Security National Financial Corporation Reports Financial Results for the Quarter Ended September 30, 2024
Security National Financial (SNFCA) reported strong financial results for Q3 2024. After-tax earnings surged 193% to $11.8M in Q3 2024 from $4.0M in Q3 2023. For the nine months ended September 30, 2024, earnings jumped 128% to $26.6M. The company saw improvements across all segments: Mortgage revenues increased 20.5%, returning to profitability; Mortuary and Cemetery revenues grew 15%; and the Life Insurance segment's profitability improved over 40% to $28M. Net earnings per share reached $1.11 for the nine-month period, compared to $0.49 in 2023. Book value per share increased to $14.89 from $14.11 at year-end 2023.
Security National Financial (SNFCA) ha riportato risultati finanziari solidi per il terzo trimestre del 2024. Gli utili dopo le tasse sono aumentati del 193%, raggiungendo 11,8 milioni di dollari nel Q3 2024, rispetto ai 4,0 milioni di dollari nel Q3 2023. Nei nove mesi terminati il 30 settembre 2024, gli utili sono aumentati del 128%, arrivando a 26,6 milioni di dollari. L'azienda ha registrato miglioramenti in tutti i comparti: i ricavi ipotecari sono aumentati del 20,5%, tornando a redditività; I ricavi del settore funerario e cimiteriale sono cresciuti del 15%; e la redditività del segmento assicurativo sulla vita è migliorata di oltre il 40%, raggiungendo i 28 milioni di dollari. Gli utili netti per azione sono stati di 1,11 dollari per il periodo di nove mesi, rispetto ai 0,49 dollari del 2023. Il valore contabile per azione è aumentato a 14,89 dollari rispetto ai 14,11 dollari di fine anno 2023.
Security National Financial (SNFCA) informó resultados financieros sólidos para el tercer trimestre de 2024. Las ganancias después de impuestos se dispararon un 193%, alcanzando 11,8 millones de dólares en el Q3 2024 desde 4,0 millones de dólares en el Q3 2023. Para los nueve meses finalizados el 30 de septiembre de 2024, las ganancias saltaron un 128%, llegando a 26,6 millones de dólares. La compañía vio mejoras en todos los segmentos: los ingresos por hipotecas aumentaron un 20,5%, volviendo a la rentabilidad; los ingresos del sector funerario y cementerio crecieron un 15%; y la rentabilidad del segmento de seguros de vida mejoró más del 40%, alcanzando los 28 millones de dólares. Las ganancias netas por acción alcanzaron 1,11 dólares para el periodo de nueve meses, en comparación con 0,49 dólares en 2023. El valor contable por acción aumentó a 14,89 dólares desde 14,11 dólares a fin de 2023.
Security National Financial (SNFCA)는 2024년 3분기 강력한 재무 실적을 보고했습니다. 세후 수익이 2023년 3분기 400만 달러에서 2024년 3분기 1,180만 달러로 193% 급증했습니다. 2024년 9월 30일로 종료된 9개월 동안 수익은 128% 증가하여 2,660만 달러에 이르렀습니다. 회사는 모든 부문에서 개선을 보았습니다: 모기지 수익이 20.5% 증가하며 수익성을 회복했습니다; 장례 및 묘지 수익이 15% 증가했습니다; 그리고 생명 보험 부문의 수익성이 28백만 달러로 40% 이상 개선되었습니다. 9개월 동안 주당 순이익은 2023년 0.49달러에서 1.11달러로 증가했습니다. 주당 장부 가치는 2023년 말 14.11달러에서 14.89달러로 증가했습니다.
Security National Financial (SNFCA) a annoncé des résultats financiers solides pour le troisième trimestre 2024. Les bénéfices après impôts ont bondi de 193 % pour atteindre 11,8 millions de dollars au T3 2024, contre 4,0 millions de dollars au T3 2023. Pour les neuf mois se terminant le 30 septembre 2024, les bénéfices ont augmenté de 128 % pour atteindre 26,6 millions de dollars. L'entreprise a constaté des améliorations dans tous les segments : les revenus hypothécaires ont augmenté de 20,5 %, revenant à la rentabilité; les revenus du secteur funéraire et des cimetières ont augmenté de 15 %; et la rentabilité du segment des assurances vie s'est améliorée de plus de 40 % pour atteindre 28 millions de dollars. Les bénéfices nets par action ont atteint 1,11 $ pour la période de neuf mois, contre 0,49 $ en 2023. La valeur comptable par action a augmenté à 14,89 $ contre 14,11 $ à la fin de 2023.
