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Sep 30, 2023
Carriage Services Q3 2023 Earnings Report
Announced strong third-quarter results, demonstrating meaningful growth compared to the prior year.
Key Takeaways
Carriage Services reported a 15.5% growth in cemetery operating revenue, leading to a $3.0 million increase in total revenue. Adjusted consolidated EBITDA increased by $1.4 million, and adjusted free cash flow saw a 30% increase. The company also paid down $16.7 million of debt.
Cemetery operating revenue grew by 15.5%, contributing to a $3.0 million increase in total revenue.
Adjusted consolidated EBITDA increased by $1.4 million, with a margin increase of 70 basis points to 26.8%.
Adjusted free cash flow increased by 30% to $21.4 million.
The company reduced its debt by $16.7 million during the quarter.
Forward Guidance
Carriage Services is tightening its full-year guidance due to the current macroeconomic environment, including cost inflation, higher variable interest rates, and death rate normalization. The company anticipates revenue between $375 million to $380 million, adjusted consolidated EBITDA of $105 million to $110 million, and adjusted diluted earnings per share between $1.90 to $2.00. Adjusted free cash flow is reaffirmed at $50 million to $60 million.
Positive Outlook
- Focus on revenue growth strategies
- Managing cost structure
- Maintaining strong margins
- Executing capital allocation plan to accelerate debt payment
- Team will continue to sustain High Performance and create long-term value for shareholders
Challenges Ahead
- Navigating the current macroeconomic environment
- Continued cost inflation
- Higher variable interest rates
Historical Earnings Impact
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Avg. Return Before/After Earnings
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