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Service Corp. Q4 profit falls 10.9% YOY

Service Corp. International said its normalized net income for the fourth quarter amounted to 35 cents per share, compared with the S&P Capital IQ consensus estimate of 37 cents per share.

EPS declined 6.2% year over year from 37 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $69.0 million, a decline of 10.9% from $77.4 million in the year-earlier period.

The normalized profit margin dropped to 8.6% from 9.9% in the year-earlier period.

Total revenue declined on an annual basis to $769.4 million from $783.4 million, and total operating expenses came to $608.8 million, compared with $607.1 million in the prior-year period.

Reported net income declined 16.3% year over year to $72.4 million, or 36 cents per share, from $86.5 million, or 41 cents per share.

For the year, the company's normalized net income totaled $1.13 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $1.19.

EPS rose 26.7% from 89 cents in the prior year.

Normalized net income was $230.6 million, a gain of 20.9% from $190.6 million in the prior year.

Full-year total revenue totaled $2.99 billion, compared with $2.99 billion in the prior year, and total operating expenses decreased on an annual basis to $2.44 billion from $2.50 billion.

The company said reported net income grew 37.5% on an annual basis to $234.2 million, or $1.15 per share, in the full year, from $170.3 million, or 80 cents per share.