Finance

Finance

Matthews Memorialization segment shows revenue gains in 3Q 2020

Matthews International, which operates on a fiscal year that begins on October 1 each year, released earnings reports last week.  The company has three operating segments and the one that is of interest to those of us in the death care profession is what Matthews refers to as its “Memorialization Segment”. Matthews Memorialization Segment consists of four divisions which you can learn more about here. Matthews Aurora Funeral Solutions – Caskets, urns, remembrance jewelry Matthews Cemetery Products – Granite memorials […]

Afternoon Edition Finance

Afternoon edition: StoneMor receives 2nd offer to take it private. . . .and more news from the death care universe

StoneMor, Inc.,  the Philadelphia area based operator of funeral homes and cemeteries, announced in this press release on Friday, July 31, that they are in receipt of a 2nd offer from a company that would seek to take the company private.  If you remember, earlier this year, Axar Capital Management offered the company $0.67 per share to acquire the company.  That offer was rejected by StoneMor in June as, according to the press release, an inadequate price. Axar Capital Management […]

Finance

Service Corporation reports 2nd quarter. . . cemetery preneed impressive

North America’s largest public purveyor of death care services, Service Corporation International (SCI), released its 2nd Quarter 2020 results on Wednesday.  In a nutshell, they produced somewhat better than what was expected results in this COVID-19 environment.  You can read their full 2Q 2020 report here. SCI reported revenues for the quarter of $820 million as compared to the same quarter in 2019 when they reported revenues of $812.6 million. On that revenue the company produced $182.3 million in operating […]

Finance

Carriage Services records record 2nd Quarter Revenue

Carriage Services reported their much anticipated 2nd Quarter of 2020 results on Tuesday.  You can get a copy of their press release here. The company, as well as other companies in the death care index are reporting their 2nd Quarters as their first full three month period of dealing with deaths and memorializations in the COVID-19 period.  For that reason, many are interested in seeing how their results were affected due to the issues around COVID-19 and funeral service. Those […]

Finance

Finance articles on Carriage Services, more

The Funeral Director Daily afternoon edition for today contains a couple of finance opinion articles written for Seeking Alpha on funeral home and cemetery operator Carriage Services, a short note on Park Lawn Corporations placement of 5.75% debentures, and some guidance from our friends at Clifton Larson Allen with regards to COVID-19 relief plans for retirement plans. Carriage Services:  Just a 2% dividend yield, but a 17% free cash flow yield. Carriage Services:  A funeral service provider that is growing […]

Finance

Into earnings season. . . what can we expect?

We’ve now moved into the 3rd Quarter of 2020 and, needless to say, it has been a different year.  I recently read an article from Barrons.com that put the year into perspective and also asked famed stock prognosticator Mario Gabelli to comment on where we are going from here.  Gabelli is the Founder, Chairman, and CEO of Gabelli Asset Management. On the backdrop of this article I thought I would give my perspective on what we might see from the […]

Finance Preneed

Assurant announces dividend, more news

World-wide financial services company Assurant announced yesterday a quarterly dividend in the amount of $0.63 which is the same amount that had previously been in place for preceding quarters.  You can read of their announcement here. Assurant is one of the eight stocks that make up the Death Care Index (DCI).  They pertain to the death care world with their division of preneed funeral insurance which is predominantly situated in North America . At a closing price as of Thursday, […]

Finance

Matthews announces investment sale

On Tuesday global death care company Matthews International announced a sale, that was effective on June 26, of a non-controlling ownership interest in a pet cremation services business.  According to this release from Matthews, the company sold its interest for a total of $57.2 million. That $57.2 million was to be paid to Matthews International with $42.2 million in cash and another $15.0 million in preferred stock of the company, which was not named.  Again, according to the release, Matthews […]

Finance

Goetz to leave Carriage Services?

This morning we noticed a news release from Market Exclusive that you can see here pertaining to a K-1 filing from Carriage Services.  The filing informed the public that effective June 26, 2020, President and Chief Operating Officer William W. Goetz had resigned from those positions at Carriage Services as well as had resigned from a seat on the Carriage Services Board of Directors. The filing states in part, “The resignation was not the result of any disagreement Mr. Goetz […]

Finance

Security National joins Russell 3000 and other Death Care News

Today’s afternoon edition of Funeral Director Daily brings you an update on death care public company Security National Financial Corporation (SNDC) and its inclusion into the Russell 3000 stock market index.  SNFC, which operates in the funeral, cemetery, cash assignment, and preneed portions of the death care industry was brought into the index as of Monday.  Here’s what SNFC President and Chairman of the Board Scott Quist had to say about the news,  “Security National has always strived to provide […]