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Dec 31, 2024
Carriage Services Q4 2024 Earnings Report
Carriage Services reported a decrease in total revenue and net income for Q4 2024 compared to Q4 2023, but showed growth in adjusted consolidated EBITDA and adjusted diluted EPS for the full year 2024.
Key Takeaways
Carriage Services announced its Q4 and full-year 2024 results, exceeding full-year guidance for adjusted consolidated EBITDA and adjusted EPS. While Q4 saw a slight decrease in total revenue and net income, the company achieved significant growth in consolidated cemetery preneed sales and improved its leverage ratio. The full year 2024 performance was strong, with total revenue reaching the high end of the guidance range.
Total revenue for Q4 2024 was $97.7 million, a slight decrease from $98.8 million in Q4 2023.
Net income for Q4 2024 was $9.9 million, down from $11.6 million in Q4 2023.
Adjusted consolidated EBITDA for Q4 2024 was $29.3 million, compared to $32.4 million in Q4 2023.
Adjusted diluted EPS for Q4 2024 was $0.62, compared to $0.77 in Q4 2023.
Revenue by Segment
Forward Guidance
For 2025, Carriage Services expects total revenue between $400 million and $410 million, adjusted consolidated EBITDA between $128 million and $133 million, adjusted diluted EPS between $3.10 and $3.30, and adjusted free cash flow between $40 million and $50 million, including expected divestitures of non-core assets.
Positive Outlook
- Continued focus on organic growth initiatives around preneed sales in both cemetery and funeral businesses.
- Expected cost discipline to support deleveraging the balance sheet.
- Anticipated adjusted consolidated EBITDA of $128-$133 million.
- Projected adjusted diluted EPS of $3.10-$3.30.
- Forecasted adjusted free cash flow of $40-$50 million.
Challenges Ahead
- Expected divestiture of certain non-core assets in the first half of 2025.
- Divestitures are projected to reduce 2025 revenue by approximately $7.9 million.
- Divestitures are projected to reduce 2025 field EBITDA by approximately $2.3 million.
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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