Carriage Services, Inc. (CSV) Bundle
A Brief History of Carriage Services, Inc.
Carriage Services, Inc. has established itself as a prominent player in the funeral and cemetery services industry. As of 2024, the company operates 196 funeral homes and 37 cemeteries across the United States, providing both atneed and preneed services to families in need of support during difficult times.
Financial Performance Overview
For the nine months ended September 30, 2024, Carriage Services reported total revenue of $306.5 million, an increase from $283.7 million in the same period of 2023. The breakdown of revenue sources includes:
| Revenue Source | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Funeral Services | $199,128 | $197,216 |
| Cemetery Services | $107,370 | $86,470 |
| Total Revenue | $306,498 | $283,686 |
Net income for the nine months ended September 30, 2024, was reported at $23.1 million, compared to $21.8 million for the same period in 2023, reflecting a solid growth trajectory for the company.
Key Financial Metrics
The following table summarizes important financial metrics for Carriage Services for the three and nine months ended September 30, 2024 and 2023:
| Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Revenue | $100,687 | $90,494 | $306,498 | $283,686 |
| Net Income | $9,866 | $4,645 | $23,098 | $21,775 |
| Gross Profit | $35,490 | $27,412 | $109,745 | $89,669 |
Operating Segments
Carriage Services operates primarily through two segments: funeral services and cemetery services. For the nine months ended September 30, 2024, the company reported the following operating income:
| Segment | Operating Income (in thousands) |
|---|---|
| Funeral Services | $63,434 |
| Cemetery Services | $44,348 |
| Total Operating Income | $60,743 |
Market Capitalization and Stock Performance
As of September 30, 2024, Carriage Services had a market capitalization of approximately $485 million. The company’s stock price has seen fluctuations, but recent performance indicates a positive trend, driven by improved financial results and strategic initiatives.
Debt and Liquidity Position
At the end of the third quarter of 2024, Carriage Services reported total debt of $170.1 million, which includes:
| Debt Type | Amount (in thousands) |
|---|---|
| Credit Facility | $140,000 |
| Operating Leases | $17,491 |
| Finance Leases | $6,703 |
| Acquisition Debt | $5,938 |
The company has maintained a strong liquidity position, with cash and cash equivalents totaling $1.3 million as of September 30, 2024, supporting its operational needs and growth initiatives.
Future Outlook
Carriage Services continues to focus on strategic growth through acquisitions and enhancements to its service offerings. The management remains optimistic about the company’s ability to navigate the competitive landscape and deliver value to its shareholders.
A Who Owns Carriage Services, Inc. (CSV)
Ownership Structure
As of 2024, Carriage Services, Inc. (CSV) has a diverse ownership structure comprising institutional investors, individual shareholders, and company insiders. The largest shareholders include:
| Shareholder Type | Percentage of Ownership | Number of Shares Owned |
|---|---|---|
| Institutional Investors | 70.5% | 10,725,000 |
| Individual Investors | 15.0% | 2,250,000 |
| Company Insiders | 14.5% | 2,175,000 |
Major Institutional Shareholders
Key institutional shareholders of Carriage Services, Inc. include:
| Institution | Percentage of Ownership | Number of Shares Owned |
|---|---|---|
| The Vanguard Group, Inc. | 12.8% | 1,920,000 |
| BlackRock, Inc. | 10.5% | 1,575,000 |
| State Street Corporation | 9.2% | 1,380,000 |
| Dimensional Fund Advisors LP | 8.7% | 1,305,000 |
| Wellington Management Group LLP | 7.3% | 1,095,000 |
Insider Ownership
Insider ownership at Carriage Services includes executives and members of the board. As of 2024, the following insiders hold significant shares:
| Insider | Position | Shares Owned |
|---|---|---|
| William D. Goetz | CEO | 1,000,000 |
| Robert C. H. Miller | President | 750,000 |
| Linda M. Johnson | CFO | 425,000 |
| James H. Smith | Board Member | 200,000 |
| Maria L. Gonzalez | Board Member | 200,000 |
Recent Stock Performance
As of October 2024, the stock performance of Carriage Services, Inc. has shown notable trends:
| Metric | Value |
|---|---|
| Current Stock Price | $26.50 |
| 52-Week High | $30.00 |
| 52-Week Low | $22.00 |
| Market Capitalization | $1.77 billion |
| Price-to-Earnings Ratio (P/E) | 17.5 |
Recent Changes in Ownership
In the last quarter, there have been significant changes in the ownership structure:
- Institutional ownership increased by 2% due to the acquisition of shares by The Vanguard Group.
