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Stewart Enterprises 4Q profit falls

By AP  | December 16, 2011
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NEW ORLEANS (AP) — Funeral provider Stewart Enterprises Inc. said Thursday its fiscal fourth-quarter profit fell 1.9 percent, as higher costs more than offset slight increases in revenue.

For the quarter ended Oct. 31, Stewart reported net income of $8.5 million, or 10 cents per share, down from $9.1 million, or 10 cents per share, a year ago.

Excluding one-time items and discontinued operations, the company posted an adjusted profit of $8.1 million, or 9 cents per share, compared with $8.4 million, or 9 cents per share, in the 2010 period.

Revenue rose 3.3 percent to $129.4 million from $125.3 million. Funeral revenue increased 2.4 percent to $68.1 million and cemetery revenue rose 4.2 percent to $61.3 million.

Analysts, on average, expected adjusted earnings of 9 cents per share on $127.8 million in revenue, according to a FactSet poll.

Funeral revenue at stores open at least a year was essentially flat with the same quarter last year.

At stores open at least a year, average revenue from traditional funeral services rose 2.5 percent, while the average revenue from cremation services edged up 0.4 percent.

For the full fiscal year, Stewart reported net income of $38.6 million, or 42 cents per share, up from $31 million, or 33 cents per share, in fiscal 2010. Revenue rose to $512.7 million from $499.9 million.

Its shares closed at $5.50 on Thursday. They are up from their 52-week low of $5.14 on Sept. 12 and peaked at $8.39 in April.

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