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Overview of Carriage Services Inc (CSV)
Carriage Services Inc (CSV) is a prominent provider of professional funeral and cemetery services and merchandise in the United States. Operating within the highly specialized end-of-life care industry, the company serves individuals and families seeking ethical, high-quality, and compassionate solutions for funeral arrangements and burial needs. Carriage Services is structured into two primary business segments: Funeral Home Operations and Cemetery Operations, each contributing to its comprehensive suite of offerings that address diverse preferences and requirements.
Business Segments and Operations
Funeral Home Operations
The Funeral Home Operations segment forms the cornerstone of Carriage Services' business. This division provides a range of services, including burial, cremation, consultation, and the preparation and removal of remains. Additionally, it offers access to funeral home facilities for visitation, remembrance ceremonies, and transportation services. The segment also generates revenue through the sale of funeral-related merchandise such as caskets, urns, and other memorial products. By focusing on professionalism and ethical practices, Carriage Services ensures that families receive personalized and respectful care during emotionally challenging times.
Cemetery Operations
The Cemetery Operations segment complements the Funeral Home Operations by offering permanent memorialization options. This division provides burial plots, mausoleum crypts, private estates, lawn crypt gardens, and traditional single burial gravesites. It also offers burial vaults and related services to meet the diverse needs of its clientele. By combining these offerings with its funeral services, Carriage Services positions itself as a one-stop solution for end-of-life arrangements, catering to both immediate and pre-planned needs.
Market Context and Industry Significance
Carriage Services operates in the funeral and cemetery services industry, which addresses a universal and enduring human need. The company’s emphasis on ethical practices, high-quality service delivery, and a high-performance culture sets it apart in a competitive landscape that includes national chains and local independent providers. The industry is characterized by steady demand, though evolving consumer preferences—such as the increasing popularity of cremation over traditional burial—require adaptability and innovation. Carriage Services’ dual-segment approach allows it to cater to a wide range of customer needs, from traditional burial arrangements to modern cremation services, ensuring its relevance in a changing market.
Core Value Proposition
Carriage Services' primary value proposition lies in its commitment to professionalism, ethics, and quality. The company’s focus on building a high-performance culture among its staff ensures that it consistently meets the needs of client families and communities with sensitivity and respect. By offering a comprehensive range of services and products through its Funeral Home and Cemetery Operations segments, Carriage Services provides families with a seamless and dignified experience during life’s most challenging moments.
Competitive Positioning
In a market that includes both large-scale operators and local providers, Carriage Services differentiates itself through its unwavering commitment to ethical practices and high-quality service. The company’s dual-segment model enables it to offer integrated solutions that many competitors cannot match. Additionally, its focus on cultivating a high-performance culture among its staff underscores its dedication to excellence, making it a trusted choice for families across the United States.
Conclusion
Carriage Services Inc is a key player in the U.S. funeral and cemetery services industry, offering a comprehensive range of professional services and merchandise through its Funeral Home and Cemetery Operations segments. By prioritizing ethics, quality, and a high-performance culture, the company has established itself as a trusted provider in a sensitive and essential industry. Its dual-segment approach ensures that it remains adaptable to evolving consumer needs while maintaining its commitment to excellence.
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.
Carriage Services (NYSE: CSV) announced the acquisition of substantially all assets of Funeraria San Juan in Kissimmee, Florida, enhancing its portfolio of funeral homes. This strategic move aligns with Carriage’s focus on partnering with high-growth independent funeral businesses, adding a team that served over 800 families last year. Fred Richardt, the former owner, expressed confidence in Carriage's ability to grow San Juan, highlighting the smooth transition process. Carriage operates 169 funeral homes across the U.S., indicating a robust market presence.
Carriage Services, Inc. (NYSE: CSV) announced a quarterly dividend of 11.25¢ per share, declared on July 20, 2022. This dividend will be payable on September 1, 2022 to holders of record as of August 8, 2022. Carriage Services is a prominent provider in the funeral and cemetery industry, operating 167 funeral homes across 26 states and 31 cemeteries in 11 states.
Carriage Services, Inc. (CSV) announced its financial results for Q2 2022, reporting a revenue increase to $90.6 million, up 2.6% year-over-year. GAAP Net Income surged to $10.9 million, a remarkable 276.7% increase. However, the company faced challenges, with Total Field EBITDA declining by 3.4% to $38.6 million due to a decrease in Same Store Cemetery performance. The company has invested $176.7 million in share repurchases since May 2021 and is prioritizing acquisitions and capital expenditures for growth.
Carriage Services, Inc. (NYSE: CSV) announced the release date for its 2022 second quarter results, set for Wednesday, July 27, 2022, after market close. The company will hold a live earnings conference call on Thursday, July 28, 2022, at 9:30 a.m. central time. Interested parties can listen via phone or through the internet. Carriage Services is a prominent provider of funeral and cemetery services, operating 167 funeral homes across 26 states and 31 cemeteries in 11 states.
Carriage Services (CSV) reported record quarterly revenue of $98.2 million for Q1 2022, an increase of 1.6% year-over-year. GAAP diluted EPS rose 40.8% to $1.00, driven by a lower share count and tax rate. The company has repurchased 3.4 million shares since May 2021, representing 19% of outstanding shares. Management remains focused on internal growth and acquisitions, with an intrinsic value estimate of $70 to $80 per share. Despite a slight decline in EBITDA margins, the outlook for future acquisitions is positive, with one deal anticipated to close within 90 days.
Carriage Services, Inc. (NYSE: CSV) declared a quarterly dividend of 11.25¢ per share on April 21, 2022, payable on June 1, 2022, to common shareholders on record as of May 9, 2022. The company operates 168 funeral homes across 26 states and 31 cemeteries in 11 states, positioning itself as a leading provider in the funeral and cemetery services sector in the United States.
Carriage Services, Inc. (NYSE: CSV) will release its first quarter 2022 earnings on April 27, 2022, after market hours. A conference call is scheduled for April 28, 2022, at 10:00 a.m. CT, which will be broadcast live online and also available via phone. The company, a major provider of funeral and cemetery services in the U.S., operates 168 funeral homes and 31 cemeteries across multiple states. Details for the conference call can be found on the company’s website.
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