Service Corp. International Lifts FY22 Earnings Outlook

(RTTNews) - While reporting its results for the first quarter on Tuesday, Service Corp. International (SCI) lifted its outlook for the full year 2022.

The company now expects earnings of $3.30 to $3.70 per share, up from $2.80 to $3.20 per share. Analysts polled by Thomson Reuters currently estimate earnings of $3.00 per share. Analysts' estimates typically exclude one-time items.

"We are raising the midpoint of our full year 2022 adjusted earnings guidance by 50 cents to $3.50 and the midpoint of our adjusted operating cash flow guidance by $75 million to $775 million. These increases are driven by the strong earnings performance in the first quarter, particularly around higher funeral services performed and higher preneed cemetery sales. Additionally, we have raised our expectations for preneed cemetery sales production and cemetery revenue for the remaining nine months," said CEO Tom Ryan.