Park Lawn Corporation Releases Q1 2024 Financial Results

Park Lawn Corporation announced its Q1 2024 financial results with mixed performance indicators. The Toronto-based company experienced a revenue decline of 11.9% to $76,393 from the previous year, attributed mainly to the disposal of certain assets. However, net earnings rose by 14.7%, reaching $5,247. Adjusted Net Earnings saw a reduction of 12.2% to $7,565, influenced by asset dispositions and increased financing costs.

Despite the revenue drop, the company noted improvements in its operating margins. Adjusted EBITDA decreased by 4.4% to $19,646, while the Adjusted EBITDA margin improved by 200 basis points to 25.7%. This gain is primarily due to the divestiture of lower-margin businesses and enhanced efficiency in funeral operations. Similarly, Adjusted Field EBITDA margin increased significantly by 320 basis points to 35.4%.

The period also included strategic expansions, notably the acquisition of Crippin Funeral Home and associated properties, expected to contribute significantly to future EBITDA. Moreover, the company's Board of Directors authorized an issuance of 500 thousand shares under its dividend reinvestment plan, pending TSX approval. Park Lawn is set to discuss these results in more detail in their upcoming conference call on May 10, 2024.