Carriage Services(US:CSV)2025-04-30 21:04Financial Performance - Total revenue for Q1 2025 was $107.1 million, representing a 3.5% increase compared to $103.5 million in Q1 2024[5] - GAAP net income grew by $14.0 million or 200.1% year-over-year, reaching $20.9 million in Q1 2025[4] - Adjusted diluted EPS increased to $0.96, up 28% from $0.75 in the prior year quarter[4] - Comparable funeral home revenue rose by 4.6%, driven by a 2.4% increase in at-need volume and a 2.2% increase in average revenue per at-need contract[3] - Total revenue for Q1 2025 was $107.069 million, a 3.1% increase from $103.493 million in Q1 2024[17] - Net income for Q1 2025 was $20.926 million, compared to $6.973 million in Q1 2024, representing a 200.5% increase[17] - Basic earnings per share increased to $1.35 in Q1 2025 from $0.46 in Q1 2024[17] - Operating income for Q1 2025 was $31.564 million, up from $19.477 million in Q1 2024, marking a 62% increase[17] - The company reported a gross profit of $37.842 million in Q1 2025, compared to $37.262 million in Q1 2024, a 1.6% increase[17] - Consolidated EBITDA for Q1 2025 was $32,948,000, compared to $26,971,000 in Q1 2024, reflecting a year-over-year increase of 22.1%[34] - Adjusted consolidated EBITDA margin for Q1 2025 was 30.8%, down from 32.5% in Q1 2024[34] Revenue Projections - The company expects total revenue for 2025 to be between $400 million and $410 million, factoring in divestitures[7] - Adjusted consolidated EBITDA for 2025 is projected to be between $128 million and $133 million[7] - The company expects total revenue for the year ending December 31, 2025, to be approximately $405,000,000, with an adjusted consolidated EBITDA margin of 32.3%[39] - The company anticipates cash provided by operating activities for the year ending December 31, 2025, to be $61,500,000[41] Asset and Liability Management - Total current assets rose to $49.900 million as of March 31, 2025, up from $44.536 million at the end of 2024, a 12.5% increase[16] - Total liabilities decreased to $1,052.167 million as of March 31, 2025, down from $1,071.030 million at the end of 2024, a reduction of 1.8%[16] - Cash and cash equivalents increased significantly to $4.643 million at the end of Q1 2025, compared to $1.165 million at the end of 2024[19] Cash Flow and Dividends - Cash flows from operating activities were $13.792 million in Q1 2025, down from $19.703 million in Q1 2024[19] - The company declared dividends of $0.1125 per share for both Q1 2025 and Q1 2024, maintaining the same level[17] - Adjusted free cash flow for Q1 2025 was $18,536,000, compared to $13,352,000 in Q1 2024, representing an increase of 39.1%[38] Strategic Initiatives - The company plans to divest certain non-core assets, which is expected to reduce 2025 revenue and adjusted consolidated EBITDA by approximately $7.9 million and $2.3 million, respectively[6] - The company has identified strategic alternatives and is reviewing potential acquisitions to enhance growth and market share[42] Risk Factors and Forward-Looking Statements - Investors are advised to review the "Risk Factors" in the Annual Report on Form 10-K for the year ended December 31, 2024, for material factors that could affect actual results[44] - The company does not undertake any obligation to publicly update or revise forward-looking statements except as required by law[44] Debt Management - The leverage ratio improved to 4.2x from 5.0x year-over-year, following a $17.0 million debt repayment[4] Pricing and Sales Trends - The average price per preneed interment right sold increased by 11.8% to $5,490, despite a 5.8% decrease in the number sold[5]