SCI - Service Corporation shares jump after forecasting Q4 and FY2021 EPS outlook above consensus

Service Corporation (SCI +7.0%) stocks jumped after Q3 earnings beat. The company also increased its guidance due to its strong performance in the quarter. Revenue grew 12.2% and EPS rose 47% Y/Y. Comparable preneed funeral sales production grew $50 million, or 22%. Comparable preneed cemetery sales production grew $25M, or 8%. Comparable funeral gross profit improved 400 bps to 28.1%. Comparable cemetery gross profit improved 300 bps to 38.0%. CEO comment: "Based on our continued outperformance, we are raising the midpoint of our full year 2021 adjusted earnings per share guidance by 95 cents to $4.30 and the midpoint of our adjusted operating cash flow guidance by $150 million to $888 million. This is the result of the increased funeral services performed and continued strong performance of preneed cemetery property sales that we expect to continue for the remainder of 2021." The company sees Q4 adjusted EPS in the range

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Service Corporation shares jump after forecasting Q4 and FY2021 EPS outlook above consensus