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Jun 30, 2024
Carriage Services Q2 2024 Earnings Report
Announced strong results driven by preneed cemetery sales and increased funeral average, leading to increased full-year outlook.
Key Takeaways
Carriage Services reported a 4.8% increase in revenue to $102.3 million, driven by a 31.1% increase in consolidated cemetery preneed sales and a 4.0% increase in consolidated funeral average. Adjusted diluted EPS increased by 18.9% to $0.63. The company increased its full-year 2024 guidance for total revenue, adjusted consolidated EBITDA, and adjusted diluted EPS.
Consolidated cemetery preneed sales increased by 31.1%.
Consolidated funeral average increased by 4.0%.
Revenue grew by 4.8% year-over-year to $102.3 million.
Adjusted diluted EPS increased by 18.9% to $0.63.
Revenue by Segment
Forward Guidance
The company increased its guidance for 2024 to $390-$400 million in total revenue, adjusted consolidated EBITDA of $117-$123 million, and adjusted diluted EPS of $2.30-$2.40. Adjusted free cash flow remains at $55-$65 million.
Positive Outlook
- Total revenue is expected to be between $390 million and $400 million.
- Adjusted consolidated EBITDA is projected to be between $117 million and $123 million.
- Adjusted diluted EPS is anticipated to be between $2.30 and $2.40.
- Adjusted free cash flow is expected to be between $55 million and $65 million.
- Continued execution of five-year strategic objectives.
Challenges Ahead
- Small declines in funeral volume are expected.
- Historical seasonality is expected to return.
- GAAP diluted EPS was lower than the prior-year quarter due to one-time items related to strategic alternatives review.
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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