the quarter and 94% to $14,746,000 for the first half of 2024. The company's diverse business segments showed mixed performance:
- Life Insurance: Revenue down 1.7%, earnings before taxes down 21.8% for Q2
- Cemeteries/Mortuaries: Revenue down 6.1%, earnings before taxes down 26.1% for Q2
- Mortgages: Revenue up 12.3%, returned to profitability with $134,000 earnings before taxes for Q2
Overall, total revenue increased by 2.3% to $85,791,000 for Q2. Net earnings per share reached $0.62 for the first half of 2024, compared to $0.32 in 2023. Book value per share stood at $13.91 as of June 30, 2024.
Security National Financial (NASDAQ: SNFCA) ha riportato risultati finanziari solidi per il secondo trimestre del 2024. Gli utili dopo le tasse sono aumentati del 15% raggiungendo $7,272,000 per il trimestre e del 94% a $14,746,000 per il primo semestre del 2024. I diversi segmenti aziendali della società hanno mostrato performance miste:
- Assicurazioni Vita: Entrate in calo dell'1.7%, utili ante imposte in calo del 21.8% per il Q2
- Cimiteri/Onoranze Funebri: Entrate in calo del 6.1%, utili ante imposte in calo del 26.1% per il Q2
- Mutui: Entrate in aumento del 12.3%, tornate a essere redditizie con $134,000 di utili ante imposte per il Q2
In generale, il fatturato totale è aumentato del 2.3% a $85,791,000 per il Q2. Gli utili per azione netti hanno raggiunto $0.62 per il primo semestre del 2024, rispetto a $0.32 del 2023. Il valore contabile per azione era di $13.91 al 30 giugno 2024.
Security National Financial (NASDAQ: SNFCA) reportó resultados financieros sólidos para el segundo trimestre de 2024. Las ganancias después de impuestos aumentaron un 15% alcanzando $7,272,000 para el trimestre y un 94% a $14,746,000 para la primera mitad de 2024. Los diversos segmentos de negocios de la compañía mostraron un desempeño mixto:
- Seguros de Vida: Ingresos disminuyeron un 1.7%, ganancias antes de impuestos disminuyeron un 21.8% para el Q2
- Cementerios/Servicios Funerarios: Ingresos disminuyeron un 6.1%, ganancias antes de impuestos disminuyeron un 26.1% para el Q2
- Hipotecas: Ingresos aumentaron un 12.3%, retornaron a la rentabilidad con $134,000 de ganancias antes de impuestos para el Q2
En general, los ingresos totales aumentaron un 2.3% a $85,791,000 para el Q2. Las ganancias netas por acción alcanzaron $0.62 para la primera mitad de 2024, en comparación con $0.32 en 2023. El valor contable por acción fue de $13.91 al 30 de junio de 2024.
Security National Financial (NASDAQ: SNFCA)은 2024년 2분기 강력한 재무 결과를 보고했습니다. 세후 수익은 15% 증가하여 이번 분기에 $7,272,000에 달하고 상반기에는 94% 증가하여 $14,746,000에 이릅니다. 회사의 다양한 사업 부문은 혼합된 실적을 보였습니다:
- 생명 보험: 수익 1.7% 감소, 세전 수익 21.8% 감소 (Q2)
- 묘지/장례 서비스: 수익 6.1% 감소, 세전 수익 26.1% 감소 (Q2)
- 모기지: 수익 12.3% 증가, Q2에 세전 수익 $134,000으로 수익성을 회복
전반적으로, 총 수익은 2.3% 증가하여 $85,791,000에 달합니다. 1분기에 대한 주당 순이익은 $0.62에 이르렀습니다, 2023년의 $0.32와 비교됩니다. 주당 장부 가치는 2024년 6월 30일 기준으로 $13.91입니다.
Security National Financial (NASDAQ: SNFCA) a annoncé de solides résultats financiers pour le deuxième trimestre 2024. Les bénéfices après impôts ont augmenté de 15% pour atteindre $7,272,000 pour le trimestre et de 94% à $14,746,000 pour la première moitié de 2024. Les différents segments d'activité de l'entreprise ont présenté des performances variées :
- Assurance Vie : Chiffre d'affaires en baisse de 1.7%, bénéfices avant impôts en baisse de 21.8% pour le Q2
- Cimetières/Services Funéraires : Chiffre d'affaires en baisse de 6.1%, bénéfices avant impôts en baisse de 26.1% pour le Q2
- Hypothèques : Chiffre d'affaires en hausse de 12.3%, retour à la rentabilité avec des bénéfices de $134,000 avant impôts pour le Q2
Dans l'ensemble, le chiffre d'affaires total a augmenté de 2.3% pour atteindre $85,791,000 pour le Q2. Le bénéfice net par action a atteint $0.62 pour la première moitié de 2024, contre $0.32 en 2023. La valeur comptable par action était de $13.91 au 30 juin 2024.
