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& SERVICE CORPORATION INTERNATIONAL ANNOUNCES FIRST QUARTER 2021 FINANCIAL RESULTS AND INCREASES 2021 GUIDANCE EXHIBIT 99.1 Conference call on Tuesday , May 4 , 2021 , at 8:00 a.m. Central Time . HOUSTON , Texas , May 3 , 2021. . . Service Corporation International ( NYSE : SCI ) , the largest provider of deathcare products and services in North America , today reported results for the first quarter of 2021 . Tom Ryan , the Company's President , Chairman , and Chief Executive Officer , commented on COVID - 19 and first quarter results : " Today we are reporting earnings per share of $ 1.33 and net cash provided by operating activities of $ 298 million for the quarter . The $ 0.88 growth in earnings per share in the quarter was primarily driven by increased comparable preneed cemetery sales production and continued elevated COVID - 19 mortality , which resulted in an increase in both funeral services performed and burials in our cemeteries . Comparable preneed cemetery sales production grew $ 130 million , or 67 % , during the quarter driven by an increase in sales velocity , sales averages , and large sales activity . Net cash provided by operating activities grew approximately $ 118 million over the prior year quarter , primarily due to increased operating profit . Based on our first quarter results , we are raising the midpoint of our full year adjusted earnings per share guidance fifteen cents to $ 2.85 and the midpoint of our adjusted operating cash flow guidance to $ 687.5 million . Our long - term earnings growth framework remains in place , we will maintain focus on our core strategies of growing revenue by remaining relevant to our client families , leveraging our scale , and maximizing our capital deployment opportunities in a disciplined and balanced manner . The health , safety and well - being of our SCI family remains a top priority as our dedicated teams continue to provide essential services for our client families . I would like to thank our entire SCI family , particularly our frontline associates , for your continued courage and resolve , but also for focusing on what we do best , which is helping our client families gain closure and healing through the process of grieving , remembrance , and celebration . " First Quarter Highlights : Revenue grew $ 275 million over the prior year quarter to $ 1.1 billion . GAAP earnings per share were $ 1.33 . Adjusted earnings per share grew $ 0.89 over the prior year quarter to $ 1.32 . Funeral preneed sales grew $ 35 million , or 16 % . Cemetery preneed sales grew $ 130 million , or 67 % . Comparable funeral gross profit grew 82 % and margin expanded 1,030 basis points to 31.0 % . Comparable cemetery gross profit grew 147 % and margin expanded 1,540 basis points to 40.7 % . FIRST QUARTER SUMMARY Details of our first quarter of 2021 financial results and the unaudited consolidated financial statements can be found in the Appendix at the end of this press release . The table below summarizes our key financial results . ( Dollars in millions , except for per share amounts ) Revenue Operating income Net income attributable to common stockholders Diluted earnings per share Earnings excluding special items ( 1 ) Diluted earnings per share excluding special items ( 1 ) Diluted weighted average shares outstanding Net cash provided by operating activities 2021 Three months ended March 31 , 2020 $ $ 1,078.0 $ 342.0 $ 803.0 151.8 $ 228.9 $ 81.9 $ 1.33 $ 0.45 $ 227.9 $ 78.5 $ 1.32 $ 0.43 172.4 183.6 $ 297.6 $ 180.0 ( 1 ) Earnings excluding special items and diluted earnings per share excluding special items are non - GAAP financial measures . These items are also referred to as " adjusted earnings per share " . A reconciliation from net income attributable to common stockholders and diluted earnings per share in accordance with generally accepted accounting principles in the United States ( GAAP ) can be found later in this press release under the heading " Non - GAAP Financial Measures " in the Appendix at the end of this press release . Diluted earnings per share were $ 1.33 in the first quarter of 2021 compared to $ 0.45 in the first quarter of 2020. The current year quarter was impacted by a $ 3.2 million unfavorable reduction in net gains on divestitures and impairment charges . Diluted earnings per share excluding special items were $ 1.32 in the first quarter of 2021 compared to $ 0.43 in 1 Service Corporation International