Tuesday, Stonemor Partners LP (STON), a cemetery and funeral home business, reported a profit for the fourth-quarter, aided by revenue growth particularly in its funeral home segment.
The Levittown, Pennsylvania-based company's net income was $1.53 million, or $0.05 per limited partner unit, compared to a loss of $1.22 million, or $0.13 per limited partner unit, in the year-ago quarter.
On average, two analysts polled by Thomson Reuters expected the company to post a loss of $0.03 per share. Analysts' estimates typically exclude special items.
Operating profit rose 181.1% to $4.24 million from $1.51 million in the previous year. Adjusted operating profit decreased 0.9% to $6.50 million from $6.56 million in the prior-year quarter.
Adjusted operating profit is operating profit before the change in deferred revenues and deferred selling and obtaining costs.
Quarterly revenue grew 19.6% to $46.32 million from $38.73 million last year, and beat analysts' estimate of $45.20 million.
Total cemetery revenues increased 11.8% to $39.96 million from $35.76 million in the prior year. Total funeral home revenues for the quarter surged 113.4% to $6.35 million from $2.98 million.
For the full year, net income increased to $4.56 million, or $0.38 per limited partner unit, from $2.79 million, or $0.30 per limited partner unit, last year.
Operating profit for the year increased 37.2% to $17.35 million from $12.64 million in the prior year. Adjusted operating profit grew 27.4% to $33.69 million from $26.6 million a year ago.
Yearly revenue rose 26.2% to $183.45 million from $145.31 million a year earlier. Total cemetery revenues increased 18.5% to $159.49 million from $134.53 million last year. Total funeral home revenues climbed 122.3% to $23.96 million from $10.78 million in the prior year.
Looking forward, Stonemor said it is cautiously optimistic about 2009, in the light of an increase in the total value of contracts written during the months of January through March 2009 compared to 2008.
As of December 31, 2008, the company had backlog of $217.8 million.
In addition, the company announced the recent implementation of its 2009 Expense Reduction Initiative to reduce overall expense base in 2009 by approximately $5 million and to preserve cash balances.
The initiative includes reductions in personnel costs by implementing targeted cutbacks in full-time equivalent employee counts; reductions in various sales incentive programs; reductions in various commissions and overrides; reductions in advertising expenses as well as reductions in certain corporate overhead items.
STON is currently trading at $10.90, up 3.71%, on the Nasdaq.
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