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What: Shares of Stewart Enterprises (Nasdaq: STEI ) have jumped today by as much as 10% after the company reported better-than-expected earnings last night.
So what: Revenue totaled $129.2 million, topping the Street's best guesses of $126.5 million. Adjusted earnings were $9.9 million, or $0.11 per share, also topping estimates. Both growing sales and cost cutting helped contribute to the solid quarter.
Now what: CEO Thomas Kitchen said that the year continues to be very successful and that Stewart's fiscal-year-to-date sales and gross profits are the highest in four years. The company also repurchased a million shares of stock during the quarter, decreasing 5% of outstanding shares over the past year. Stewart Enterprises has made steps to reorganize the company and those moves are paying off.
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