The following is a summary of the Carriage Services, Inc. (CSV) Q1 2024 Earnings Call Transcript:
Financial Performance:
Carriage Services reported a Q1 2024 total revenue of $103.5 million, an 8.4% increase from the previous year.
Despite a decrease in funeral operating volume, the total funeral home operating revenue increased to $66.6 million, up by 1.8%.
The cemetery operating revenue closed the quarter at $27.6 million, marking an increase of 29.4% from the previous year.
Total financial revenue for the quarter was at $6.9 million, a 14.3% increase.
Adjusted consolidated EBITDA for Q1 2024 was at $33.6 million, marking a 20.9% increase, and an adjusted diluted EPS of $0.75 per share, a 33.9% growth.
Business Progress:
The company's successful Q1 2024 is due to the successful integration of Greenland, their recent acquisition.
Despite increased overhead and high interest rates, Carriage Services continues to prioritize cost-effectivity and optimized capital allocation.
The business stays focused on its 5-year strategic objectives and 2024 core initiatives.
They have initiated comprehensive reviews on pricing strategy and supply chain practices.
Carriage Services is considering monetization of some of its real estate as part of its growth strategy.
More details: Carriage Services IR
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