Service Corp (NYSE: SCI) reported Q1 EPS of $0.43, $0.03 worse than the analyst estimate of $0.46. Revenue for the quarter came in at $803 million versus the consensus estimate of $800.22 million.

Tom Ryan, the Company's President, Chairman, and Chief Executive Officer, had the following opening remarks:"Currently, the impact of COVID-19 is having a devastating effect on our global health and economies. During this unprecedented time, we remain deeply committed to the health and well-being of our client families, employees, and communities. Through it all, our team of almost 25,000 associates are selflessly putting the needs of others before their own by serving client families during their greatest time of need. I want to thank our associates for rising to the occasion and stepping up to serve with creativity, compassion, and courage. Our associates are truly heroes."

Outlook for the Remainder of 2020

Eric Tanzberger, the Company's Chief Financial Officer, commented further on the strength of the Company's financial position:"I think it is important to reiterate that we are well-positioned financially to weather this storm. Our financial position is strong with very robust liquidity. We continue to expect a significant amount of positive operating cash flow during 2020. Additionally, we have no meaningful debt maturities until May 2024. Out of an abundance of caution, we have implemented appropriate financial measures, which should allow us to safe-guard the employment of our associates. In order to fund these employment safe-guards, we have deferred certain cash expenditures for corporate and field maintenance, cemetery development, and growth capital expenditures, and we believe we have the flexibility to adjust further. We are proud that we have had no lay-offs or mandatory furloughs so far as a result of this pandemic. Lastly, we have taken measures to reduce expenses in certain areas of our business and believe there is room for further reduction, if needed. Looking ahead we are confident in the strength of our liquidity and cash flow position that will allow us to return to growth quickly after this crisis passes."

Due to the uncertainty of current economic conditions, in early April, we withdrew our full year 2020 guidance. We will continue to closely assess this situation, and will provide further updates when the effects of the pandemic are more predictable. As we look forward in 2020, we anticipate the impact of COVID-19 pandemic on both our funeral and cemetery segments will result in a decline of our adjusted earnings per share, which we hope to minimize as we continue to be vigilant with our costs and expenses. We believe that adjusted operating cash flow will be less impacted than adjusted earnings per share as we expect to continue to collect cash from preneed installment sales, defer taxes as allowed by federal and state laws, and temporarily reduce expenses and capital expenditures.

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