Security National Financial Corporation Reports Financial Results for the Quarter Ended March 31, 2024
Security National Financial (SNFCA) reported significant financial improvements for Q1 2024. Earnings before tax surged by 507%, reaching $9.6M, up from $1.6M in Q1 2023. Revenue grew by 2% to $81.2M. The company attributed the earnings increase to an 8% reduction in total expenses, particularly in selling, general, and administrative costs. The Insurance and Memorial Segments saw revenue growth of 7%, while investment income rose by 12%. The Mortgage Segment reduced its year-over-year loss by 50%. Net earnings per share increased to $0.33 from $0.05, and book value per share rose to $14.40. CEO Scott Quist praised the team's efforts, emphasizing the need for continued focus on top-line revenue growth.
- Earnings before tax increased by 507% from $1.6M to $9.6M.
- Revenue rose by 2% to $81.2M.
- Total expenses decreased by 8%, primarily due to lower selling, general, and administrative costs.
- Insurance and Memorial Segments achieved 7% revenue growth.
- Investment income increased by 12%.
- Mortgage Segment reduced its YOY loss by 50%.
- Net earnings per share increased from $0.05 to $0.33.
- Book value per share increased from $14.11 to $14.40.
- Mortgage Segment revenue decreased by 16.6%.
- Despite overall revenue growth, the increase was only 2%, indicating modest top-line growth.
Insights
The reported 507% increase in pre-tax earnings for Security National Financial Corporation (SNFC) is a significant improvement, driving from
From a segment perspective, both the Life Insurance and Mortgage sectors performed exceptionally well. The life insurance segment saw a
In terms of per-share metrics, the net earnings per share increased dramatically from
The standout performance in SNFC's earnings highlights an efficient cost-control strategy. However, the 2% increase in revenues indicates that while expense management was successful, revenue generation needs further bolstering. It's notable that the Life Insurance and Memorial Segments achieved
Interestingly, the mortgage segment's performance, despite a revenue decline, shows a significant improvement in reducing losses, which might signal a strategic shift or efficiency improvements in this segment. Retail investors should consider these results within the broader industry context, where cost management is critical, but sustained revenue growth will ultimately drive long-term value. Prospective investors should watch for further developments in revenue-enhancement strategies and any strategic initiatives that SNFC may deploy to leverage its increased cash position for growth.
SALT LAKE CITY, May 14, 2024 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the quarter ended March 31, 2024.
For the three months ended March 31, 2024, SNFC’s before tax earnings from operations increased
Scott Quist, Chairman of the Board, President, and Chief Executive Officer of SNFC, said, “Anytime we increase earnings
In a nutshell, revenues increased, and costs decreased. While cost control is important, and we believe we have more work to do, we are focused on top-line revenue growth. Our Insurance and Memorial Segments both achieved
SNFC has three business segments. The following table shows the revenues and earnings before taxes for the three months ended March 31, 2024, as compared to 2023, for each business segment:
| Revenues | Earnings before Taxes | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Life Insurance | $ | 49,971,000 | $ | 45,415,000 | $ | 8,530,000 | $ | 3,684,000 | |||||||||||||||
| Cemeteries/Mortuaries | $ | 8,787,000 | $ | 7,199,000 | $ | 3,053,000 | $ | 1,784,000 | |||||||||||||||
| Mortgages | $ | 22,430,000 | $ | 26,887,000 | ( | $ | (1,964,000 | ) | $ | (3,883,000 | ) | ||||||||||||
| Total | $ | 81,188,000 | $ | 79,501,000 | $ | 9,619,000 | $ | 1,585,000 | |||||||||||||||
Net earnings per common share were $.33 for the three months ended March 31, 2024, compared to net earnings of $.05 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 22,288,158 Class A equivalent shares outstanding as of March 31, 2024.
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.
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
FAQ
How much did SNFCA's earnings before tax increase in Q1 2024?
What was SNFCA's revenue growth in Q1 2024?
What segments contributed to SNFCA's revenue growth in Q1 2024?
How much did SNFCA reduce its expenses in Q1 2024?
What was the net earnings per share for SNFCA in Q1 2024?
Did SNFCA's Mortgage Segment improve in Q1 2024?
What was the book value per share for SNFCA as of March 31, 2024?
How did SNFCA's investment income perform in Q1 2024?
