Fri, Feb 28, 10:07 PM (60 days ago)
**Carriage Services, Inc. (CSV) 2024 10-K Summary** Carriage Services, Inc. reported a revenue increase to $404,198,000 in 2024, up from $382,520,000 in 2023, largely driven by a 22.9% rise in preneed interment rights sold and a 7.3% increase in average prices. However, net income slightly decreased to $32,953,000 from $33,413,000 due to higher operating expenses, including $16.9 million in one-time costs. Operating expenses were managed effectively, leading to a gross profit of $143,390,000, up from $124,295,000. Strategically, the company continues to focus on enhancing local brands and expanding preneed sales, projecting a 20% growth in preneed funeral sales over five years. In 2024, CSV divested six funeral homes and one cemetery for $12,000,000, incurring a loss of $1,200,000. Financially, CSV's total debt was $542,500,000, including $137,000,000 under a credit facility with a maturity extended to 2029. The company maintained compliance with financial covenants, including a Total Leverage Ratio not exceeding 5.00 to 1.00. The overall financial condition remains stable, with a focus on disciplined capital allocation and growth through acquisitions while managing risks associated with market fluctuations and operational costs.