Carriage Services (CSV) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $107.1 million, up 3.5% year-over-year, driven by higher funeral contract volume, increased average revenue per contract, and preneed sales.

• Net income surged to $20.9 million, up 200.1% year-over-year, with diluted EPS of $1.34 and adjusted diluted EPS of $0.96, up 197.8% and 28% respectively.

• Adjusted operating profit reached $48.2 million, with a margin of 45.0%, up from $46.3 million and 44.8% a year ago.

• Management emphasized operational excellence, innovation, and a clear vision for sustainable growth and value creation.

• Leadership changes included a new CFO and Board Chair, with continued focus on strategic growth and cost management.

Financial highlights

• Total revenue was $107.1 million, up 3.5% year-over-year; funeral operating revenue rose 4.6% and cemetery revenue increased 5.8%.

• Adjusted consolidated EBITDA was $32.9 million (30.8% margin), down from $33.6 million (32.5% margin) year-over-year.

• Adjusted diluted EPS was $0.96, up 28% year-over-year; GAAP net income was $20.9 million, up 200.1% due to non-recurring 2024 expenses and a tax windfall.

• Cash from operations was $13.8 million, down from $19.7 million last year, mainly due to working capital changes.

• Overhead as a percentage of revenue was 14.3%, or 12.5% excluding non-recurring expenses, in line with prior year.

Outlook and guidance

• Maintained full-year 2025 guidance: revenue $400–$410 million, adjusted EBITDA $128–$133 million, adjusted EPS $3.10–$3.30, overhead 13–14% of revenue, adjusted free cash flow $40–$50 million.

• Divestitures in 2025 expected to reduce revenue by ~$7.9 million and adjusted EBITDA by ~$2.3 million.

• Management expects continued resilience despite inflation and tariff risks, with no material impact from macroeconomic headwinds to date.

• Sufficient liquidity is anticipated for the next 12 months and long-term obligations.