Welcome to our dedicated page for Firstservice news (Ticker: FSV), a resource for investors and traders seeking the latest updates and insights on Firstservice stock.
FirstService Corporation (NASDAQ: FSV) is a leading provider of residential property services in the United States and Canada. The company operates through two main segments: FirstService Residential and FirstService Brands. Established to deliver exceptional property management solutions, FirstService Corporation is dedicated to enhancing the residential living experience through its comprehensive range of services.
The FirstService Residential segment specializes in property management for private residential communities. This includes condominiums, co-operatives, homeowner associations, master-planned communities, active adult and lifestyle communities, and various other residential developments. The segment also offers a range of ancillary services such as building engineering and maintenance, swimming pool and amenity management, security, and concierge services. Additionally, FirstService Residential provides financial services, including cash management, banking transactions, specialized property insurance brokerage, energy management solutions, and advisory services.
The FirstService Brands segment is known for generating most of the company’s revenue. It offers property services to residential and commercial customers through well-recognized brands like California Closets, Paul Davis Restoration, CertaPro Painters, Pillar to Post, Floor Coverings International, College Pro Painters, and Service America. These brands are instrumental in providing customized solutions ranging from home improvement to emergency restoration services.
FirstService Corporation's recent acquisition of Roofing Corporation of America highlights its commitment to expanding its service offerings and enhancing its market presence. Roofing Corp. is a full-service provider of commercial, industrial, and residential roofing services, including replacements, repairs, new installations, and preventative maintenance. This strategic acquisition supports FirstService's growth strategy and positions the company as a leading player in the roofing industry.
Financially, FirstService Corporation continues to demonstrate robust performance with double-digit revenue growth across both divisions. The company remains focused on strategic acquisitions and organic growth to drive its expansion and deliver enhanced value to its shareholders. With a strong foundation and a diversified service portfolio, FirstService Corporation is well-positioned to meet the evolving needs of its clients and capitalize on new market opportunities.
FirstService (FSV) has announced the expansion and extension of its unsecured revolving credit facility to US$1.75 billion, up from US$1.25 billion, with a new five-year term maturing in February 2030. The facility includes an option to increase by an additional US$250 million under the same terms.
The credit facility, which was substantially oversubscribed by a syndicate of 11 banks led by The Toronto-Dominion Bank, will be used for working capital, general corporate purposes, and funding future tuck-under acquisitions. Combined with US$185 million in outstanding private long-term senior notes, this financing maintains FirstService's strong, investment-grade balance sheet.
FirstService generates over US$5.2 billion in annual revenues and employs approximately 30,000 people across North America through its two main platforms: FirstService Residential and FirstService Brands.
Floor Coverings International (FCI) announces that Toby and Amy Tabor, owners of FCI Vancouver-Portland, have been named 2024 Franchisees of the Year by the International Franchise Association (IFA). The couple, who have owned their franchise for 20 years, were recognized at the 65th IFA Annual Convention in Las Vegas for their outstanding performance and contributions to the franchise business model.
The Tabors were among the first FCI franchisees to hire external sales teams and explore new technologies. Their franchise has demonstrated significant success, contributing to FCI's impressive performance metrics. The company reports that its top 50% of operators generated $1.6 million in average revenue in 2023, while the top 10% achieved $3.3 million in average unit volume.
FCI operates through a unique business model featuring mobile flooring showrooms, with total investment costs ranging from $154,400 to $341,000. The company is currently offering franchise opportunities across hundreds of prime territories.
NANO Nuclear Energy (NASDAQ: NNE) has partnered with aRobotics Company for a multimillion-dollar project to build out its demonstration facility in Westchester County, New York. aRobotics will oversee the facility's retrofitting and manage the construction of non-nuclear elements for NANO Nuclear's four reactors in development: ZEUS, ODIN, LOKI MMR, and KRONOS MMR.
The agreement includes developing custom sensors and equipment for demonstration components, and supporting NANO Nuclear's SBIR Phase III project for its Annular Linear Induction Pump (ALIP) technology. aRobotics brings significant experience from its work with the Department of Defense and defense prime contractors, along with multiple honors including the NATO DIANA Challenge and nearly 20 SBIR awards.