Security National Financial (NASDAQ: SNFCA) berichtete über starke finanzielle Ergebnisse für das zweite Quartal 2024. Die Nachsteuereinnahmen stiegen um 15% auf $7,272,000 für das Quartal und um 94% auf $14,746,000 für die erste Hälfte 2024. Die verschiedenen Geschäftssegmente des Unternehmens zeigten gemischte Leistungen:
- Lebensversicherung: Einnahmen um 1,7% gesunken, Gewinne vor Steuern um 21,8% gesunken für Q2
- Friedhöfe/Beerdigungsdienste: Einnahmen um 6,1% gesunken, Gewinne vor Steuern um 26,1% gesunken für Q2
- Hypotheken: Einnahmen um 12,3% gestiegen, zurück in den Gewinn mit $134,000 an Gewinnen vor Steuern für Q2
Insgesamt stiegen die Gesamteinnahmen um 2,3% auf $85,791,000 für Q2. Der Nettogewinn pro Aktie erreichte $0.62 für die erste Hälfte 2024, im Vergleich zu $0.32 im Jahr 2023. Der Buchwert pro Aktie betrug am 30. Juni 2024 $13.91.
- After-tax earnings increased 15% for Q2 and 94% for H1 2024
- Total revenue grew 2.3% to $85,791,000 in Q2 2024
- Mortgage segment returned to profitability after 8 consecutive quarters of industry-wide losses
- Net earnings per share doubled from $0.32 to $0.62 for H1 2024
- Memorial segment achieved over 20% improvement in mortuary and cemetery operations
- Life Insurance segment revenue decreased 1.7% and earnings before taxes fell 21.8% in Q2
- Cemeteries/Mortuaries segment revenue dropped 6.1% and earnings before taxes declined 26.1% in Q2
- Book value per share decreased from $14.11 to $13.91 between December 31, 2023, and June 30, 2024
Insights
SNFC's Q2 2024 results show impressive growth, with after-tax earnings up
Key highlights:
- Life Insurance segment: Revenue down
1.7% , earnings before taxes down21.8% - Cemeteries/Mortuaries: Revenue down
6.1% , earnings before taxes down26.1% - Mortgages: Revenue up
12.3% , earnings before taxes up103.5%
The mortgage segment's turnaround is particularly noteworthy, given the industry-wide challenges. Overall, SNFC's balanced portfolio and operational improvements have led to a strong performance in a difficult economic climate.
SNFC's results reflect broader market trends and adaptability. The life insurance and memorial segments faced headwinds, likely due to changing consumer behavior and economic pressures. However, the mortgage segment's recovery is significant, bucking industry trends.
The
Investors should note the book value per share decrease from
SALT LAKE CITY, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the quarter ended June 30, 2024.
For the three months ended June 30, 2024, SNFC’s after tax earnings increase nearly
Scott M. Quist, President of the Company, said:
“I am quite pleased with our Company’s financial performance in the first half of 2024. To have a
SNFC has three business segments. The following table shows the revenues and earnings before taxes for the three months ended June 30, 2024, as compared to 2023, for each of the three business segments:
| Revenues | Earnings before Taxes | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Life Insurance | $ | 47,237,000 | $ | 48,071,000 | ( | $ | 7,165,000 | $ | 9,158,000 | ( | |||||||
| Cemeteries/Mortuaries | $ | 8,278,000 | $ | 8,812,000 | ( | $ | 2,091,000 | $ | 2,828,000 | ( | |||||||
| Mortgages | $ | 30,276,000 | $ | 26,963,000 | $ | 134,000 | $ | (3,837,000 | ) | ||||||||
| Total | $ | 85,791,000 | $ | 83,846,000 | $ | 9,390,000 | $ | 8,149,000 | |||||||||
| For the six months ended June 30, 2024: | |||||||||||||||||
| Revenues | Earnings before Taxes | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Life Insurance | $ | 97,208,000 | $ | 93,486,000 | $ | 15,694,000 | $ | 12,842,000 | |||||||||
| Cemeteries/Mortuaries | $ | 17,066,000 | $ | 16,011,000 | $ | 5,144,000 | $ | 4,613,000 | |||||||||
| Mortgages | $ | 52,706,000 | $ | 53,850,000 | ( | $ | (1,829,000 | ) | $ | (7,721,000 | ) | ( | |||||
| Total | $ | 166,980,000 | $ | 163,347,000 | $ | 19,009,000 | $ | 9,734,000 | |||||||||
Net earnings per common share was $.62 for the six months ended June 30, 2024, compared to net earnings of $.32 per share for the prior year, as adjusted for the effect of annual stock dividends. Book value per common share was
The Company has two classes of common stock outstanding, Class A and Class C. There were 23,413,999 Class A equivalent shares outstanding as of June 30, 2024.
If there are any questions, please contact Mr. Garrett S. Sill or Mr. Scott Quist at:
Security National Financial Corporation
P.O. Box 57250
Salt Lake City, Utah 84157
Phone (801) 264-1060
Fax (801) 265-9882
This press release contains statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to Security National Financial Corporation and its business. The predictions in the statements will involve risk and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements.
FAQ
What was SNFCA's after-tax earnings growth for Q2 2024?
How did SNFCA's mortgage segment perform in Q2 2024?
What was SNFCA's net earnings per share for the first half of 2024?
How did SNFCA's Life Insurance segment perform in Q2 2024?
