Carriage Services ( (CSV) ) has released its Q3 earnings. Here is a breakdown of the information Carriage Services presented to its investors.
Carriage Services, Inc. is a publicly traded company on the NYSE, operating within the funeral and cemetery industry, providing pre-need and at-need services for funerals and cemetery properties. The company distinguishes itself through its unique integration of cemetery and funeral home operations.
In its latest earnings report for the third quarter of 2024, Carriage Services reported a robust financial performance, highlighted by significant revenue growth and improved profitability. Driven by a 27.1% increase in cemetery preneed sales and a 3.1% rise in funeral average revenue per contract, the company achieved an 11.3% revenue increase compared to the same quarter last year, reaching $100.7 million.
Key financial metrics from the quarter showed a notable improvement, with GAAP net income growing by 112.4% and adjusted consolidated EBITDA increasing by 26.7%. The leverage ratio was reduced to 4.3x from 5.3x due to a $15 million debt repayment. The company also raised its full-year financial guidance, projecting total revenue of $395-$405 million, adjusted EBITDA of $120-$125 million, and adjusted EPS of $2.45-$2.55.
In addition to financial achievements, Carriage Services appointed Edmondo Robinson as an independent director, bringing his expertise in digital health and innovation to the board. This reflects the company’s commitment to strengthening its strategic capabilities and enhancing shareholder value.
Looking ahead, Carriage Services remains optimistic about its continued growth and strategic execution. The management is focused on maintaining its momentum in sales growth and operational improvements, with a positive outlook for the remainder of the financial year.
