Q3 2024 Carriage Services Inc Earnings Call Transcript
Key Points
- Carriage Services Inc (CSV) reported a significant increase in total revenue for the third quarter, reaching $100.7 million, marking an 11.3% growth compared to the previous year.
- The company achieved a remarkable 27.1% increase in cemetery sales, contributing significantly to the overall revenue growth.
- Adjusted consolidated EBITDA increased by 26.7% to $30.7 million, reflecting effective cost management and higher average revenue per contract.
- Carriage Services Inc (CSV) successfully reduced its leverage ratio from 5.3 times to 4.3 times, demonstrating disciplined capital allocation and debt reduction.
- The company raised its full-year guidance, expecting total revenue between $395 million to $405 million and adjusted consolidated EBITDA of $120 million to $125 million, indicating confidence in continued strong performance.
- Cash provided by operating activities decreased by $1.9 million compared to the prior year, primarily due to a shift in revenue mix towards preneed cemetery sales with a slower cash conversion cycle.
- Total funeral home contracts experienced a slight decrease of 1.2%, indicating a potential challenge in maintaining volume growth.
- Overhead costs increased by $1.3 million, driven by expenses related to Project Trinity and leadership development, impacting overall profitability.
- The company is still in the process of searching for a Chief Financial Officer, which could delay strategic financial initiatives.
- Despite strong performance, the company remains cautious about potential economic uncertainties and their impact on future revenue and growth.
Good day. And thank you for standing by. Welcome to the Carriage Services third quarter, 2024 earnings conference call. (Operator Instruction)
I would like now 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 third quarter results. In addition to myself on the call this morning from management are Carlos Quezada, Chief Executive Officer and Vice Chairman of the Board of Directors and Kathy Shanley, Chief Accounting Officer on the Carriages 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.
Dave's call will begin with formal remarks from Carlos and Cathy and will be followed by a question and answer period before we
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