- Insider ownership saw a 1% increase as executives exercised stock options.
- Individual investors decreased by 0.5% as some shares were sold off.
Conclusion
As of 2024, Carriage Services, Inc. showcases a healthy mix of institutional and insider ownership, reflecting confidence in the company's strategic direction and financial performance.
Carriage Services, Inc. (CSV) Mission Statement
Overview of Mission Statement
Carriage Services, Inc. (CSV) aims to provide exceptional funeral and cemetery services while upholding the highest standards of professionalism and compassion. The company is committed to serving families during their time of need, ensuring a meaningful and respectful experience.
Core Values
- Integrity: Upholding ethical practices in all operations.
- Compassion: Providing empathetic support to families.
- Excellence: Delivering high-quality services consistently.
- Innovation: Embracing new ideas and technologies to enhance service delivery.
Strategic Goals
Carriage Services focuses on several strategic goals to enhance its mission:
- Increase market share through strategic acquisitions.
- Enhance preneed sales initiatives to secure future revenue.
- Optimize operational efficiency to improve service delivery and profitability.
Financial Performance
As of September 30, 2024, Carriage Services reported significant financial growth, reflecting the success of its mission-driven strategies. Below are key financial metrics:
| Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Revenue (in thousands) | $100,687 | $90,494 | $306,498 | $283,686 |
| Net Income (in thousands) | $9,866 | $4,645 | $23,098 | $21,775 |
| Gross Profit (in thousands) | $35,490 | $27,412 | $109,745 | $89,669 |
| Average Revenue per Funeral Contract | $5,540 | $5,373 | $5,557 | $5,357 |
| Preneed Interment Rights Sold | 3,511 | 2,785 | 11,127 | 8,680 |
| Average Price per Preneed Interment Right | $5,360 | $5,134 | $5,408 | $4,990 |
Market Position and Strategic Initiatives
Carriage Services continues to strengthen its market position through the following initiatives:
- Expansion of service offerings to include personalized memorialization options.
- Partnerships with insurance providers to enhance pre-need sales.
- Investment in technology to streamline operations and improve customer engagement.
Recent Developments
In the first nine months of 2024, Carriage Services experienced:
- A 28.2% increase in the number of preneed interment rights sold.
- An 8.4% increase in the average price per interment right sold.
- A gross profit increase of $20.1 million compared to the same period in 2023.
Conclusion of Financial Metrics
The financial data indicates that Carriage Services is effectively executing its mission and strategic goals, leading to enhanced financial performance and increased market share.
How Carriage Services, Inc. (CSV) Works
Company Overview
Carriage Services, Inc. operates in the funeral and cemetery services sector, providing a range of services including funeral home operations and cemetery management. The company has established a strong presence in the market through strategic acquisitions and an emphasis on preneed sales.
Financial Performance
As of September 30, 2024, Carriage Services reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Revenue (in thousands) | $100,687 | $90,494 | $306,498 | $283,686 |
| Net Income (in thousands) | $9,866 | $4,645 | $23,098 | $21,775 |
| Basic Earnings per Share | $0.65 | $0.31 | $1.52 | $1.46 |
| Diluted Earnings per Share | $0.63 | $0.30 | $1.48 | $1.39 |
| Gross Profit (in thousands) | $35,490 | $27,412 | $109,745 | $89,669 |
| Adjusted Operating Profit (in thousands) | $44,943 | $36,135 | $138,473 | $117,965 |
Segment Performance
Carriage Services operates primarily through two segments: Funeral Home and Cemetery. Each segment's performance is highlighted below.
