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13.02.2017 22:05
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PR Newswire
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Service Corporation International Announces Fourth Quarter 2016 Financial Results And Outlook For 2017
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PR Newswire
HOUSTON, Feb. 13, 2017
HOUSTON, Feb. 13, 2017 /PRNewswire/ -- Service Corporation International (NYSE: SCI), the largest provider of deathcare products and services in North America, today reported results for the fourth quarter 2016. Our 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 | | Twelve Months Ended | ||||||||||||
| | | 2016 | | 2015 | | 2016 | | 2015 | ||||||||
| Revenue | | $ | 809.1 | | | $ | 769.3 | | | $ | 3,031.1 | | | $ | 2,986.0 | |
| Operating income | | $ | 179.3 | | | $ | 157.1 | | | $ | 511.9 | | | $ | 550.3 | |
| Net income attributable to common stockholders | | $ | 66.2 | | | $ | 72.4 | | | $ | 177.0 | | | $ | 233.8 | |
| Diluted earnings per share | | $ | 0.34 | | | $ | 0.36 | | | $ | 0.90 | | | $ | 1.14 | |
| Earnings from continuing operations excluding special items(1) | | $ | 90.3 | | | $ | 73.5 | | | $ | 253.1 | | | $ | 242.2 | |
| Diluted earnings per share from continuing operations excluding special items(1) | | $ | 0.47 | | | $ | 0.37 | | | $ | 1.29 | | | $ | 1.18 | |
| Diluted weighted average shares outstanding | | 193.0 | | | 200.0 | | | 196.0 | | | 204.5 | | ||||
| Net cash provided by operating activities | | $ | 105.1 | | | $ | 75.6 | | | $ | 463.6 | | | $ | 472.2 | |
| Net cash provided by operating activities excluding special items(1) | | $ | 106.9 | | | $ | 89.3 | | | $ | 508.5 | | | $ | 513.9 | |
| | |
| (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. 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 $0.34 in the fourth quarter of 2016 compared to $0.36 in the fourth quarter of 2015. The fourth quarter of 2016 was impacted by higher tax rates related to the divestitures of businesses, a pension termination settlement, and an adjustment of deferred tax assets related to properties from the Stewart acquisition in 2013. Diluted earnings per share excluding special items were $0.47 in the fourth quarter of 2016 compared to $0.37 in the fourth quarter of 2015. The increase in diluted earnings per share excluding special items was driven primarily by increased gross profit from higher cemetery revenue, bolstered by effective expense management, lower interest rates, and fewer shares outstanding resulting from our ongoing share repurchase program.
- Net cash provided by operating activities was $105.1 million in the fourth quarter of 2016 compared to $75.6 million in the fourth quarter of 2015. The fourth quarter of 2015 was impacted by payments related to tax structure changes. Net cash provided by operating activities excluding special items was $106.9 million in the fourth quarter of 2016 compared to $89.3 million in the prior year quarter. These increases were primarily due to the cash generated from increased earnings partially offset by higher working capital uses during the quarter.
- During the fourth quarter, we returned $59.7 million to shareholders through share repurchases and dividends, and deployed $3.0 million of capital to accretive acquisitions. This brings our annual capital deployment for 2016 to $326.3 million to shareholders through share repurchases and dividends, and $72.9 million to accretive acquisitions.
Tom Ryan, the Company's Chairman and Chief Executive Officer, commented on the fourth quarter of 2016:
"Our financial results accelerated in the fourth quarter with an impressive 27.3% improvement in adjusted earnings per share and a 19.7% increase in adjusted operating cash flow. Exceptional growth in our cemetery businesses coupled with reduced interest expense and fewer shares outstanding were the primary drivers of our double-digit growth in the quarter. Looking ahead to 2017, we believe we are well-positioned to deliver solid results, with expected adjusted earnings per share growth at the high end of our long term targeted growth range of 8%-12% after considering special items in 2016. Our successes could not have been achieved without the hard work and dedication of our 23,000 associates, and I thank them for their continued focus on delivering extraordinary service to our client families. We are confident that our solid operating platform and healthy financial position will allow us to grow revenues by remaining relevant with the consumer, drive future market share by growing preneed sales, continue to leverage our scale, and deploy capital to enhance shareholder value."
OUTLOOK FOR 2017
Our outlook for diluted earnings per share from continuing operations excluding special items is expected to be in line with our expected long-term growth framework of 8%-12% after special items in 2016. Our outlook for net cash provided by operating activities excluding special items reflects an anticipated $40 - $45 million increase in cash taxes, as we expect our cash tax rate to approximate our effective tax rate.
| (In millions, except per share amounts) | | 2017 Outlook |
| Diluted earnings per share from continuing operations excluding special items(1) | | $1.29 to $1.43 |
| Net cash provided by operating activities excluding special items(1) Werbung Mehr Nachrichten zur Service Corporation International Aktie kostenlos abonnieren
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