Carriage Services (NYSE:CSV) Inc. stock soared to a 52-week high this week, reaching a price level of $35.03 USD. The company, known for its operation in the death care industry, has seen a remarkable performance over the past year, with its stock price reflecting a significant uptrend. Investors have been closely monitoring Carriage Services as its shares have surged, marking a 1-year change of 61.95%. This impressive growth trajectory has placed the company in a strong position within the market, as shareholders celebrate the robust financial health and promising outlook of Carriage Services.
In other recent news, Carriage Services has been making significant strides in its financial performance and strategic initiatives. The company reported a 4.8% increase in total revenue to $102.3 million for the second quarter of 2024. This growth was largely driven by a 31.1% surge in preneed cemetery sales and a 13.6% rise in adjusted consolidated EBITDA to $32.6 million. Despite a minor decrease in funeral home operating revenue, the adjusted net income saw a 20.1% increase.
Carriage Services also announced a quarterly dividend of 11.25 cents per share, demonstrating its commitment to returning value to shareholders. The dividend is scheduled to be paid to shareholders on record as of November 4, 2024. In addition, the company revised its full-year guidance upwards, projecting revenue between $390 million to $400 million and an expected adjusted free cash flow between $55 million and $65 million.
Recent developments at Carriage Services include executive changes and a strategic supply chain review, which is expected to yield significant savings. However, the company anticipates a slight decrease in funeral volumes in the upcoming quarters. Despite these challenges, Carriage Services continues to focus on its strategic growth and operational optimization.
InvestingPro Insights
Carriage Services Inc .'s recent stock performance aligns with several key metrics and insights from InvestingPro. The company's stock is currently trading near its 52-week high, with a price that is 93.31% of its peak, confirming the strong upward trend mentioned in the article. This is further supported by InvestingPro data showing a substantial 53.86% total return over the past year and an impressive 28.71% return in the last six months.
InvestingPro Tips highlight that Carriage Services has maintained dividend payments for 14 consecutive years, which may be attractive to income-focused investors. The company's current dividend yield stands at 1.38%. Additionally, Carriage Services has been profitable over the last twelve months, with a P/E ratio of 16.67, suggesting a reasonable valuation relative to its earnings.
For readers interested in a deeper analysis, InvestingPro offers 7 additional tips that could provide further insights into Carriage Services' financial health and market position. These additional tips, along with real-time metrics and expert analysis, are available through the InvestingPro product, which can help investors make more informed decisions about this death care industry leader.
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