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Sep 30, 2024
Carriage Services Q3 2024 Earnings Report
Achieved revenue growth, increased preneed cemetery sales, and improved profitability.
Key Takeaways
Carriage Services reported strong Q3 2024 results, with revenue reaching $100.7 million, an 11.3% increase year-over-year. Net income grew by 112.4%, and adjusted diluted EPS increased by 94%. The company also increased its full-year 2024 outlook.
Revenue increased by 11.3% year-over-year to $100.7 million, driven by a 27.1% increase in consolidated cemetery preneed sales and a 3.1% increase in consolidated funeral average revenue per contract.
GAAP net income grew by 112.4% and Adjusted Consolidated EBITDA grew by 26.7% compared to the prior year quarter.
GAAP diluted EPS was $0.63 and adjusted diluted EPS was $0.64, representing growth of 110% and 94%, respectively.
Leverage ratio lowered to 4.3x, and $15.0 million of debt was paid down on its credit facility during the third quarter.
Forward Guidance
The Company increased its guidance for 2024 to $395-$405 million in total revenue, adjusted consolidated EBITDA of $120-$125 million, and adjusted diluted EPS of $2.45-$2.55. Adjusted free cash flow remains at $55-$65 million.
Positive Outlook
- Total revenue is expected to be between $395 million and $405 million.
- Adjusted consolidated EBITDA is projected to be between $120 million and $125 million.
- Adjusted diluted EPS is anticipated to be between $2.45 and $2.55.
- Adjusted free cash flow is expected to remain between $55 million and $65 million.
- Strategic objectives surpasses expectations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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