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Service Corp. Q1 profit falls 21.4% YOY

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Service Corp. Q1 profit falls 21.4% YOY

Service Corp. International said its first-quarter normalized net income amounted to 25 cents per share, compared with the S&P Capital IQ consensus estimate of 28 cents per share.

EPS fell 17.5% year over year from 31 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $50.4 million, a decline of 21.4% from $64.2 million in the prior-year period.

The normalized profit margin fell to 7.5% from 8.6% in the year-earlier period.

Total revenue came to $749.3 million, compared with $748.1 million in the year-earlier period, and total operating expenses climbed on an annual basis to $625.3 million from $602.3 million.

Reported net income fell 22.7% from the prior-year period to $47.5 million, or 24 cents per share, from $61.4 million, or 30 cents per share.