Revenue during the quarter grew 3.80 percent to $777.71 million from $749.22 million in the previous year period. Gross margin for the quarter expanded 103 basis points over the previous year period to 22.78 percent. Total expenses were 82.05 percent of quarterly revenues, down from 83.49 percent for the same period last year. This has led to an improvement of 144 basis points in operating margin to 17.95 percent.

Operating income for the quarter was $139.60 million, compared with $123.67 million in the previous year period.

Tom Ryan, the Company's chairman and chief executive officer, commented on the first quarter of 2017: "We are extremely proud of the operating performance of our businesses during the first quarter which delivered an impressive 36% improvement in adjusted earnings per share. Strong preneed cemetery sales production and an increase in funeral services performed were the primary factors that drove the earnings improvement for the quarter. Our results could not have been achieved without the hard work and dedication of our entire team, and I thank all 23,000 associates for their efforts and continued focus on delivering extraordinary service to our client families. We believe our long-term growth strategy is on track as we continue to grow revenue, leverage our unparalleled scale, and deploy our capital wisely to enhance shareholder value."

For fiscal year 2017, Service Corporation International expects diluted earnings per share to be in the range of $1.29 to $1.43 on adjusted basis.

The company has spent $56.33 million cash to meet investing activities during the quarter as against cash outgo of $26.48 million in the last year period. It has incurred capital expenditure of $37 million on net basis during the quarter, up 17.30 percent or $5.46 million from year ago period.

The company has spent $89.57 million cash to carry out financing activities during the quarter as against cash outgo of $84.92 million in the last year period.

Cash and cash equivalents stood at $238.25 million as on Mar. 31, 2017, up 11.59 percent or $24.75 million from $213.50 million on Mar. 31, 2016.

Working capital remains negative
Working capital of Service Corporation International was negative $222.23 million on Mar. 31, 2017 compared with negative $164.93 million on Mar. 31, 2016. Current ratio was at 0.64 as on Mar. 31, 2017, down from 0.68 on Mar. 31, 2016.

Days sales outstanding were almost stable at 10 days for the quarter, when compared with the last year period.

Days inventory outstanding has decreased to 2 days for the quarter compared with 4 days for the previous year period.