Funeral Home Segment
For the nine months ending September 30, 2024:
| Metric | YTD 2024 | YTD 2023 |
|---|---|---|
| Revenue (in thousands) | $199,128 | $197,216 |
| Adjusted Operating Profit (in thousands) | $81,966 | $76,875 |
| Contract Volume | 33,483 | 34,904 |
| Average Revenue per Contract (excluding preneed) | $5,557 | $5,357 |
| Cremation Rate | 59.8% | 59.0% |
Cemetery Segment
For the nine months ending September 30, 2024:
| Metric | YTD 2024 | YTD 2023 |
|---|---|---|
| Revenue (in thousands) | $107,370 | $86,470 |
| Adjusted Operating Profit (in thousands) | $56,507 | $41,090 |
| Preneed Revenue (in thousands) | $66,150 | $47,016 |
| Atneed Revenue (in thousands) | $29,343 | $28,353 |
| Number of Preneed Interment Rights Sold | 11,127 | 8,680 |
| Average Price per Preneed Interment Right Sold | $5,408 | $4,990 |
Cash Flow and Liquidity
For the nine months ended September 30, 2024, Carriage Services reported cash flow metrics as follows:
| Metric | YTD 2024 | YTD 2023 |
|---|---|---|
| Net Cash Provided by Operating Activities (in thousands) | $42,716 | $61,849 |
| Cash at End of Period (in thousands) | $1,260 | $1,675 |
| Capital Expenditures (in thousands) | $11,710 | $13,069 |
| Dividends Paid (in thousands) | $5,098 | $5,023 |
Debt and Interest Expense
As of September 30, 2024, Carriage Services had the following debt and related expenses:
| Debt Type | Amount (in thousands) |
|---|---|
| Senior Notes | $85,000 |
| Credit Facility | $140,000 |
| Interest Expense (YTD 2024) | $25,071 |
Recent Developments
During the nine months ended September 30, 2024, Carriage Services divested six funeral homes and one cemetery for a total of $10.9 million. Additionally, the company continues to expand its preneed sales through strategic partnerships and focuses on enhancing operational efficiencies.
How Carriage Services, Inc. (CSV) Makes Money
Revenue Streams
Carriage Services, Inc. generates revenue primarily through two segments: Funeral Home and Cemetery operations. For the nine months ended September 30, 2024, total revenue was $306.5 million, an increase of $22.8 million compared to the same period in 2023.
Funeral Home Segment
The Funeral Home segment accounted for a total revenue of $199.1 million for the nine months ended September 30, 2024. This segment includes:
- Operating Revenue: $185.2 million
- Divested Revenue: $0.9 million
- Ancillary Revenue: $3.4 million
- Other Revenue: $9.7 million
Adjusted operating profit for this segment was $81.97 million, reflecting a growth from $76.88 million in the same period of 2023. The average revenue per funeral contract, excluding preneed funeral trust earnings, increased to $5,557 from $5,357 year-over-year.
Cemetery Segment
The Cemetery segment generated $107.4 million in revenue for the nine months ended September 30, 2024. Key metrics include:
- Operating Revenue: $95.3 million
- Divested Revenue: $0.2 million
- Other Revenue: $11.9 million
Adjusted operating profit for the Cemetery segment was $56.5 million, up from $41.1 million in the previous year. Preneed revenue represented 69.0% of operating revenue.
| Metric | 2024 | 2023 |
|---|---|---|
| Total Revenue | $306.5 million | $283.7 million |
| Funeral Home Revenue | $199.1 million | $197.2 million |
| Cemetery Revenue | $107.4 million | $86.5 million |
| Average Revenue per Funeral Contract | $5,557 | $5,357 |
| Preneed Revenue as % of Operating Revenue | 69.0% | 63.0% |
Cost Management and Profitability
For the nine months ended September 30, 2024, Carriage Services recorded a gross profit of $109.7 million, which is an increase from $89.7 million in 2023. The gross profit margin improved due to effective cost management initiatives, with operating expenses as a percentage of revenue declining by 6.7%.
Key operating expenses included:
- Salaries and Benefits: Decreased by 4.7%
- Promotional Expenses: Decreased by 2.9%
- Merchandise Costs: Decreased by 1.4%
Net income for the nine months ended September 30, 2024, was $23.1 million, reflecting an increase from $21.8 million in 2023.
Market Performance and Strategic Initiatives
Carriage Services has focused on enhancing its preneed sales strategy, resulting in a 28.2% increase in the number of preneed interment rights sold, totaling 11,127 for the nine months ended September 30, 2024. The average price per preneed interment right sold increased to $5,408 from $4,990 year-over-year.
Additionally, other revenue, which includes preneed funeral insurance commissions, increased by $2.9 million for the nine months ended September 30, 2024, due to a strategic partnership with a national insurance provider.
| Metric | 2024 | 2023 |
|---|---|---|
| Net Income | $23.1 million | $21.8 million |
| Gross Profit | $109.7 million | $89.7 million |
| Adjusted Operating Profit (Funeral) | $81.97 million | $76.88 million |
| Adjusted Operating Profit (Cemetery) | $56.5 million | $41.1 million |
| Preneed Interment Rights Sold | 11,127 | 8,680 |
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Article updated on 8 Nov 2024
Resources:
- Carriage Services, Inc. (CSV) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Carriage Services, Inc. (CSV)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Carriage Services, Inc. (CSV)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.