Even though yesterday was the President’s Day holiday and the markets were closed across America, Service Corporation International took the opportunity to report their financial numbers for the 4th Quarter of 2019 and also for the Year End 2019. We will just report some of the numbers today and after we have a chance to digest the company’s conference call with brokers we will add more commentary.
Here is a report from SCI on 4Q 2019 and Year End 2019.
These are some of the highlights that we see:
- For the 4th Quarter operating income grew to $240.9 million from $172.7 million a year earlier.
- The company increased its revenue in the 4th Quarter to $850 million from $820 million a year earlier — that is about a 3.7% increase.
- SCI reported that for the 4th Quarter, “comparable” funeral preneed sales production increased by 12.1%
- SCI reported that “Average Revenue per Service” increased to $5,235 in the 4th Quarter as compared to $5,149 in 4Q of 2018. That is an increase of about 1.6%.
Here are some highlights we noticed for the complete year:
- Total Revenue of the company increased to $3.23 billion in 2019 as compared to $3.19 billion in 2018. That’s an increase of about 1.2%
- Total Funeral Revenue increased to $1.93 billion in 2019 as compared to $1.89 billion in 2018. That is an increase of about 2.1%.
- Total Cemetery Revenue increased to about $1.307 billion in 2019 as compared to about $1.292 billion in 2018. That is an increase of about 1.0%
- Gross Profit grew by about $3 million in the Funeral segment and dropped by about $3 million in the cemetery segment compared to full year 2018 results.
- For the year, the company did approximately 319,616 funeral (memorial) services as compared to 315,700 in 2018. That is an increase of about 1.2%.
- For the year, SCI reported an “Average Revenue per Service” of $5,175 as compared to 2018’s “Average Revenue per Service” of about $5,224. That is a decrease of about 1% in average service revenue.