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Dec 31, 2021
Carriage Services Q4 2021 Earnings Report
Announced record fourth quarter and full year results driven by continued funeral and cemetery portfolio momentum.
Key Takeaways
Carriage Services reported a record fourth quarter with revenue of $95.9 million, a 6.5% increase, and Adjusted Diluted EPS of $0.78, a 36.8% increase, despite a tough comparison to the previous year's spike in COVID-19 deaths. GAAP Diluted EPS for the fourth quarter was $0.77, essentially equal to Adjusted Diluted EPS.
Fourth Quarter Revenue reached $95.9 million, up 6.5% year-over-year.
GAAP Diluted EPS was $0.77, a 67.4% increase year-over-year.
Adjusted Diluted EPS reached $0.78, a 36.8% increase year-over-year.
The Board approved a new $75 million authorization for Stock Repurchase Program.
Forward Guidance
Carriage Services expects Adjusted Free Cash Flow to be between $82 million and $86 million with Adjusted Free Cash Flow Margin between 21% and 22% for 2022.
Positive Outlook
- The company anticipates continued high margin revenue momentum.
- The company will have a full year impact from lower interest costs related to the senior note refinancing from May 2021.
- The company is positioned for continued success as a superior operating, consolidation, and shareholder value creation platform.
- Free Cash Flow is forecast to be about $82 million to $86 million in 2022.
- The company will self-finance a meaningful highly selective acquisition growth strategy without becoming over-leveraged.
Challenges Ahead
- The continuing economic uncertainty relating to the COVID-19 Pandemic.
- Rapidly rising inflation and interest rates.
- Geopolitical minefields (Russia and Ukraine, China and Taiwan, etc.) that seem to be popping up across the world.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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