Carriage Services, Inc. reported a revenue increase of 5.7% for the fiscal year ending December 31, 2024, reaching $404.2 million compared to $382.5 million in 2023. The company's net income for the year was $32.9 million, slightly down from $33.4 million in the previous year. The decline in net income was attributed to a rise in general, administrative, and other expenses, which included one-time costs related to executive severance and a strategic review process. Gross profit also saw an increase, rising to $143.4 million from $124.3 million, primarily driven by improved performance in the cemetery segment and effective cost management initiatives.
In terms of operational metrics, Carriage Services experienced a 4.9% decrease in funeral contract volume, totaling 44,103 contracts, while the average revenue per contract increased by 3.1% to $5,714. The cemetery segment performed notably well, with a 22.9% increase in preneed interment rights sold, totaling 14,523 contracts, and a 7.3% rise in the average price per interment right sold. The company also reported a backlog of 102,799 preneed funeral contracts and 69,408 preneed cemetery contracts as of December 31, 2024.
Strategically, Carriage Services focused on enhancing its local brands and expanding its preneed sales efforts. The company entered into a partnership with a national insurance provider to market prearranged funeral services, which is expected to double commission income by 2025. Additionally, the company sold six funeral homes and one cemetery during the year for a total of $12 million, reflecting its ongoing strategy to divest non-core assets. The company also underwent significant leadership changes, including the transition of Melvin C. Payne from Executive Chairman to a consulting role, and the appointment of John Enwright as Chief Financial Officer.
As of December 31, 2024, Carriage Services operated 162 funeral homes and 31 cemeteries across 26 and 11 states, respectively. The company employed 2,420 individuals, with a mix of full-time and part-time staff. The company’s financial position remains stable, with total debt of $542.5 million, down from $579.1 million in 2023, following a focus on debt repayment. The company anticipates continued growth in preneed sales and operational improvements, despite potential fluctuations in death rates and economic conditions.
About CARRIAGE SERVICES INC
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