Key Highlights

  • Consensus EPS of 0.79 compares with second-quarter diluted EPS of 0.77, against 0.74 a year earlier.
  • Consensus revenue of USD 109.47 million compares with second-quarter revenue of USD 102,949 thousand, against USD 102,147 thousand.
  • Gross profit was USD 35,044 thousand against USD 35,935 thousand, and operating income was USD 23,953 thousand.
  • Average revenue per funeral contract rose 4.7%, while funeral contract volume decreased 4.0% and preneed insurance contracts sold rose 21.1%.

Carriage Services (NYSE:CSV) reports third-quarter results on Wednesday, Oct. 28, with the timing not given in the estimates table. Consensus stands at EPS of 0.79 on revenue of USD 109.47 million, and the company has a market capitalization of USD 557.63 million.

Carriage Services operates Funeral Homes and Cemeteries segments. Second-quarter revenue was USD 102,949 thousand against USD 102,147 thousand, and net income was USD 12,272 thousand against USD 11,739 thousand.

Estimates Against the Last Reported Quarter

The EPS estimate of 0.79 is above the second-quarter diluted EPS of 0.77, which compared with 0.74 a year earlier. The estimates table does not state its EPS basis. The revenue estimate of USD 109.47 million is above the USD 102,949 thousand reported, which compared with USD 102,147 thousand.

Basic EPS was 0.78 against 0.75, and the dividend declared was 0.1125 per share in both periods. Cost of revenue was USD 67,905 thousand against USD 66,212 thousand.

What the Filing Gives and What the Sources Leave Open

The sources supplied include no earnings call transcript or published guidance, so there are no management ranges to set against the estimates. The filing carries no figures for the quarter the estimates cover.

The filing states that revenue increased USD 0.8 million, primarily due to acquisition and financial revenue, partially offset by a decline in divested and comparable revenue. It states that gross profit decreased USD 0.9 million.

Funeral and Cemetery Volume and Pricing Detail

In the Funeral segment, the filing reports a 4.7% increase in average revenue per funeral contract and a 21.1% increase in preneed insurance contracts sold, partially offset by a 4.0% decrease in funeral contract volume.

In the Cemetery segment, preneed sales production increased 5.0% and the average price per interment right sold increased 17.3%, partially offset by a 14.0% decrease in the number of preneed interment rights sold.

Income Lines, Interest Expense and Credit Facility

Operating income was USD 23,953 thousand against USD 23,998 thousand, and interest expense was USD 6,683 thousand against USD 7,034 thousand. Income before income taxes was USD 17,157 thousand against USD 16,857 thousand.

For six months, net income was USD 25,764 thousand against USD 32,665 thousand. The Credit Facility had a carrying value of USD 124.0 million, and cash and cash equivalents were USD 2,550 thousand against USD 1,688 thousand at year end. Revenue was USD 102,949 thousand against USD 102,147 thousand, and net income was USD 12,272 thousand against USD 11,739 thousand. Basic EPS was 0.78 against 0.75, and diluted EPS was 0.77 against 0.74. Cost of revenue was USD 67,905 thousand. The estimates table lists a market capitalization of USD 557.63 million.

Figures to Follow in the Release

Reported EPS against 0.79 and revenue against USD 109.47 million are the headline comparisons. Other markers are funeral contract volume, cemetery sales production and interest expense.