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Firstservice Corp T.FSV

Alternate Symbol(s):  FSV

FirstService Corporation is a provider of residential property management and other property services to residential and commercial customers. It operates through two segments: FirstService Residential and FirstService Brands. FirstService Residential segment provides a range of ancillary services primarily in the areas, such as on-site staffing, including building engineering and maintenance, full-service amenity management, security, concierge and front desk personnel, proprietary banking and insurance products, and energy conservation and management solutions. FirstService Brands segment provides a range of essential property services to residential and commercial customers in North America through franchise networks and Company-owned locations. The principal brands in this division include Paul Davis Restoration, First Onsite Property Restoration, California Closets, Century Fire Protection, CertaPro Painters, Pillar to Post Home Inspectors, and Floor Coverings International.

TSX:FSV - Post by User

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  • Betteryear2X
Post by Betteryear2on Oct 26, 2021 7:38am
Post# 34048480

Strong Third Quarter Results

Strong Third Quarter Results

TORONTO, Oct. 26, 2021 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX: FSV; NASDAQ: FSV) today reported strong results for its third quarter ended September 30, 2021. All amounts are in US dollars.

Consolidated revenues for the third quarter were $849.4 million, a 14% increase relative to the same quarter in the prior year, including 8% organic growth. Adjusted EBITDA (note 1) increased 6% to $94.2 million, and Adjusted EPS (note 2) was $1.50, representing 26% growth over the prior year quarter. During the third quarter, FirstService reported GAAP Operating Earnings of $61.5 million, up from $59.1 million in the prior year period. The GAAP diluted earnings per share was $1.03 in the quarter, compared to $0.75 for the same quarter a year ago.

For the nine months ended September 30, 2021, consolidated revenues were $2.39 billion, a 20% increase relative to the comparable prior year period, Adjusted EBITDA was $243.8 million, up 20%, and Adjusted EPS was $3.36, an increase of 38% versus the prior year period. FirstService’s GAAP Operating Earnings were $156.8 million in the current year period, versus $120.0 million in the prior year. The GAAP diluted earnings per share for the nine months year-to-date was $2.35, compared to $1.52 in the prior year period.

“We are pleased that all of our businesses contributed in delivering strong organic growth,” said Scott Patterson, Chief Executive Officer of FirstService. “This performance was particularly impressive, given the ongoing labour and resource constraints which limited our ability to drive further growth. Market demand indicators remain strong and provide us with confidence in navigating through the challenging macroeconomic environment,” he concluded.
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