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Jun 30, 2021
Carriage Services Q2 2021 Earnings Report
Announced record second quarter and first half results, increased rolling four quarter, 2021 and 2022 outlooks, invested $12.3 million to repurchase shares, increased intrinsic value range, and increased stock repurchase program.
Key Takeaways
Carriage Services reported a record second quarter with significant increases in total revenue, same store cemetery revenue, and adjusted diluted EPS, driven by strong performance in both funeral and cemetery segments and successful refinancing of senior notes.
Total Revenue increased by 13.9% to $88.3 million.
Same Store Cemetery Revenue increased by 42.8% to $16.5 million.
Adjusted Diluted EPS increased by 42.2% to $0.64.
Total Field EBITDA increased by 20.4% to $40.0 million.
Forward Guidance
Carriage Services anticipates continued high performance driven by cemetery preneed property sales, market share gains in funeral homes, growth in average revenue per funeral contract, incremental growth of financial revenue, and higher returns on invested capital.
Positive Outlook
- Increased Cemetery Preneed Property Sales leading to higher Cemetery Revenue growth rates at Record and Sustainable Cemetery Field EBITDA Margins.
- Continuation of local market share gains across our funeral home portfolio.
- Growth in Average Revenue per Funeral Contract, particularly Cremation contracts.
- Incremental Growth of Financial Revenue and Financial EBITDA.
- Higher Returns on Invested Capital from continued disciplined capital allocation combined with a lower Cost of Capital due to the recent completion of our senior note refinancing transaction.
Challenges Ahead
- Uncertainties remain around the impact of the COVID-19 Pandemic on near term funeral contract volume.
- Maintaining current revenue achievements will be highly challenging, especially in the fourth quarter due to peak volume spike beginning in December 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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