Carriage Services(US:CSV) Globenewswire·2025-02-26 21:37Company Highlights - Carriage Services, Inc. reported strong financial results for the full year 2024, exceeding expectations for adjusted EBITDA and EPS despite a decline in funeral home revenue in the fourth quarter [3][4] - The company raised its full-year guidance and achieved total revenue of $404.2 million, representing a growth of 5.7% over the prior year [7] - The decline in funeral service volume was attributed to a delayed flu season, impacting at-need funeral services [4][9] Financial Highlights - Total revenue for Q4 2024 was $97.7 million, a decrease from $98.8 million in Q4 2023, while total revenue for the year increased to $404.2 million from $382.5 million in 2023 [6][7] - Operating income for Q4 2024 was $21.1 million, down from $23.9 million in Q4 2023, with a net income of $9.9 million compared to $11.6 million in the same period last year [6][7] - Adjusted consolidated EBITDA for the year was $126.2 million, an increase of 11.5% from $113.2 million in 2023 [7][8] Operational Metrics - The company experienced a 26.7% increase in consolidated cemetery preneed sales and a 3.1% increase in average revenue per funeral contract [7] - The number of funeral contracts decreased to 10,620 in Q4 2024 from 11,211 in Q4 2023, while the average revenue per funeral contract increased to $5,524 from $5,471 [8][9] - The leverage ratio improved to 4.3x from 5.1x year-over-year, as the company paid down $42.1 million of debt [7] 2025 Outlook - The company anticipates total revenue for 2025 to be between $400 million and $410 million, with adjusted consolidated EBITDA expected to be between $128 million and $133 million [10] - The guidance reflects expected divestitures of non-core assets, which are projected to reduce revenue and EBITDA by approximately $7.9 million and $2.3 million, respectively [9][10] - The company aims to continue its organic growth initiatives in preneed sales while maintaining cost discipline [9]