Shares of Carriage Services Inc. were trading 21% lower at $25.23 on Thursday after the funeral services company reported a decline in sales as the pace of pandemic-related deaths slows.
Shares on Thursday reached an intraday low of $23.65, a level last seen Oct. 28, 2020, when trading hit a low of $23.60, according to FactSet.
The company said Wednesday that revenue for the period fell 7.9% to $87.5 million, and funeral same-store revenue fell 11%. Same-store cemetery revenue declined 5.8%.
Volumes of deaths have normalized from the height of the pandemic, the company said, which accelerated to its highest drop in September. Still, Carriage said its funeral same-store contracts reflected a 14% growth in volume from the third quarter in 2019, before the pandemic hit.
Net income fell to $5.86 million, or 38 cents per share, in the recent period, from $13 million, or 71 cents per share a year ago. Adjusted per-share earnings were 45 cents.
Shares have traded 61% lower for the year.