Stewart Enterprises Misses Revenue Estimates (STEI)

Jefferson, Louisianna-based Stewart Enterprises, Inc. STEI released financial results on Thursday morning. Stewart Enterprises, Inc reported that its 4th quarter net earnings rose to $9.1 million, or 10 cents per share, up from $3.5 million, or 4 cents per share, a year earlier. Excluding special items, the company's earnings from continuing operations came in at 9 cents per share. Stewart Enterprises, Inc. (STEI) reported revenue of $125.3 million, up from $123.75 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 7 cents per share, on revenue of $127.19 million. President and chief executive officer Thomas J. Crawford said, "Fiscal year 2010 was a successful year for the Company and our shareholders. I am pleased to report our employees produced a 3 percent growth in revenue, a 10 percent increase in gross profit, a 22 percent increase in operating earnings and a 32 percent increase in earnings from continuing operations. This achievement is due to our continual emphasis on the execution of our 'Best in Class' initiative, better systems and processes which reduced costs, and the dedication of our employees to serve families with the best possible care during their time of need. Additionally, we are very pleased with the results of our cremation initiative which focused on better serving our cremation families." Stewart Enterprises, Inc closed the previous trading day at $6.20 per share. Analysts covering the company's stock give it a consensus price target of $7.30 per share. Read more from Benzinga's Company news.