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Sep 30, 2020
Carriage Services Q3 2020 Earnings Report
Announced record revenue, adjusted consolidated EBITDA, adjusted EPS, and adjusted free cash flow; reduced debt and raised four quarter outlook and annual dividend.
Key Takeaways
Carriage Services announced record third quarter results, including record revenue of $84.4 million, record adjusted consolidated EBITDA of $27.7 million, and record adjusted EPS of $0.51. The company also reduced debt by $37.5 million and raised its four-quarter outlook and annual dividend.
Record revenue, adjusted consolidated EBITDA, adjusted EPS, and adjusted free cash flow were achieved.
Record debt reduction with debt to EBITDA ratio declining 20% to 4.8 times.
Four quarter outlook was raised.
Annual dividend was raised by $0.05 to $0.40 per share.
Revenue by Segment
Forward Guidance
Carriage Services updated and raised its rolling four quarter outlook ending September 30, 2021.
Positive Outlook
- Total Revenue of $324 million - $332 million, up from $312 million - $320 million at June 30, 2020.
- Adjusted Consolidated EBITDA of $102 million - $108 million, up from $95 million - $100 million.
- Adjusted Consolidated EBITDA Margin of 31.5% - 32.5%, up from 30% - 31%.
- Adjusted Diluted EPS of $2.08 - $2.18, up from $1.65 - $1.75.
- Adjusted Free Cash Flow of $56 million - $60 million, up from $50 million - $55 million.
Challenges Ahead
- Adjusted Free Cash Flow Margin of 17.4% - 18.2%, up from 15.8% - 16.8%.
- Total Debt to EBITDA Multiple of 3.8 – 4.2 times at September 30, 2021, down from a Rolling Four Quarter Outlook of 4.5 to 4.7 times at June 30, 2021.
- The updated three year scenario does not include any new acquisitions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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