Stewart Enterprises 2nd-quarter Profit Falls
Stock quotes in this article:
STEI
NEW ORLEANS (AP) Funeral services provider Stewart Enterprises Inc. said Tuesday its fiscal second-quarter profit fell 5 percent amid the recession, but results beat analyst expectations.
Profit for the quarter ended April 30 slipped to $13.2 million, or 14 cents per share, from $13.9 million, or 15 cents per share last year. Excluding a gain on early debt repayment, hurricane-related charges and other one-time items, net income totaled 11 cents per share. Analysts polled by Thomson Reuters, on average, predicted a profit of 8 cents per share. Revenue fell 8 percent to $126.6 million from $136.8 million last year. Funeral revenue fell 7 percent to $71.2 million, while cemetery revenue fell 8 percent to $55.4 million. Shares closed up 13 cents at $4.81.- Loading Comments...
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