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Dec 31, 2020
Carriage Services Q4 2020 Earnings Report
Announced record results for the fourth quarter and full year ended December 31, 2020.
Key Takeaways
Carriage Services reported record fourth-quarter revenue of $90.1 million, a 26.6% increase compared to the previous year. Adjusted diluted EPS also reached a record $0.57, up 103.6% from Q4 2019. The company's performance was driven by increased funeral and cemetery revenues, as well as financial revenue.
Record fourth-quarter revenue of $90.1 million, up 26.6% year-over-year.
Adjusted diluted EPS reached a record $0.57, a 103.6% increase from Q4 2019.
Total Field EBITDA increased by 44.4% to $41.3 million.
Net income increased by $5.8 million to $8.4 million, a 225.6% increase.
Forward Guidance
Company provided an updated Milestone Two Year Scenario that shows significantly higher performance expectations through 2022 compared to the previous third quarter earnings release on October 27, 2020.
Positive Outlook
- Continuation of Same Store Funeral market share gains with improvement in our average revenue per contract, particularly cremations.
- Higher growth rates in preneed cemetery property sales beginning in 2021 and accelerating in 2022 at higher Cemetery Field EBITDA Margins.
- Successful integration of the four recent strategic acquisitions leading to improved performance expectations compared to our initial expectations.
- Full impact of our trust fund repositioning strategy resulting in a significant and sustainable increase in Financial Revenue and EBITDA.
- Substantially lower cash interest costs from our planned senior notes refinancing during the second half of 2021 and full year 2022.
Challenges Ahead
- COVID-19 Pandemic impact on business operations
- Fluctuations in interest rates
Historical Earnings Impact
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Avg. Return Before/After Earnings
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