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Service Corporation International Announces Third Quarter 2016 Financial Results

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PR Newswire

HOUSTON, Oct. 26, 2016

HOUSTON, Oct. 26, 2016 /PRNewswire/ -- Service Corporation International (NYSE: SCI), the largest provider of deathcare products and services in North America, reported results for the third quarter of 2016. 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
September 30,

Nine Months Ended
September 30,

2016

2015

2016

ARIVA.DE Börsen-Geflüster

Kurse

Service Corporation International

63,18 €

0,00%

Service Corporation International Realtime-Chart

2015

Revenue

721.5

714.5

2,222.1

2,216.8

Operating income

114.4

124.5

332.6

393.2

Net income attributable to common stockholders

47.7

47.4

110.8

161.4

Diluted earnings per share

0.24

0.23

0.56

0.78

Earnings from continuing operations excluding special items⁽¹⁾

51.6

45.9

162.7

168.7

Diluted earnings per share from continuing operations excluding special items⁽¹⁾

0.26

0.23

0.83

0.82

Diluted weighted average shares outstanding

196.6

203.4

197.2

206.0

Net cash provided by operating activities

133.0

114.1

358.5

396.6

Net cash provided by operating activities excluding special items⁽¹⁾

143.0

124.9

401.6

424.6

(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 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 $0.24 in the third quarter of 2016 compared to $0.23 in the third quarter of 2015. The third quarter of 2016 included system transition costs and higher income tax rates related to the divestitures of businesses. Diluted earnings per share excluding special items were $0.26 in the third quarter of 2016 compared to $0.23 in the third quarter of 2015. The increase in diluted earnings per share excluding special items was driven by solid operating results bolstered by effective operating expense management, lower interest expense, and fewer shares outstanding resulting from our ongoing share repurchase program.
Net cash provided by operating activities was $133.0 million in the third quarter of 2016 compared to $114.1 million in the third quarter of 2015. Excess tax benefits from share-based awards reduced cash provided by operating activities in both periods. The third quarter of 2015 was also negatively impacted by premiums paid on early extinguishment of debt. Net cash provided by operating activities excluding special items was $143.0 million in the third quarter of 2016 compared to $124.9 million in the prior year quarter. These increases were primarily due to increased earnings and favorable working capital initiatives.
During the third quarter, we returned $136.7 million to shareholders through share repurchases and dividends and deployed $14.3 million of capital to accretive acquisitions.

Tom Ryan, the Company's Chairman and Chief Executive Officer, commented on the third quarter of 2016:

"We are pleased to report double-digit percentage growth in both adjusted earnings per share and adjusted operating cash flow during the quarter. Growth in cemetery revenue and effectively managing back office overhead expenses coupled with reduced interest expense and shares outstanding were the primary drivers of our double-digit growth in the quarter. While funeral services performed were sluggish initially against our expectations, they improved in the back half of the quarter. We expect this momentum to continue in the fourth quarter of 2016 and we are reiterating our full year 2016 adjusted earnings per share and operating cash flow guidance. Our results are a testament to the hard work and dedication of our entire team, and I thank all 24,000 team members for their focus on delivering extraordinary service to our client families. We believe our long-term value creation plan is on track as we grow our revenues by remaining relevant with the consumer, drive future market share by growing our preneed sales, continue to leverage our scale, and deploy capital to enhance shareholder value."

REVIEW OF RESULTS FOR THIRD QUARTER 2016

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 September 30,

Nine Months Ended September 30,

2016

2015

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