StoneMor Inc (STON) Reports Q1 Loss of $0.04, Revenues Miss

StoneMor Inc (NYSE: STON) reported Q1 EPS of ($0.04), versus ($0.16) reported last year. Revenue for the quarter came in at $78.3 million versus the consensus estimate of $85.58 million.

FIRST QUARTER FINANCIAL PERFORMANCE

• Revenues for the first quarter were $78.3 million compared to $65.1 million in the first quarter in the prior year.
• Cemetery segment operating income for the first quarter was $11.7 million compared to $5.2 million in the first quarter in the prior year, representing an increase of $6.4 million.
• Funeral home segment operating income for the first quarter was $1.6 million compared to $1.4 million in the first quarter in the prior year, representing an increase of $0.2 million.
• Corporate overhead expense increased to $9.5 million in the first quarter compared to $8.5 million in the first quarter in the prior year.
• First quarter operating income was $3.6 million, compared to an operating loss of $2.1 million in the first quarter in the prior year.
• First quarter net loss from continuing operations was $5.2 million compared to $14.8 million in the first quarter in the prior year.
• First quarter adjusted EBITDA was $28.0 million compared to $7.1 million in the first quarter in the prior year.

Joe Redling, StoneMor’s President and Chief Executive Officer said, “the first quarter of 2021 has continued to build upon the groundwork that was laid with our transformation initiatives, with top-line revenue growth of 20% and more than a $20 million increase in our adjusted EBITDA, year-over-year. We continue to deliver strong sales results, including 45% growth in cemetery sales production in the quarter. We have made great progress towards our previously announced guidance targets for organic growth in our trusts and unlevered free cash flow. During the first quarter, we generated more than $30 million in trust growth and $11.5 million in unlevered free cash flow against $50 million and $40 million annual targets, respectively.”

For earnings history and earnings-related data on StoneMor Inc (STON) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Star Equity Holdings (STRR) Misses Q2 EPS by 8c
• Algorhythm Holdings (RIME) Tops Q2 EPS by 54c