Funeral home and cemetery operator Carriage Services reported their 4th Quarter and Year End Financial Reports last week.  You can access that report here.  In doing so they reported that the number of “Services” the company conducted had dropped 2.9% as compared to the yearly results for 2021.  The company conducted 47,184 services in 2022 as compared to 48,605 in 2021.

 

As for revenue, Carriage Services reported total revenue of $370.1 million in 2022 as compared to total revenue of $375.8 million in 2021.  That’s a drop of about 1.6%.

 

It should also be noted, however, that similar to other death care operating companies, those comparable numbers are up against the year of 2021 which included pandemic related deaths and numbers.

 

Here is what Carriage Services CEO Melvin Payne said in the prepared press release, “. . .performance exceeded our expectations, particularly against a unique 2021, during which COVID related deaths hit a peak. We ended 2022 with an impressive 27.8% compounded annual growth of our adjusted diluted earnings per share when compared to 2019, which was the last full year before the COVID impact. Net income is up nearly 25% as compared to 2021 and we continue to see positive trends within both our funeral and cemetery segments.”

 

According to the Carriage Services website, which you can access here, the company now operates 131 funeral homes and 69 cemeteries and employees over 2,900 individuals.

 

Disclaimer — The author of this article holds a position in Carriage Services stock.

 

Funeral Director Daily take:  As other public death care companies are doing, Carriage Services also takes the time and effort in this report to compare their 2022 results to those results of 2019.  2019 being the latest year that reports are available that do not include pandemic related numbers in them.

 

When you make that comparison, here’s what Carriage Services says about its business:

• “2022 full year performance compared to pre-COVID 2019 resulted in an impressive 10.5% compounded annual growth in total revenue and 27.8% compounded annual growth in adjusted diluted earnings per share.”

 

More news from the world of Death Care:

• Caskets, cremation, and composting:  The business of death in New Mexico.  Albuquerque Journal (NM)
• “Human composting” on the rise as “green funerals” become more popular.  New York Post (NY)
• Oklahoma City police warn of “bad actors” posing as funeral specialists.  Video news story and print article.  KOCO ABC News – Channel 5 (OK)
• Obituary:  Tom Heafey, South Omaha, NE.
• What to do if the property you buy has a cemetery on it.  ABC News Australia

 

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