Carriage Services announced strong financial results for the first quarter ended March 31, 2025, with total revenue reaching $107.1 million, a 3.5% increase compared to Q1 2024. Comparable funeral home revenue increased by 4.6%, driven by a 2.4% rise in at-need volume and a 2.2% increase in average revenue per at-need contract.
Adjusted diluted EPS for the quarter was $0.96, an increase of 28% or $0.21 year-over-year. GAAP net income surged by $14.0 million to $20.9 million, primarily due to a $5.8 million net gain on divestitures and sale of real property, a $4.2 million decrease in general, administrative, and other expenses, and a $1.4 million decrease in interest expense.
The company continued its debt reduction efforts, paying down $17.0 million on its revolving credit facility, bringing outstanding borrowings to $120.0 million and reducing the leverage ratio to 4.2x from 5.0x at Q1 2024. Carriage Services maintained its full-year 2025 guidance, projecting total revenue between $400 million and $410 million, Adjusted Consolidated EBITDA between $128 million and $133 million, and Adjusted Diluted EPS between $3.10 and $3.30. The guidance also anticipates $40 million to $50 million in Adjusted Free Cash Flow.
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