Security National Financial Cemetery/Mortuary earnings rise 71%

 

 

There is no other way to say it other than to say that Security National Financial Corporation (SNFC) had a blow-out 1st Quarter of 2024 when it comes to Earnings.  The company’s Earnings Before Taxes jumped 507% as compared to the 1st Quarter of 2023.

 

Here’s part of what SNFC’s Chairman of the Board and Chief Executive Officer Scott Quist said of the quarter, “In a nutshell, revenues increased, and costs decreased.”

 

Here’s more of what Quist said in his prepared statements that you can read in this press release from SNFC “Anytime we increase earnings 507% we are pleased. Obviously, since total revenues increased only 2%, the bulk of the earnings improvement came from expense control. Total expenses decreased a little over 8%, with the bulk of the decrease coming from “Selling, general and administrative expenses”. 

 

SNFC’s Earnings before Taxes jumped from $1.58 million in 1Q23 to $9.6 million in 1Q24.  That increase came on a revenue increase of only about 2% — from $79.5 million in 1Q23 to $81.1 million in 1Q24.

 

Specifically to the Cemetery/Mortuary division of Security National Financial, earnings increased over 71% for the quarter from about $1.78 million in 1Q23 to $3.05 million in 1Q24.  That increase was done on a revenue increase of about 22%.

 

The Life Insurance portion of SNFC’s business, of which they compete in the preneed funeral insurance business, increased revenues about 10% and their earnings increased about 131% from $3.6 million in 2023’s 1st Quarter to about $8.5 million in the 1st Quarter of 2024.

 

Finally, the third portion of the company business, the Mortgage business, was able to cut their earnings losses from over $3.8 million in 2023 to only a $1.9 million loss in 2024.

 

More insight on the company’s “very good quarter” is given by Quist when he mentioned “. . .our Memorial and Insurance Segments experienced their best ever operational results. “

 

Security National Financial Corporation is also the parent company of C&J Financial and Security National Life Insurance.

 

Disclaimer — The author of this article for Funeral Director Daily is a shareholder of Security National Financial Corporation.

 

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