Q2 2024 Carriage Services Inc Earnings Call Transcript
Key Points
- Carriage Services Inc (CSV) reported a significant increase in total revenue for the second quarter, reaching $102.3 million, marking the second time surpassing the $100 million mark in a single quarter.
- Preneed cemetery sales saw a phenomenal increase of 31.1% compared to the previous year, contributing significantly to the company's financial success.
- The company achieved a total cemetery field EBITDA margin of 49.1%, an increase of 450 basis points from the previous year.
- Adjusted consolidated EBITDA for the second quarter increased by 13.6%, demonstrating effective cost management and strategic execution.
- Carriage Services Inc (CSV) raised its guidance for 2024, reflecting confidence in continued growth and operational performance.
- Total funeral home operating revenue decreased by $508,000 or 90 basis points, driven by a slight decline in volume.
- Net income decreased by $2 million compared to the previous year due to nonrecurring expenses related to strategic review processes and CFO separation agreements.
- Overhead costs increased significantly, driven by a one-time $5 million expense related to the company's strategic review.
- Adjusted free cash flow for the quarter was down slightly from the prior year, indicating potential cash flow challenges.
- The company is still in search of a new CFO, which could impact long-term strategic growth plans.
Good day, and thank you for standing by. Welcome to the Carriage Services Second 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, Steven Metzger, President. Please go ahead, sir.
Good morning, everyone, and thank you for joining us to discuss our second 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 Kathy Shanley, Chief Accounting 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 Kathy and will be followed by a
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