Q1 2024 Carriage Services Inc Earnings Call Transcript
Key Points
- Carriage Services Inc reported a significant revenue increase to $103.5 million, marking an 8.4% rise and surpassing the $100 million mark for the first time in a single quarter.
- The company achieved a record first quarter in preneed cemetery sales, with a 29.4% increase in cemetery operating revenue to $27.6 million.
- Adjusted consolidated EBITDA rose by 20.9% to $33.6 million, reflecting effective cost management and higher average revenue per contract.
- Carriage Services Inc successfully integrated its recent acquisition, Greenland, contributing positively to the financial results.
- The company's strategic pricing initiatives led to a 4% increase in total funeral operating average per contract, enhancing profitability.
- Total funeral operating volume decreased by 1.9%, indicating a post-pandemic normalization which could signal a downward trend in service demand.
- Corporate overhead costs increased by $6.1 million, largely due to nonrecurring expenses related to executive separation agreements.
- Despite overall revenue growth, the funeral segment saw only a modest increase of 1.8% in operating revenue, coupled with a decline in contract volume.
- Interest rates remained high, impacting the cost of borrowing despite efforts to reduce debt levels.
- The company noted that seasonality and normalization post-pandemic may continue to impact service volumes in the near term, requiring careful monitoring and adjustment of business strategies.
Good day, and thank you for standing by. Welcome to the Carriage Services First Quarter 2024 Earnings Conference Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Steve Metzger, President. Please go ahead, sir.
Good morning, everyone, and thank you for joining us to discuss our first quarter results. In addition to myself, on the call this morning for management are Carlos Quezada, Chief Executive Officer and Vice Chairman of the Board of Directors; and Kian Granmayeh, Executive Vice President and Chief Financial Officer. On the Carriage Services website, you can find our earnings press release, which was issued yesterday after the market closed. Our press release is intended to supplement our remarks this morning and include supplemental financial information, including the reconciliation of differences between GAAP and non-GAAP financial measures. Today's call will begin with formal remarks from Carlos and
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