Security National Financial (SNFCA) berichtete über starke finanzielle Ergebnisse für das dritte Quartal 2024. Die Nachsteuergewinne stiegen um 193 % auf 11,8 Millionen USD im Q3 2024 im Vergleich zu 4,0 Millionen USD im Q3 2023. Für die neun Monate bis zum 30. September 2024 sprangen die Gewinne um 128 % auf 26,6 Millionen USD. Das Unternehmen verzeichnete Verbesserungen in allen Segmenten: Die Hypothekenumsätze stiegen um 20,5%, was zur Rentabilität zurückführte; Die Einnahmen aus Bestattungen und Friedhöfen wuchsen um 15%; und die Rentabilität des Lebensversicherungssegments verbesserte sich um über 40 % auf 28 Millionen USD. Der Nettogewinn pro Aktie erreichte 1,11 USD für den neunmonatigen Zeitraum im Vergleich zu 0,49 USD im Jahr 2023. Der Buchwert pro Aktie stieg von 14,11 USD Ende 2023 auf 14,89 USD.
- After-tax earnings increased 193% to $11.8M in Q3 2024
- Nine-month earnings grew 128% to $26.6M
- Mortgage segment returned to profitability with 20.5% revenue growth
- Life Insurance segment profitability improved 40% to $28M
- Net earnings per share more than doubled to $1.11
- Book value per share increased to $14.89 from $14.11
- High cash balances requiring management attention
- Mortgage segment still showing year-to-date losses of $1.8M despite improvement
Insights
The Q3 2024 results showcase remarkable financial performance with net income surging
- Life Insurance segment demonstrating robust profitability with
40.1% earnings growth to$28M - Mortgage segment achieving profitability for two consecutive quarters with
20.5% revenue growth - Cemetery/Mortuary segment showing strong momentum with
15.2% revenue increase
The company's ROE of nearly
SALT LAKE CITY, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the quarter ended September 30, 2024.
For the three months ended September 30, 2024, SNFC’s after tax earnings increase nearly
Scott M. Quist, President of the Company, said:
“I continue to be pleased with our Company’s financial performance in 2024. To have a
SNFC has three business segments. The following table shows the revenues and earnings before taxes for the three months ended September 30, 2024, as compared to 2023, for each of the three business segments:
| Revenues | Earnings before Taxes | |||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| Life Insurance | $ | 48,853,000 | $ | 47,200,000 | 3.5 | % | $ | 12,358,000 | $ | 7,175,000 | 72.2 | % | ||||||||
| Cemeteries/Mortuaries | $ | 8,543,000 | $ | 7,416,000 | 15.2 | % | $ | 2,841,000 | $ | 1,470,000 | 93.3 | % | ||||||||
| Mortgages | $ | 30,878,000 | $ | 25,626,000 | 20.5 | % | $ | 16,000 | $ | (3,486,000 | ) | 100.5 | % | |||||||
| Total | $ | 88,274,000 | $ | 80,242,000 | 10.0 | % | $ | 15,215,000 | $ | 5,159,000 | 194.9 | % | ||||||||
For the nine months ended September 30, 2024:
| Revenues | Earnings before Taxes | |||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| Life Insurance | $ | 146,061,000 | $ | 140,686,000 | 3.8 | % | $ | 28,053,000 | $ | 20,017,000 | 40.1 | % | ||||||||
| Cemeteries/Mortuaries | $ | 25,608,000 | $ | 23,427,000 | 9.3 | % | $ | 7,984,000 | $ | 6,083,000 | 31.3 | % | ||||||||
| Mortgages | $ | 83,584,000 | $ | 79,476,000 | 5.2 | % | $ | (1,813,000 | ) | $ | (11,207,000 | ) | 83.8 | % | ||||||
| Total | $ | 255,253,000 | $ | 243,589,000 | 4.8 | % | $ | 34,224,000 | $ | 14,893,000 | 129.8 | % | ||||||||
Net earnings per common share was
The Company has two classes of common stock outstanding, Class A and Class C. There were 23,261,730 Class A equivalent shares outstanding as of September 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
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