HOUSTON - Carriage Services, Inc. (NYSE: NYSE:CSV), a prominent funeral and cemetery service provider in the United States, has declared a quarterly dividend of 11.25 cents per share. The dividend is scheduled to be paid on December 2, 2024, to shareholders who are on record as of November 4, 2024.
The announcement was made by the company's Board of Directors today, marking a continued practice of returning value to its shareholders. With operations spanning 162 funeral homes across 26 states and 31 cemeteries in 11 states, Carriage Services has established a significant presence in the funeral service industry.
The company's focus on funeral and cemetery services and merchandise has positioned it as a key player in the sector. This dividend declaration is a part of the company's financial strategy, which includes regular shareholder dividends as a component of its overall value proposition.
Investors and shareholders of Carriage Services are advised to mark the key dates of the dividend payout. The record date, which determines eligibility for the dividend, is set for November 4, 2024. The payment date follows nearly a month later, providing ample time for shareholders to ensure their records are up-to-date.
This financial move by Carriage Services is based on a press release statement issued by the company and serves as an indicator of its commitment to shareholder returns. The company has not disclosed any further strategic plans or financial details in relation to this announcement.
Shareholders looking for additional information about Carriage Services' operations or its dividend policy can reach out to the company's investor relations via the provided email address. However, no further details have been provided in the press release regarding the company's future financial strategies or potential growth plans.
As the company continues to operate in a sector that serves essential needs, its financial health and shareholder policies remain of interest to investors, particularly those seeking regular income through dividends. The declared dividend reflects the company's current financial position and its ability to sustain shareholder distributions.
In other recent news, Carriage Services reported a 4.8% increase in total revenue to $102.3 million for the second quarter of 2024. The company's earnings were bolstered by a 31.1% surge in preneed cemetery sales and a 13.6% rise in adjusted consolidated EBITDA to $32.6 million. Despite a slight decrease in funeral home operating revenue, the adjusted net income saw a 20.1% increase.
The company also revised its full-year guidance upwards, with projected revenue between $390 million to $400 million and an expected adjusted free cash flow between $55 million and $65 million. Recent developments include executive changes and a strategic supply chain review, which is expected to yield significant savings. Carriage Services is also on the hunt for a new CFO.
However, overhead expenses have increased to 14.3% of revenue due to strategic review costs and executive severance. 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, as reflected in their recent earnings call.
InvestingPro Insights
Carriage Services' recent dividend declaration aligns with its track record of consistent shareholder returns. According to InvestingPro Tips, the company has maintained dividend payments for 14 consecutive years, underscoring its commitment to providing steady income to investors. This long-standing dividend policy is particularly noteworthy in the context of the company's recent financial performance.
The company's financial health appears robust, with InvestingPro data showing a revenue of $395.14 million over the last twelve months as of Q2 2024, representing a growth of 5.48%. This growth trajectory is further supported by the company's profitability, as indicated by its operating income margin of 20.17% for the same period.
Carriage Services' stock has also shown significant momentum, with InvestingPro data revealing a 31.68% price total return over the past six months. This substantial uptick suggests growing investor confidence in the company's performance and future prospects.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 11 more tips available for Carriage Services. These tips could provide valuable context for understanding the company's financial position and market performance in greater depth.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.