Carriage Services, Inc. (NYSE:CSV) Q1 2024 Earnings Call Transcript May 4, 2024
Carriage Services, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good day, and thank you for standing by. Welcome to the Carriage Services First Quarter 2024 Earnings Conference Call. Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Steve Metzger, President. Please go ahead, sir.
Steve Metzger: Good morning, everyone, and thank you for joining us to discuss our first quarter results. In addition to myself, on the call this morning for management are Carlos Quezada, Chief Executive Officer and Vice Chairman of the Board of Directors; and Kian Granmayeh, Executive Vice President and Chief Financial Officer. On the Carriage Services Web site, you can find our earnings press release, which was issued yesterday after the market closed. Our press release is intended to supplement our remarks this morning and include supplemental financial information, including the reconciliation of differences between GAAP and non-GAAP financial measures. Today’s call will begin with formal remarks from Carlos and Kian and will be followed by a question-and-answer period.
Before we begin, I’d like to remind everyone that during this call, we’ll make some forward-looking statements, including comments about our business, projections and plans. Forward-looking statements inherently involve risks and uncertainties and only reflect our views as of today. These risks and uncertainties include, but are not limited to, factors identified in our earnings release as well as in our SEC filings, all of which can be found on our Web site. Thank you all for joining us this morning. And now I’d like to turn the call over to Carlos.
Carlos Quezada: Thank you, Steve, and thank you all for joining our first quarter earnings call. We are excited to share our outstanding performance. But before we do, I want to express our heart fell gratitude to the entire Carriage family, whether in the field or our support center, each of you has played a crucial role in driving these results. Your wavering dedication and relentless passion for delivering an elevated service to all families have an instrumental in our success. We deeply appreciate your continued support and commitment to our shared goals. Before we start, I hope you had an opportunity to read our 2023 shareholder letter and proxy statement. Both are reaching information related to our five year strategic objectives and our core initiatives for 2024, setting the stage for a transformative vision of the Carriage of the future.
Now let’s dive into our financial highlights. We are proud to report that our strategic objective plan is well underway and the progress in executing the individual initiatives to grow revenue and reduce cost is starting to produce positive results. For the first quarter, our total revenue was $103.5 million, a substantial increase of $8 million or 8.4%. This is a significant milestone for Carriage history as it marks the first time we have surpassed the $100 million mark in a single quarter. This remarkable performance was primarily driven by the exceptional results of our preneed cemetery team and the successful integration of Greenland, our most recent acquisition. These achievements underscore our strong financial position and ability to deliver on our strategic objectives.
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