Service Corporation International (NYSE: SCI) reported Thursday that the company reported a loss in second quarter earnings, but still exceeded Wall Street expectations.
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The company, which deals with funeral, crematory and cemetery services, increased its 2009 guidance above consensus estimates.
Net income of $23.1 million, or 9 cents per share, was down 26 percent from $31.4 million, or 12 cents per share in the same quarter last year.
Excluding restructuring and other charges and a gain on eliminating debt, net income was $30 million, or 12 cents per share, down from $36.4 million, or 14 cents per share, in the second quarter of 2008.
Analysts surveyed by Thomson Reuters expected earnings of 7 cents per share on revenue of $493.7 million. Analysts typically exclude special items.
Revenue for the period ended June 30 was $513.9 million, down 6 percent from $548.8 million in the year-earlier period.
The company raised its guidance for 2009 to a range of 36 cents per share to 42 cents from previous guidance of between 26 cents per share to 36 cents.
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