Park Lawn shares tumbled after the funeral home and cemetery operator’s latest results disappointed investors as a slowing pandemic-era death rate rippled through its operations.
Park Lawn Corp. shares tumbled as much as 10.15 per cent on Friday after the funeral home and cemetery operator’s latest results disappointed investors as a slowing pandemic-era death rate rippled through its operations.
Revenue also missed expectations by a wide margin at $75.9 million for the second quarter, compared to an estimate for $101.1 million. The top-line performance represented 5.4 per cent year-over-year growth thanks to acquisitions; so-called organic revenue fell during the quarter. Park Lawn was on a steep growth trajectory in recent years as COVID-19 took hold. In the second quarter of 2020, for instance, the company’s second-quarter revenue surged 44.6 per cent year-over-year.
“COVID-19 deaths in the U.S. appear to have reached a fairly steady rate, breaking from the prior pattern of waves, unless the recent uptick continues to surge. Assuming no further waves materialize, as we lap comparable periods with much more elevated volumes, Park Lawn faces stiff [comparison],” wrote National Bank of Canada analyst Zachary Evershed in a note to clients Thursday night.
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