Service Corp International Analysts Boost Their Forecasts After Upbeat Earnings

Service Corp International SCI reported better-than-expected third-quarter adjusted EPS results on Thursday.

Service Corp Intl reported quarterly earnings of 79 cents per share beat the analyst consensus estimate of 77 cents per shsare. The company reported quarterly sales of $1.014 billion which missed the analyst consensus estimate of $1.016 billion.

Tom Ryan, the Company’s Chairman and CEO, commented, “Today we reported adjusted earnings per share of $0.79 and net cash provided by operating activities excluding special items of $269 million. We are excited to see the positive impact in funeral revenue from our new marketing agreement with our new preferred preneed insurance provider, which launched during the quarter. Additionally, we are pleased both funeral and cemetery gross profit were relatively stable versus the prior year third quarter with modest revenue growth reflecting our continued focus on managing fixed costs.”

Service Corp Intl said it sees fourth-quarter adjusted loss of $1.00-1.10 per share, versus estimates of 77 cents per share.

Service Corp International shares gained 0.2% to trade at $81.79 on Friday.

These analysts made changes to their price targets on Service Corp International following earnings announcement.

• Raymond James analyst John Ransom maintained Service Corp Intl with an Outperform and increased the price target from $80 to $85.
• Truist Securities analyst Tobey Sommer maintained the stock with a Buy and raised the price target from $84 to $92.

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