Carriage Svcs Inc Stock Price, News & Analysis

Carriage Services, Inc. (NYSE: CSV) has successfully acquired substantially all assets of Greenlawn Funeral Homes, Cemeteries and Cremations, and Wood Family Funeral Service, which includes three funeral homes, two cemeteries, and a cremation business in Bakersfield, California. This acquisition enhances Carriage's market presence, as Greenlawn holds a nearly 40% market share in the region. The move aligns with Carriage's strategy to partner with high-quality independent funeral services, aiming to strengthen their market position and expand their service capabilities.

Carriage Services, Inc. (NYSE:CSV) has announced the appointment of Kian Granmayeh as Executive Vice President, Chief Financial Officer, and Treasurer, effective March 13, 2023. Granmayeh has previously held executive positions, including CFO of Tellurian, and has a strong background in finance and investor relations. Chairman and CEO Mel Payne expressed enthusiasm for Granmayeh's strategic approach and leadership qualities, emphasizing the company’s commitment to growth and a people-driven culture. Mel Payne, recovering from health issues, reassured stakeholders of ongoing leadership and strategic initiatives aimed at sustainable growth.

Carriage Services, Inc. (NYSE: CSV) announced its 2022 financial results on February 22, 2023, reporting a 10.5% compound annual growth in total revenue compared to pre-COVID 2019. The company achieved a 27.8% growth in adjusted diluted EPS and a 25% increase in net income year-over-year. The fourth quarter results surpassed expectations due to an increased number of non-COVID-19 related deaths. The acquisition of Greenlawn Funeral Homes is anticipated to close soon, and 2023 guidance projects total revenue of $375-$385 million and adjusted EBITDA of $110-$115 million. The firm aims to reduce debt leverage to 4.0-4.3 times by 2024.

Carriage Services, Inc. (NYSE: CSV) will release its 2022 annual results on February 22, 2023, after market close. A live conference call to discuss these results is scheduled for February 23, 2023, at 9:30 a.m. CST. The call will be accessible via audio conferencing and a webcast. Carriage Services operates 170 funeral homes across 26 states and owns 30 cemeteries in 11 states, establishing itself as a prominent provider of funeral and cemetery services in the U.S.

Carriage Services, Inc. (NYSE: CSV) announced a quarterly dividend of 11.25¢ per share on January 19, 2023, payable on March 1, 2023. Shareholders of record as of February 6, 2023 will receive the dividend. Carriage Services is significant in the U.S. funeral and cemetery services sector, operating 171 funeral homes across 26 states and 32 cemeteries in 11 states. This dividend underlines the company's commitment to returning value to shareholders, signaling financial stability and confidence in future earnings.

Carriage Services (CSV) announced a conference call on December 13, 2022, to unveil its High Performance and Credit Profile Restoration Plan (HPCPRP). The plan includes acquiring Greenlawn Funeral Homes and Cemeteries and targets 2024 performance metrics of $390-$400 million in revenue, $120-$126 million EBITDA, and $46-$50 million GAAP net income. The company aims to reduce its debt to EBITDA ratio to 4.0-4.3 times by 2024. October and November 2022 showed significant improvements in same-store funeral volumes and revenues compared to previous years, indicating a potential recovery post-COVID.

Carriage Services, Inc. (CSV) reported a third-quarter revenue of $87.5 million, a 7.9% decrease year-over-year. The Adjusted Diluted EPS fell by 45.1% to $0.45. Acquisitions include Heritage Funeral Homes and Forest Lawn East Cemetery in Charlotte, NC. Despite lower performance metrics due to normalizing death rates post-pandemic, management remains optimistic about future growth through strategic acquisitions. Notable decreases were seen in GAAP Net Income (down 55.1%) and Adjusted Free Cash Flow (down 36.3%) compared to prior year.

Carriage Services, Inc. (NYSE: CSV) has acquired Heritage Funeral and Cremation Services alongside Forest Lawn East Cemetery, which includes three funeral homes and a cemetery located in Charlotte, North Carolina. This acquisition enhances Carriage's presence in a rapidly growing market, serving over 1,200 families annually. The former owners, Harris High and Carolyn Williams, express confidence in the transition, indicating a seamless integration into Carriage's operations. This move aligns with Carriage's strategy to partner with top independent funeral and cemetery businesses to expand their footprint.

On October 19, 2022, Carriage Services declared a quarterly dividend of 11.25¢ per share, to be paid on December 1, 2022. The record date is set for November 7, 2022. Carriage Services operates 169 funeral homes across 26 states and manages 31 cemeteries in 11 states, positioning itself as a leading player in the funeral and cemetery services industry. This dividend payout reflects the company's ongoing commitment to returning value to shareholders.