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Service Corp. International Climbs 7% On Raised FY22 Outlook

Shares of funeral goods and services company Service Corporation International (SCI) are rising 7 percent on Wednesday's trading after the company lifted its outlook for full year 2022. The company's first-quarter earnings also beat the Street estimates.

The company's earnings totaled $219.51 million, or $1.34 per share. This compares with $228.88 million, or $1.33 per share, in last year's first quarter.

Excluding items, Service Corp. reported adjusted earnings of $219.6 million or $1.34 per share for the period. Analysts on average had expected the company to earn $0.97 per share, according to figures compiled by Thomson Reuters.

The company's revenue for the quarter rose 2.8 percent to $1.11 billion from $1.08 billion last year.

Looking ahead, in fiscal 2022, the company expects earnings of $3.30 to $3.70 per share, up from the earlier estimate of $2.80 to $3.20 per share. Analysts polled by Thomson Reuters currently estimate earnings of $3.00 per share.

Currently at $69.04, the stock has traded between $51.51 and $72.07 during the past 52 weeks.

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