Carriage Services, Inc. reported significant financial performance improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenue for Q3 2024 reached $100.7 million, an increase of $10.2 million from $90.5 million in Q3 2023. For the nine months, revenue rose to $306.5 million from $283.7 million, marking a $22.8 million increase. The growth was driven by a 26.1% increase in preneed interment rights sold and a 4.4% rise in average price per interment right.
Gross profit for Q3 2024 was $35.5 million, up from $27.4 million in the prior year, while for the nine months, it increased to $109.7 million from $89.7 million. Operating income also saw substantial growth, reaching $22.9 million in Q3 2024 compared to $15.7 million in Q3 2023, and $60.7 million for the nine months, up from $50.5 million.
Net income for Q3 2024 was $9.9 million, a significant increase from $4.6 million in Q3 2023. For the nine months, net income rose to $23.1 million from $21.8 million. Basic earnings per share for Q3 2024 were $0.65, compared to $0.31 in Q3 2023, while for the nine months, it increased to $1.52 from $1.46.
The company’s operational segments, which include Funeral Home Operations (65% of revenue) and Cemetery Operations (35% of revenue), both contributed positively to the revenue growth. Funeral home operating revenue for Q3 2024 was $63.7 million, slightly up from $62.6 million, while cemetery operating revenue surged to $37.0 million from $27.9 million.
Strategically, Carriage Services did not engage in any acquisitions during the nine months ended September 30, 2024, contrasting with a $44 million acquisition in the same period of 2023. The company sold six funeral homes and one cemetery for $10.9 million during the current period, compared to two funeral homes and two cemeteries sold for $1.1 million in the previous year.
Cash and cash equivalents decreased to $1.3 million as of September 30, 2024, from $1.7 million a year earlier. The company reported net cash provided by operating activities of $42.7 million for the nine months, down from $61.8 million in 2023. The net cash used in financing activities increased significantly to $43.7 million from $8.0 million, primarily due to net payments on debt.
Overall, Carriage Services demonstrated robust revenue and profit growth, alongside strategic divestitures, while maintaining a stable operational framework amidst fluctuating market conditions.
About CARRIAGE SERVICES INC
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.