Carriage Services reported its financial results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, revenue was $97.7 million, a 1.1% decrease year-over-year, primarily due to lower funeral home volumes. Non-GAAP profit for the quarter was $0.62 per share, exceeding analyst estimates of $0.51.
For the full year 2024, total revenue grew by 5.7% to $404.2 million, up from $382.5 million in 2023. Adjusted Consolidated EBITDA increased by 11.5% to $126.2 million, resulting in an Adjusted EBITDA margin of 31.2%. Adjusted diluted EPS for 2024 was $2.65, a 21% increase year-over-year.
The company issued its full-year 2025 guidance, projecting total revenue in the range of $400 million to $410 million. Adjusted Consolidated EBITDA is expected to be between $128 million and $133 million, and Adjusted Diluted EPS is forecast at $3.10 to $3.30. Adjusted Free Cash Flow is anticipated to be in the range of $40 million to $50 million, with a leverage ratio targeted between 3.7x and 3.8x by year-end 2025.
The 2025 outlook incorporates planned divestitures of certain non-core assets in the first half of the year, which are expected to reduce 2025 revenue by approximately $7.9 million and field EBITDA by approximately $2.3 million. Management noted that the decline in Q4 volume was linked to a delayed flu season, positioning the company for continued success in 2025.
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