FirstService (FSV) reported strong financial results for Q4 and full year 2024. Q4 revenues increased 27% to $1.37 billion, including 10% organic growth. Q4 Adjusted EBITDA rose 33% to $137.9 million, while Adjusted EPS grew 21% to $1.34.
For full year 2024, consolidated revenues reached $5.22 billion, up 20% from 2023. Adjusted EBITDA increased 24% to $513.7 million, and Adjusted EPS grew 7% to $5.00. The FirstService Residential segment generated revenues of $521.3 million in Q4, up 5%, while FirstService Brands recorded revenues of $844.1 million, up 45%.
The company's performance was driven by contract wins in high-rise markets, increased weather events and large-loss claims activity in restoration operations, and contribution from the Roofing Corp of America acquisition.
FirstService (FSV) has announced a 10% increase in its quarterly cash dividend, raising it from US$0.25 to US$0.275 per Common Share. The dividend will be payable on April 7, 2025, to shareholders of record as of March 31, 2025. This increase brings the annualized dividend to US$1.10, up from US$1.00 in the previous year.
This marks FirstService's tenth consecutive year of achieving at least 10% annual dividend growth, reflecting the company's strong earnings and free cash flow performance. The company, which generates over US$4.9 billion in annual revenues and employs approximately 30,000 people across North America, operates through two main platforms: FirstService Residential and FirstService Brands.
FirstService (TSX and NASDAQ: FSV) has scheduled the release of its fourth quarter and annual financial results for the fiscal year 2024 on February 5, 2025, at approximately 7:30 am ET. The company will host a conference call at 11:00 am ET on the same day to review the results, led by CEO D. Scott Patterson and CFO Jeremy Rakusin.
The call will be webcast live on FirstService's website, with participants able to register for dial-in access or join in listen-only mode. A replay of the webcast will be available in the 'Investors' section under 'Newsroom' following the call.
The Amenity Collective has acquired Advantage Sport & Fitness, positioning itself as North America's largest fitness equipment distributor and servicer. The strategic acquisition partners Advantage Sport & Fitness with LIVunLtd, expanding their market reach and distribution capabilities.
Advantage Sport & Fitness, established in 1987 in Ithaca, NY, is known for exclusive distribution of Precor Fitness Equipment on the U.S. East Coast and partnerships with brands like Peloton, Escape Fitness, and Power Lift. The company recently expanded into Mid-Atlantic and New England regions and opened a new 51,000-square-foot warehouse in Greenville, South Carolina.
FirstService (TSX: FSV; NASDAQ: FSV) has announced a quarterly cash dividend of US$0.25 per Common Share, payable on January 7, 2025, to shareholders of record as of December 31, 2024. The dividend qualifies as an 'eligible dividend' for Canadian tax purposes.
FirstService is a North American leader in property services operating through two main platforms: FirstService Residential, North America's largest residential community manager, and FirstService Brands, a major provider of essential property services. The company generates over $4.9 billion in annual revenues and employs approximately 30,000 people across North America.
FirstService (FSV) reported strong Q3 2024 results with consolidated revenues of $1.40 billion, up 25% year-over-year. Adjusted EBITDA increased 43% to $160.0 million, while Adjusted EPS rose 30% to $1.63. The FirstService Residential segment saw 4% revenue growth to $559.6 million, while FirstService Brands segment revenues grew 44% to $836.5 million, driven by robust restoration operations and the addition of Roofing Corp of America. The company's nine-month consolidated revenues reached $3.85 billion, an 18% increase from the prior year period.
FirstService (TSX and NASDAQ: FSV) has announced the release date for its third quarter financial results. The results, covering the period ended September 30, 2024, will be disclosed via press release on Thursday, October 24, 2024, at approximately 7:30 am ET.
Following the release, a conference call to review the financial results is scheduled for 11:00 am ET on the same day. The call will be hosted by D. Scott Patterson, CEO, and Jeremy Rakusin, CFO. Interested parties can participate in the call by registering online to receive dial-in information or join the webcast in listen-only mode. A replay of the webcast will be available in the 'Investors' section of the company's website after the call.
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