Service Corp. Trims Earnings Estimate

Service Corp. International, the world’s largest funeral home and cemetery owner, cut its estimate for its third-quarter net income, citing fewer deaths, prolonged labor talks in France and lower investment gains. Service Corp., whose shares have fallen about two-thirds this year, said it expects third-quarter net income to be $27 million to $37 million, or 10 to 13 cents a share, compared with $83.2 million, or 32 cents a share, a year ago. The Houston-based company’s shares have plummeted amid investors’ concerns about fewer deaths in the company’s main markets and a drop in acquisitions. Shares of Service Corp. plunged $2.69 to close at $7.88 on the NYSE. The company also said it will take an $8-million charge from the divestiture of its Wisconsin cemetery operations.