Service Corporation International (SCI) reported its financial results for the third quarter and the first nine months of 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period.
For the third quarter of 2024, total revenue reached $1,013.96 million, a slight increase from $1,001.86 million in Q3 2023. Year-to-date (YTD) revenue for the first nine months of 2024 was $3,093.36 million, up from $3,043.98 million in the same period last year. The growth in total revenue was primarily driven by an increase in service revenue, which rose to $422.74 million in Q3 2024 from $407.47 million in Q3 2023, and YTD service revenue increased to $1,295.70 million from $1,256.92 million.
However, property and merchandise revenue declined, falling to $504.57 million in Q3 2024 from $520.65 million in Q3 2023, and YTD figures also decreased from $1,568.75 million to $1,549.46 million. The overall gross profit for Q3 2024 was $252.64 million, slightly down from $253.68 million in Q3 2023, while YTD gross profit decreased to $784.77 million from $804.25 million.
Net income for Q3 2024 was $117.86 million, a decrease from $122.04 million in Q3 2023. For the first nine months, net income totaled $367.36 million, down from $399.22 million in the same period last year. Basic earnings per share remained stable at $0.81 for Q3 2024, while YTD earnings per share decreased to $2.53 from $2.63.
The company reported an increase in operating expenses, with corporate general and administrative expenses rising to $43.70 million in Q3 2024 from $33.20 million in Q3 2023, influenced by long-term incentive compensation plan expenses. Interest expense also increased to $65.80 million in Q3 2024, up from $61.50 million in the prior year.
Strategically, SCI has been active in acquisitions, spending $164.2 million on acquisitions in the first nine months of 2024, significantly higher than $72.5 million in the same period of 2023. In Q3 2024 alone, the company acquired 10 funeral homes and 2 cemeteries for $123.4 million, including two major acquisitions totaling $120.6 million.
The company’s cash flow from operating activities improved to $680.80 million for the first nine months of 2024, compared to $591.46 million in the same period of 2023. This increase was attributed to a decrease in cash tax payments and an increase in cash receipts from customers.
As of September 30, 2024, total assets increased to $17.41 billion from $16.36 billion at the end of 2023, while total equity rose to $1.63 billion from $1.54 billion. The company continues to maintain a strong financial position with a backlog of $16.0 billion from trust and insurance-funded preneed sales, enhancing revenue predictability.
About SERVICE CORP INTERNATIONAL
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