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Dec 31, 2023
Carriage Services Q4 2023 Earnings Report
Announced strong fourth quarter and full year results, driven by revenue growth and disciplined cost management.
Key Takeaways
Carriage Services reported a 5.2% increase in total revenue for the fourth quarter and a 3.3% increase for the full year. The company saw a 25.0% surge in preneed cemetery sales production for the fourth quarter and a 19.6% increase for the full year. Adjusted consolidated EBITDA increased by 13.2% over the prior year quarter, with margin expansion of 230 basis points.
Total revenue increased by 5.2% in the fourth quarter.
Preneed cemetery sales production surged by 25.0% in the fourth quarter.
Adjusted consolidated EBITDA grew by 13.2% over the prior year quarter.
The Board of Directors concluded the strategic review process and decided to continue as an independent public company.
Revenue by Segment
Forward Guidance
The Company’s 2024 outlook incorporates previously stated organic growth initiatives around preneed sales, both in the cemetery and funeral businesses, and expected cost discipline while the Company continues to deleverage the balance sheet.
Positive Outlook
- Focus on organic growth initiatives around preneed sales in both cemetery and funeral businesses.
- Expected cost discipline.
- Continuing to deleverage the balance sheet.
Challenges Ahead
- Expected reduction in 2024 revenue and field EBITDA due to divestitures of certain non-core businesses.
- Divestitures reducing 2024 revenue by ~$5.5 million.
- Divestitures reducing 2024 field EBITDA by $1.5 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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