CARRIAGE SERVICES Reports Second Quarter Earnings Results for FY2023
August 8, 2023
🌥️Earnings Overview
CARRIAGE SERVICES ($NYSE:CSV) reported their earnings results for the second quarter of FY2023 (ending June 30th 2023) on August 2nd 2023. Revenue for the period amounted to USD 97.7 million, a 7.8% increase from the same quarter in the previous year. Unfortunately, net income for the quarter went down 23.9% to USD 8.3 million.
Price History
The stock opened at $31.9 and closed at $31.9, representing a decrease of 1.2% from the previous closing price of 32.3. Despite the modest decrease in share price, CARRIAGE SERVICES provided an outlook that was favorable for their investors. This was due in part to a decline in demand for their services during the pandemic. Despite this, the company reported higher gross profit margins and operating profitability than the same period last year. This increase was due to cost-control measures implemented by the company, such as reducing overhead costs and eliminating unnecessary expenses.
This was primarily driven by a reduction in accounts payable and deferred income tax liabilities. Overall, CARRIAGE SERVICES reported a second quarter that was better than expected despite the challenging environment created by the pandemic. Investors are optimistic that the company’s cost-cutting measures and increased profitability will result in better performance in the future quarters. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Carriage Services. More…
| Total Revenues | Net Income | Net Margin |
| 374.61 | 31.2 | 8.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Carriage Services. More…
| Operations | Investing | Financing |
| 70.03 | -92.2 | 22.08 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Carriage Services. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.24k | 1.09k | 10.46 |
Key Ratios Snapshot
Some of the financial key ratios for Carriage Services are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 8.6% | 10.5% | 20.5% |
| FCF Margin | ROE | ROA |
| 12.9% | 31.7% | 3.9% |
Analysis
GoodWhale has conducted an in-depth analysis of CARRIAGE SERVICES, a publically-traded company. Our analysis revealed that CARRIAGE SERVICES is strong in dividend, medium in growth, profitability and weak in asset according to our Star Chart. As such, we have classified CARRIAGE SERVICES as a ‘rhino’- a company that has achieved moderate revenue or earnings growth. Given its relatively high health score of 7/10 with regard to its cashflows and debt, we believe CARRIAGE SERVICES is well-positioned to pay off debt and fund future operations. As such, it may be of interest to value investors or those looking for relatively safer companies for steady returns. Growth investors may also find benefit from CARRIAGE SERVICES due to its modest yet consistent revenue and earnings growth history. More…
Peers
Carriage Services Inc. is a leading provider of funeral and cemetery services and products in the United States. Carriage operates through two segments: Funeral Home Operations and Cemetery Operations. The company offers a range of services, including traditional funerals, cremations, memorial services, advance funeral planning, and other related services. Carriage also owns and operates a number of cemeteries. The company’s competitors include StoneMor Inc, Frontdoor Inc, and E-Home Household Service Holdings Ltd.
– StoneMor Inc ($NYSE:STON)
The market cap for StoneMor Inc. as of 2022 is 409.7M. The company’s return on equity is 5.44%. StoneMor Inc. is a provider of deathcare products and services in the United States and Puerto Rico. The company operates through two segments, Funeral Homes and Cemeteries.
– Frontdoor Inc ($NASDAQ:FTDR)
Frontdoor Inc is a provider of home service plans. The company operates in the United States and offers home service plans that cover repair and replacement of systems and appliances in the home. The company was founded in 2006 and is headquartered in Memphis, Tennessee.
– E-Home Household Service Holdings Ltd ($NASDAQ:EJH)
E-Home Household Service Holdings Ltd is a domestic services company in China. It offers a range of services including cleaning, laundry, and grocery delivery. The company has a market cap of 7.57M as of 2022 and a Return on Equity of -1.18%.
Summary
CARRIAGE SERVICES reported their second quarter of FY2023 earnings results on August 2 2023. Revenue increased by 7.8% year-over-year to USD 97.7 million, however net income dropped 23.9% to USD 8.3 million. This signals a potential opportunity for investors to consider when assessing CARRIAGE SERVICES performance.
Investors should look into the company’s financial condition and determine if the lower net income is a sign of underlying financial issues or an isolated occurrence. It is also important to analyze the company’s competitive environment, growth prospects, and management team as factors to consider when making investment decisions.
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