Service Corporation International Reports $518.6 Million Net Income and $4.19 Billion Revenue for Fiscal Year 2024

Service Corporation International (SCI), the largest provider of deathcare products and services in North America, reported a consolidated net income of $518.6 million for the fiscal year ending December 31, 2024, maintaining a diluted earnings per share of $3.53, consistent with the previous year. Total revenue increased to $4.19 billion, up from $4.10 billion in 2023, driven by a rise in both funeral and cemetery operations. Funeral revenue reached $2.32 billion, while cemetery revenue rose to $1.86 billion, reflecting a strategic focus on enhancing service offerings and expanding market reach.

The company experienced a slight decline in comparable funeral services performed, which decreased by 2.5% to 347,894, while the average revenue per service increased by 2.5% to $5,671. In the cemetery segment, comparable revenue grew by 3.0%, attributed to a $42 million increase in recognized preneed revenue, bolstered by growth in preneed sales production and trust fund income. The preneed backlog of unfulfilled contracts stood at $16.0 billion, up from $14.8 billion in 2023, indicating a strong future revenue stream.

Strategically, SCI continued to expand its footprint through acquisitions, investing $181.2 million in acquiring 26 funeral service locations and six cemeteries during 2024. This included significant acquisitions in major metropolitan markets, enhancing the company's operational scale and service capabilities. The company also focused on digital transformation, improving customer engagement through technology, which has led to increased satisfaction ratings and digital sales leads.

Operationally, SCI employed 17,685 full-time and 7,268 part-time associates as of December 31, 2024. The company reported a market share of approximately 17% in the North American deathcare industry, with a network of 1,493 funeral service locations and 496 cemeteries across 44 states, eight Canadian provinces, the District of Columbia, and Puerto Rico. The company’s commitment to employee development and satisfaction has been recognized, as evidenced by its certification as a Great Place to Work since 2017 in the U.S. and since 2020 in Canada.

Looking ahead, SCI anticipates continued growth driven by the aging Baby Boomer population, which is expected to influence both preneed and atneed sales. The company plans to leverage its scale and operational efficiencies to enhance service offerings and maintain competitive pricing. Despite potential challenges from economic fluctuations and regulatory changes, SCI remains optimistic about its strategic initiatives and market position, aiming to deliver long-term value to shareholders while meeting the evolving needs of its customers.