Carriage Services Inc . (NYSE:CSV), a provider of funeral services, announced today that its Board of Directors, following recommendations from the Audit Committee, has approved amendments to its Code of Business Conduct and Ethics. The revised Code, effective as of last Thursday, encompasses all company directors, officers, and employees.
The amendments include technical and administrative updates, as well as a reiteration and enhancement of the company's compliance requirements. Key updates involve policies related to suppliers and vendors, environmental concerns, and issues of discrimination, retaliation, and harassment. The company clarified that these changes do not imply any waiver of the prior Code's provisions.
Carriage Services has made the updated Code available in the Corporate Governance section of its website. The significance of these amendments lies in their reflection of the company's commitment to ethical business practices and regulatory compliance.
This development aligns with broader industry trends towards increased transparency and ethical conduct among corporations. While the changes to the Code do not directly impact financial statements, they are essential for maintaining stakeholder trust and potentially reducing the risk of non-compliance with industry regulations.
The information is based on an SEC filing by Carriage Services, detailing the recent amendments to its ethical guidelines.
In other recent news, Carriage Services reported strong financial performance for the third quarter of 2024. The company's total revenue hit $100.7 million, marking an 11.3% increase from the previous year and the third consecutive quarter with revenue surpassing $100 million. This growth was mainly driven by a 27.1% surge in preneed cemetery sales and a strategic pricing approach that boosted funeral home operating revenue by 1.4%.
Carriage Services also raised its full-year financial guidance, projecting revenue between $395 million and $405 million. The company reported progress in its debt reduction efforts and anticipates a year-end leverage ratio between 4.3x and 4.6x. Despite an increase in overhead costs due to Project Trinity expenses, Carriage Services remains focused on disciplined capital allocation and strategic growth.
The company is actively searching for a new CFO and has a positive outlook for preneed cemetery sales and funeral home operations heading into 2025. These are among the recent developments at Carriage Services.
InvestingPro Insights
Carriage Services Inc.'s recent update to its Code of Business Conduct and Ethics aligns well with its strong financial performance and market position. According to InvestingPro data, the company has demonstrated impressive growth with a 67.89% price total return over the past year and a 54.2% return year-to-date. This positive momentum is further supported by a robust revenue growth of 7.34% in the last twelve months as of Q3 2024, reaching $405.33 million.
InvestingPro Tips highlight that Carriage Services has maintained dividend payments for 14 consecutive years, underlining its commitment to shareholder value. This consistency in dividend payments, coupled with the company's ethical stance, may contribute to its appeal among investors seeking stable, responsible investments.
The company's focus on ethical practices and regulatory compliance is particularly important given its strong market performance, with the stock trading near its 52-week high. This ethical foundation could help sustain investor confidence and support continued growth.
For readers interested in a deeper analysis, InvestingPro offers 11 additional tips for Carriage Services, providing a comprehensive view of the company's financial health and market position.
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