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26.04.2017 22:05
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PR Newswire
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Service Corporation International Announces First Quarter 2017 Financial Results And Comments On Outlook For 2017
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PR Newswire
HOUSTON, April 26, 2017
HOUSTON, April 26, 2017 /PRNewswire/ -- Service Corporation International (NYSE: SCI), the largest provider of deathcare products and services in North America, reported results for the first quarter of 2017. Our unaudited consolidated financial statements can be found at the end of this press release. The table below summarizes our key financial results:
| (In millions, except for per share amounts) | Three Months Ended March 31, | ||||||
| | 2017 | | 2016 | ||||
| Revenue | $ | 777.7 | | | $ | 749.2 | |
| Operating income | $ | 139.6 | | | $ | 123.7 | |
| Net income attributable to common stockholders | $ | 174.7 | | | $ | 47.4 | |
| Diluted earnings per share | $ | 0.91 | | | $ | 0.24 | |
| Earnings from continuing operations excluding special items(1) | $ | 73.0 | | | $ | 55.3 | |
| Diluted earnings per share from continuing operations excluding special items(1) | $ | 0.38 | | | $ | 0.28 | |
| Diluted weighted average shares outstanding | 192.9 | | | 198.0 | | ||
| Net cash provided by operating activities | $ | 188.4 | | | $ | 184.8 | |
| Net cash provided by operating activities excluding special items(1) | $ | 188.4 | | | $ | 190.0 | |
| | |
| (1) | Earnings from continuing operations excluding special items, diluted earnings per share from continuing operations excluding special items, and net cash provided by operating activities excluding special items are non-GAAP financial measures. These items are also referred to as "adjusted earnings per share" and "adjusted operating cash flow". A reconciliation from net income attributable to common stockholders, diluted earnings per share, and net cash provided by operating activities computed in accordance with generally accepted accounting principles in the United States (GAAP) can be found later in this press release under the headings "Cash Flow and Capital Spending" and "Non-GAAP Financial Measures". |
Quarterly Highlights:
- Diluted earnings per share were $0.91 in the first quarter of 2017 compared to $0.24 in the first quarter of 2016. The first quarter of 2017 was positively impacted by the settlement of IRS tax audits related to tax years 1999 through 2005 and net gains on business dispositions partially offset by charges related to certain pension termination settlements. Diluted earnings per share excluding special items were $0.38 in the first quarter of 2017 compared to $0.28 in the first quarter of 2016. The increase in diluted earnings per share excluding special items was primarily driven by higher operating profits led by a double digit increase in cemetery sales production and higher funeral services performed. These results were also bolstered by a lower tax rate, lower interest expense, and fewer shares outstanding resulting from our ongoing share repurchase program.
- Net cash provided by operating activities was $188.4 million in the first quarter of 2017 compared to $184.8 million in the first quarter of 2016. The first quarter of 2016 was impacted by system transition costs and excess tax benefits from share-based awards which reduced cash provided by operating activities. Net cash provided by operating activities excluding special items above was $188.4 million in the first quarter of 2017 compared to $190.0 million in the prior year quarter. The cash flow generated from earnings growth in the first quarter of 2017 was primarily offset by higher expected cash tax and interest payments.
- During the first quarter, we returned $107.9 million to shareholders through share repurchases and dividends and deployed $33.2 million of capital to accretive acquisitions.
Tom Ryan, the Company's Chairman and Chief Executive Officer, commented on the first quarter of 2017:
"We are extremely proud of the operating performance of our businesses during the first quarter which delivered an impressive 36% improvement in adjusted earnings per share. Strong preneed cemetery sales production and an increase in funeral services performed were the primary factors that drove the earnings improvement for the quarter. We will focus on maintaining our current momentum to deliver solid operating results and substantial cash flows for the remainder of 2017. Based on our impressive first quarter operational performance and lower tax rate, we now believe we will achieve adjusted earnings per share growth in the upper end of our 2017 guidance range of $1.29 to $1.43 per share. Our results could not have been achieved without the hard work and dedication of our entire team, and I thank all 23,000 associates for their efforts and continued focus on delivering extraordinary service to our client families. We believe our long-term growth strategy is on track as we continue to grow revenue, leverage our unparalleled scale, and deploy our capital wisely to enhance shareholder value."
OUTLOOK FOR 2017
The ranges detailed below are consistent with our previously reported outlook for 2017 and are in line with our adjusted EPS long-term growth framework of 8-12% after considering special items in 2016. We now believe that our performance in 2017 will result in adjusted EPS at the upper end of this full year 2017 range. Our outlook for adjusted operating cash flow remains consistent and reflects an anticipated $40 - $45 million increase in cash taxes, as we expect our cash tax rate to approximate our effective tax rate adjusted for the IRS settlement.
| (In millions, except per share amounts) | | 2017 Outlook |
| Diluted earnings per share from continuing operations excluding special items (Adjusted EPS)(1) | | $1.29 to $1.43 |
| Net cash provided by operating activities excluding special items (Adjusted operating cash flow)(1) | | $465 to $505 |
| Capital improvements at existing facilities and cemetery development expenditures | | Approximately $180 |
| | |
| (1) | Diluted earnings per share from continuing operations excluding special items and Net cash provided by operating activities excluding special items are non-GAAP financial measures. We normally reconcile these non-GAAP financial measures from diluted earnings per share and net cash provided by operating activities; however, diluted earnings per share and net cash provided by operating activities calculated in accordance with GAAP are not currently accessible on a forward-looking basis. Our outlook for 2017 excludes the following because this information is not currently available for 2017: Gains or losses associated with asset divestitures, gains or losses associated with the early extinguishment of debt, potential tax reserve adjustments and IRS settlement payments, acquisition and integration costs, system implementation and transition costs, and potential costs associated with settlements of litigation or the recognition of receivables for insurance recoveries associated with litigation. The foregoing items, especially gains or losses associated with asset divestitures and potential tax reserve adjustments, could materially impact our forward-looking diluted EPS and/or our net cash provided by operating activities calculated in accordance with GAAP, consistent with the historical disclosures found in this press release under the headings "Cash Flow and Capital Spending" and "Non-GAAP Financial Measures". |
| REVIEW OF RESULTS FOR FIRST QUARTER 2017 | |||||||
| | |||||||
| Consolidated Segment Results | |||||||
| (See definitions of revenue line items later in this earnings release.) | |||||||
| | |||||||
| (In millions, except funeral services performed and average revenue per service) | Three Months Ended March 31, | ||||||
| | 2017 | | 2016 | ||||
| Funeral: | | | | ||||
| Atneed revenue | $ | 271.8 | | | $ | 277.6 | |
| Matured preneed revenue | 151.8 | | | 139.3 | | ||
| Core revenue | 423.6 | | | 416.9 | | ||
| Non-funeral home revenue | 12.3 | | | 11.4 | | ||
| Recognized preneed revenue | 32.1 | | | 29.0 | | ||
| Other revenue | 30.8 | | | 34.9 | | ||
| Total revenue | $ | 498.8 | | | $ Werbung Mehr Nachrichten zur Service Corporation International Aktie kostenlos abonnieren
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