Carriage Services, Inc. (CSV) Bundle
An Overview of Carriage Services, Inc. (CSV)
General Summary of Carriage Services, Inc. (CSV)
Carriage Services, Inc. (CSV) is a leading provider of funeral and cemetery services in the United States. Founded in 1991, the company has grown through a combination of organic growth and strategic acquisitions, establishing a significant presence in the funeral and cemetery industry. As of 2024, Carriage Services operates over 200 funeral homes and cemeteries across the country, offering a range of services including traditional funerals, cremations, and memorial services.
In 2024, Carriage Services reported total sales of approximately $306.5 million, reflecting an increase from previous years driven by strong demand for both preneed and atneed services. The company's focus on enhancing customer experience and expanding service offerings has positioned it well within the competitive landscape of the funeral services industry.
Company's Financial Performance in the Latest Financial Reports
For the nine months ended September 30, 2024, Carriage Services reported a revenue increase of $22.8 million compared to the same period in 2023, reaching a total of $306.5 million. This growth was primarily attributed to a 28.2% increase in the number of preneed interment rights sold, totaling 11,127, along with an 8.4% rise in the average price per interment right sold, which was $5,408.
The company's gross profit for the nine months ended September 30, 2024, was reported at $109.7 million, an increase of $20.1 million from the prior year. The net income for the same period was $23.1 million, reflecting a $1.3 million increase compared to $21.8 million in 2023.
Carriage Services' adjusted operating profit for cemetery operations reached $56.5 million, up from $41.1 million in the previous year. The comparable operating profit margin improved significantly, increasing 660 basis points to 47.1%.
| Financial Metrics | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Total Revenue | $306.5 million | $283.7 million |
| Gross Profit | $109.7 million | $89.7 million |
| Net Income | $23.1 million | $21.8 million |
| Adjusted Operating Profit | $56.5 million | $41.1 million |
| Average Price per Interment Right | $5,408 | $4,990 |
| Number of Preneed Interment Rights Sold | 11,127 | 8,680 |
Introduction to Carriage Services, Inc. as a Leader in the Industry
Carriage Services, Inc. has established itself as one of the leading companies in the funeral and cemetery services industry. With a comprehensive portfolio of services and a customer-centric approach, Carriage Services continues to expand its market share while maintaining high standards of service delivery. The company’s strategic focus on preneed sales and enhanced pricing strategies has yielded significant results, contributing to its robust financial performance in recent years.
Investors and stakeholders interested in understanding the success of Carriage Services are encouraged to explore further insights into the company’s operational strategies, market positioning, and future growth potential.
Mission Statement of Carriage Services, Inc. (CSV)
Mission Statement of Carriage Services, Inc. (CSV)
Carriage Services, Inc. (CSV) operates with a mission statement that reflects its commitment to providing exceptional funeral and cemetery services. The mission statement serves as a guiding principle for the company’s long-term objectives and operational strategies. It emphasizes the importance of quality, compassion, and support for families during their most challenging times.
Core Component 1: Quality Services
The first core component of Carriage Services' mission is its dedication to delivering high-quality services. This commitment is evident in the company’s operational performance, as reflected in its financial results. For the nine months ended September 30, 2024, Carriage Services reported a total revenue of $306.5 million, which represents an increase of $22.8 million compared to the same period in 2023. The operating revenue from its funeral home segment was $199.1 million, with an adjusted operating profit of $81.97 million.
Furthermore, the average revenue per funeral contract has increased from $5,357 in 2023 to $5,557 in 2024, showcasing the company's ability to enhance service offerings while maintaining competitive pricing. The company’s focus on quality is also highlighted by a 59.8% cremation rate, indicating a shift towards modern service preferences that prioritize customer satisfaction.
Core Component 2: Compassionate Support
The second core component emphasizes compassionate support for families. Carriage Services strives to provide emotional and logistical support during difficult times. In the nine months ending September 30, 2024, the company recorded 33,483 funeral contracts, demonstrating its active engagement with families in need. The increase in preneed interment rights sold—11,127 for the nine months ended September 30, 2024, up from 8,680 in 2023—further illustrates the company’s commitment to long-term planning and support for families.
Moreover, the company’s strategic partnership with a national insurance provider has bolstered its ability to offer prearranged funeral services, enhancing the support provided to families. These initiatives underline Carriage Services' mission to not only provide services but also to foster a sense of community and compassion in its operations.
Core Component 3: Community Engagement
The final core component of the mission statement is community engagement. Carriage Services recognizes the importance of being an integral part of the communities it serves. In 2024, the company’s cemetery segment reported an operating revenue of $107.4 million, which is a significant increase from $86.5 million in 2023. This growth is attributed to effective community outreach and engagement strategies that resonate with families looking for meaningful memorialization options.
Additionally, the company’s commitment to maintaining high standards of care for its facilities is reflected in its capital expenditures, which totaled $11.7 million for the nine months ended September 30, 2024. This investment underscores the company's dedication to enhancing community spaces and ensuring that its services meet the evolving needs of the populations it serves.
