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Dec 31, 2022
Carriage Services Q4 2022 Earnings Report
Exceeded internal expectations with improved trends across all segments and increased net income.
Key Takeaways
Carriage Services reported strong Q4 2022 results, exceeding internal expectations with improved trends in all segments and a nearly 25% increase in net income compared to 2021. The company is focused on debt reduction and integrating recent acquisitions while building on sales organization momentum. Full year 2023 guidance was also provided.
Q4 2022 results exceeded internal expectations, with improved trends in all segments driven by a higher number of non-COVID-19 related deaths.
The company expects to close the acquisition of Greenlawn Funeral Homes and Cemeteries in Bakersfield, CA, within the next couple of weeks.
Capital allocation priority for 2023 will be to pay down debt and decrease leverage to a range of 4.0-4.3 times by the end of 2024.
The company will provide full year guidance at the beginning of each year, starting with the 2023 outlook.
Revenue by Segment
Forward Guidance
For 2023, the company forecasts total revenue in the range of $375-$385 million, adjusted consolidated EBITDA in the range of $110-$115 million, and adjusted diluted earnings per share in the range of $2.25-$2.40.
Challenges Ahead
- Lower earnings per share is primarily due to higher interest expense when compared to 2022 and increased overhead costs related to our digital transformation investments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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