Welcome to our dedicated page for Carriage Services news (Ticker: CSV), a resource for investors and traders seeking the latest updates and insights on Carriage Services stock.
Carriage Services, Inc. (CSV) is a leading provider of professional funeral and cemetery services and products in the United States. The company operates in two main business segments: Funeral Home Operations and Cemetery Operations. This dual-segment approach allows Carriage Services to offer a comprehensive range of services, meeting the diverse needs of client families and communities nationwide.
The Funeral Home Operations segment provides burial, cremation, and consultation services. It manages the entire funeral process, including the removal and preparation of remains, sale of caskets, urns, and other funeral merchandise. Operating funeral home facilities also allows the company to offer visitation, remembrance, and transportation services, contributing significantly to its revenue.
On the other hand, the Cemetery Operations segment covers various cemetery services such as mausoleum crypts, private estates, lawn crypt gardens, traditional single burial gravesites, and burial vaults. This segment complements the funeral services by providing a final resting place for the deceased, ensuring a seamless and respectful end-to-end experience for families.
Carriage Services prides itself on maintaining high ethical standards and professionalism. The company believes that a strong, dedicated workforce is the foundation of its high-performance culture. This commitment to excellence ensures that they provide top-tier service, continually meeting the needs of their clients.
Recent Achievements and Updates
- Conference call on November 9, 2023, addressing financial performance and future strategies.
- Solid performance in Q1 2024, with an 8.4% increase in total revenue and a significant rise in preneed cemetery sales.
- Improvement in adjusted consolidated EBITDA by 20.9% for Q1 2024, showcasing effective cost management and strategic initiatives.
- Continued focus on strategic objectives aimed at enhancing service quality and operational efficiency, as outlined in the 2023 shareholder letter.
Carriage Services remains focused on its mission of creating premier experiences through innovation, empowered partnerships, and elevated service. They are dedicated to delivering high-quality funeral and cemetery services, ensuring that every client family receives compassionate and professional care.
Carriage Services, Inc. (NYSE:CSV) has announced the appointment of Kian Granmayeh as Executive Vice President, Chief Financial Officer, and Treasurer, effective March 13, 2023. Granmayeh has previously held executive positions, including CFO of Tellurian, and has a strong background in finance and investor relations. Chairman and CEO Mel Payne expressed enthusiasm for Granmayeh's strategic approach and leadership qualities, emphasizing the company’s commitment to growth and a people-driven culture. Mel Payne, recovering from health issues, reassured stakeholders of ongoing leadership and strategic initiatives aimed at sustainable growth.
Carriage Services, Inc. (NYSE: CSV) announced its 2022 financial results on February 22, 2023, reporting a 10.5% compound annual growth in total revenue compared to pre-COVID 2019. The company achieved a 27.8% growth in adjusted diluted EPS and a 25% increase in net income year-over-year. The fourth quarter results surpassed expectations due to an increased number of non-COVID-19 related deaths. The acquisition of Greenlawn Funeral Homes is anticipated to close soon, and 2023 guidance projects total revenue of $375-$385 million and adjusted EBITDA of $110-$115 million. The firm aims to reduce debt leverage to 4.0-4.3 times by 2024.
Carriage Services, Inc. (NYSE: CSV) will release its 2022 annual results on February 22, 2023, after market close. A live conference call to discuss these results is scheduled for February 23, 2023, at 9:30 a.m. CST. The call will be accessible via audio conferencing and a webcast. Carriage Services operates 170 funeral homes across 26 states and owns 30 cemeteries in 11 states, establishing itself as a prominent provider of funeral and cemetery services in the U.S.
Carriage Services, Inc. (NYSE: CSV) announced a quarterly dividend of 11.25¢ per share on January 19, 2023, payable on March 1, 2023. Shareholders of record as of February 6, 2023 will receive the dividend. Carriage Services is significant in the U.S. funeral and cemetery services sector, operating 171 funeral homes across 26 states and 32 cemeteries in 11 states. This dividend underlines the company's commitment to returning value to shareholders, signaling financial stability and confidence in future earnings.
Carriage Services (CSV) announced a conference call on December 13, 2022, to unveil its High Performance and Credit Profile Restoration Plan (HPCPRP). The plan includes acquiring Greenlawn Funeral Homes and Cemeteries and targets 2024 performance metrics of $390-$400 million in revenue, $120-$126 million EBITDA, and $46-$50 million GAAP net income. The company aims to reduce its debt to EBITDA ratio to 4.0-4.3 times by 2024. October and November 2022 showed significant improvements in same-store funeral volumes and revenues compared to previous years, indicating a potential recovery post-COVID.
Carriage Services, Inc. (CSV) reported a third-quarter revenue of $87.5 million, a 7.9% decrease year-over-year. The Adjusted Diluted EPS fell by 45.1% to $0.45. Acquisitions include Heritage Funeral Homes and Forest Lawn East Cemetery in Charlotte, NC. Despite lower performance metrics due to normalizing death rates post-pandemic, management remains optimistic about future growth through strategic acquisitions. Notable decreases were seen in GAAP Net Income (down 55.1%) and Adjusted Free Cash Flow (down 36.3%) compared to prior year.
Carriage Services, Inc. (NYSE: CSV) has acquired Heritage Funeral and Cremation Services alongside Forest Lawn East Cemetery, which includes three funeral homes and a cemetery located in Charlotte, North Carolina. This acquisition enhances Carriage's presence in a rapidly growing market, serving over 1,200 families annually. The former owners, Harris High and Carolyn Williams, express confidence in the transition, indicating a seamless integration into Carriage's operations. This move aligns with Carriage's strategy to partner with top independent funeral and cemetery businesses to expand their footprint.
On October 19, 2022, Carriage Services declared a quarterly dividend of 11.25¢ per share, to be paid on December 1, 2022. The record date is set for November 7, 2022. Carriage Services operates 169 funeral homes across 26 states and manages 31 cemeteries in 11 states, positioning itself as a leading player in the funeral and cemetery services industry. This dividend payout reflects the company's ongoing commitment to returning value to shareholders.
Carriage Services, Inc. (NYSE: CSV) is set to announce its third quarter results for 2022 on October 26, after market close. A conference call to discuss these earnings will take place on October 27, 2022, at 9:30 a.m. Central Time. Investors can access the call via audio conferencing or online webcast. The company is recognized as a leading provider of funeral and cemetery services in the U.S., operating 169 funeral homes and 32 cemeteries across various states.
Carriage Services (NYSE: CSV) announced the departure of CFO Ben Brink, effective immediately, with plans for him to assist in the transition until June 30, 2023. Brink's departure is characterized as amicable, and he has chosen to pursue new career opportunities after 13 years with the company. CEO Mel Payne emphasized the company's growth trajectory and resilience in the current economic environment, citing strong operational improvements and promising acquisition opportunities. Brink will receive either $1 million or 30,000 CSV shares as part of his severance package.
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