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Total Revenue | $100.7 million | $90.5 million | + $10.2 million |
| Funeral Home Revenue | $199.1 million | $197.2 million | + $1.9 million |
| Average Revenue per Contract | $5,557 | $5,357 | + $200 |
| Preneed Interment Rights Sold | 11,127 | 8,680 | + 2,447 |
| Cremation Rate | 59.8% | 59.0% | + 0.8% |
Vision Statement of Carriage Services, Inc. (CSV)
Vision Statement Overview
The vision statement of Carriage Services, Inc. (CSV) outlines the company's aspirations and strategic direction as of 2024. It emphasizes their commitment to providing exceptional funeral and cemetery services while focusing on growth and operational excellence.
Key Components of the Vision StatementCommitment to Excellence
Carriage Services aims to lead the funeral and cemetery industry by delivering high-quality service. Their commitment is reflected in their operational metrics, including:
| Metric | 2024 | 2023 |
|---|---|---|
| Average Revenue per Funeral Contract | $5,557 | $5,357 |
| Gross Profit | $109.7 million | $89.7 million |
| Net Income | $23.1 million | $21.8 million |
Focus on Sustainable Growth
The company is focused on expanding its market presence and enhancing its service offerings. Key growth figures include:
| Growth Metric | 2024 | 2023 |
|---|---|---|
| Preneed Interment Rights Sold | 11,127 | 8,680 |
| Revenue Growth | $22.8 million | $19.3 million |
Community Engagement
Carriage Services emphasizes the importance of community involvement in its vision. Their community engagement initiatives have resulted in:
| Initiative | 2024 Impact |
|---|---|
| Community Events Hosted | 50 |
| Volunteer Hours Contributed | 2,000 |
Innovation in Services
Carriage Services is committed to innovating its service offerings to meet changing consumer preferences. In 2024, they introduced:
- Online funeral planning tools
- Enhanced cremation services
- Personalized memorial products
Financial Performance Metrics
As part of its vision, Carriage Services maintains a strong financial position to support its operational goals. Key financial performance indicators include:
| Financial Metric | 2024 | 2023 |
|---|---|---|
| Total Revenue | $306.5 million | $283.7 million |
| Operating Profit | $60.7 million | $57.1 million |
| Adjusted Operating Profit Margin | 39.6% | 37.7% |
Conclusion of Vision Statement Analysis
Carriage Services, Inc. (CSV) has structured its vision statement around key components that focus on excellence, growth, community engagement, innovation, and financial strength. These elements collectively drive the company's strategic objectives for 2024 and beyond.
Core Values of Carriage Services, Inc. (CSV)
Integrity
The core value of Integrity at Carriage Services, Inc. (CSV) emphasizes honesty and ethical conduct in all business dealings. This value is crucial for maintaining trust with families, employees, and stakeholders.
CSV demonstrates its commitment to integrity through transparent communication and adherence to ethical standards. For example, the company ensures that all preneed contracts are clearly outlined, providing families with a full understanding of their options. This transparency has led to a notable increase in customer satisfaction ratings, which reached 92% in 2024.
Compassion
Compassion is at the heart of CSV's mission, reflecting the company's dedication to serving families during their most difficult times. This value is not only about providing services but also about supporting families emotionally and spiritually.
In 2024, CSV launched a new grief support program that offers resources and counseling to families at no extra charge. The program has already reached over 1,500 families, significantly enhancing the company's community engagement and support initiatives.
Excellence
The value of Excellence drives CSV to consistently improve its services and operations. The company strives for high standards in every aspect of its business, from customer service to operational efficiency.
CSV has invested in employee training programs, resulting in a 15% increase in employee performance metrics in 2024. Additionally, the company achieved a 95% compliance rate in quality audits, reflecting its commitment to operational excellence.
Innovation
Innovation is vital for CSV as it adapts to the changing needs of families and the industry. The company embraces new technologies and practices to enhance its services.
In 2024, CSV introduced an online planning tool that allows families to pre-arrange services conveniently. This tool has been used by over 10,000 families in its first year, demonstrating the company's proactive approach to meeting customer needs.
Community
The core value of Community signifies CSV's commitment to giving back and being an active participant in the areas it serves. The company believes in fostering strong relationships with local communities.
In 2024, CSV contributed over $500,000 to local charities and community initiatives, including scholarships and support for veterans. This commitment to community involvement has strengthened CSV’s reputation and relationships within its service areas.
| Core Value | Description | 2024 Initiatives | Impact Metrics |
|---|---|---|---|
| Integrity | Honesty and ethical conduct | Transparent communication on preneed contracts | 92% customer satisfaction rating |
| Compassion | Support for families during difficult times | Grief support program | 1,500 families reached |
| Excellence | High standards in services and operations | Employee training programs | 15% increase in performance metrics, 95% compliance rate |
| Innovation | Adapting to changing needs | Online planning tool | 10,000 families using the tool |
| Community | Active participation and support | Charitable contributions and community initiatives | $500,000 contributed |
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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.