Rigfire
02-24-2003, 12:42 PM
Sometimes you just can't win. Even the good news is bad news.
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Fewer Deaths Force Stewart to Cut Estimate (http://biz.yahoo.com/rb/030224/services_stewartenterprises_outlook_1.html)
METAIRIE, La. (Reuters) - Stewart Enterprises, Inc. (NasdaqNM:STEI - News), a funeral home and cemetery operator, on Monday cut its earnings estimate for the year because there were fewer deaths in the quarter just ended and more people were choosing cremations over higher-priced burials.
Stewart, the third-largest company in the U.S. death-care industry, said it expects to report earnings per share for the first quarter ended Jan. 31 of 9 cents, which is at the low end of its previous estimate of 9 to 12 cents per share.
The company reduced its earnings forecast for the fiscal year ending Oct. 31, 2003 to a range of 30 to 35 cents per share, down from the previous guidance of 40 to 43 cents. It also reduced its expectations for free cash flow to a range of $40 million to $45 million from $50 million to $55 million.
"Due to the seasonality of our business, the first quarter has typically been one of our more robust periods," said President and Chief Executive Officer William Rowe in a statement. "That was not the case this year, and the disappointing quarter has caused us to reassess our anticipated results for all of 2003." . . . (Continued)
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Fewer Deaths Force Stewart to Cut Estimate (http://biz.yahoo.com/rb/030224/services_stewartenterprises_outlook_1.html)
METAIRIE, La. (Reuters) - Stewart Enterprises, Inc. (NasdaqNM:STEI - News), a funeral home and cemetery operator, on Monday cut its earnings estimate for the year because there were fewer deaths in the quarter just ended and more people were choosing cremations over higher-priced burials.
Stewart, the third-largest company in the U.S. death-care industry, said it expects to report earnings per share for the first quarter ended Jan. 31 of 9 cents, which is at the low end of its previous estimate of 9 to 12 cents per share.
The company reduced its earnings forecast for the fiscal year ending Oct. 31, 2003 to a range of 30 to 35 cents per share, down from the previous guidance of 40 to 43 cents. It also reduced its expectations for free cash flow to a range of $40 million to $45 million from $50 million to $55 million.
"Due to the seasonality of our business, the first quarter has typically been one of our more robust periods," said President and Chief Executive Officer William Rowe in a statement. "That was not the case this year, and the disappointing quarter has caused us to reassess our anticipated results for all of 2003." . . . (Continued)
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