Carriage Services announced strong financial results for the third quarter ended September 30, 2024, with total revenue reaching $100.7 million, an 11.3% increase year-over-year. This marks the third consecutive quarter where the company's revenue exceeded $100 million.
The company's preneed cemetery sales saw a notable increase of 27.1% year-over-year, and funeral average revenue per contract grew by 3.1%. Preneed funeral commission income surged by 415.4% to $1.6 million from $312 thousand in the prior year's quarter.
Adjusted Consolidated EBITDA increased by 26.7% to $30.7 million, with the Adjusted Consolidated EBITDA Margin improving by 373 basis points to 30.5%. GAAP diluted earnings per share totaled $0.63, an increase of 110%, while adjusted diluted earnings per share rose 93.9% to $0.64. The company also welcomed Edmondo Robinson to its Board of Directors, bringing over 25 years of executive leadership experience in digital health and innovation.
Following these strong results, Carriage Services increased its full-year 2024 outlook. The revised guidance projects total revenue between $400 million and $410 million, Adjusted Consolidated EBITDA between $128 million and $133 million, and Adjusted Diluted EPS between $2.45 and $2.55. Adjusted Free Cash Flow is expected to be in the range of $40 million to $50 million.
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