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Mar 31, 2020
Carriage Services Q1 2020 Earnings Report
Announced first quarter results, updated 2020 outlook, confirmed 2021/2022 outlook, increased dividend and introduced a new five-year shareholder value creation incentive plan
Key Takeaways
Carriage Services reported a 12.2% increase in total revenue to $77.5 million for the first quarter ended March 31, 2020. However, the company experienced a net loss of $4.2 million and a decrease in adjusted net income by 10.8% to $6.1 million.
Total revenue increased by 12.2% to $77.5 million.
Adjusted free cash flow increased by 30.7% to $12.6 million.
Net loss decreased by 164.3% to $4.2 million.
The company reaffirmed its roughly right ranges of performance for 2021 and 2022.
Revenue by Segment
Forward Guidance
Carriage Services provided an updated 'roughly right' scenario for the balance of 2020, anticipating a return to normal operations as COVID-19 restrictions ease. The company also reaffirmed its performance outlook for 2021 and 2022.
Positive Outlook
- Free Cash Flow for 2020 is expected to be in line with previously published outlook.
- The company's operating model demonstrates strength and flexibility.
- The company anticipates an improved credit profile during the middle to latter half of next year.
- The company expects that they should be able to refinance their high yield notes at a materially lower rate than the current 6.625%.
- The company expects lower cash interest of $8 million to $10 million within a twelve to eighteen month period.
Challenges Ahead
- The short term negative impact of the Coronavirus Crisis on normalized revenue.
- The company experienced significantly lower funeral revenue averages and cemetery preneed property sales in March.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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