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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) 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.
FirstService (TSX: FSV; NASDAQ: FSV) has declared a quarterly cash dividend of US$0.25 per Common Share, payable on October 7, 2024 to shareholders of record as of September 30, 2024. This dividend qualifies as an "eligible dividend" for Canadian tax purposes. FirstService is a North American leader in property services, operating through FirstService Residential and FirstService Brands. The company generates over $4.6 billion in annual revenues and employs approximately 30,000 people across North America. FirstService shares trade on NASDAQ and TSX under the symbol "FSV" and are included in the S&P/TSX 60 index.
FirstService (TSX and NASDAQ: FSV) has announced a new normal course issuer bid (NCIB) approved by the Toronto Stock Exchange. The company plans to repurchase up to 1,600,000 common shares, representing 4.0% of its public float, between August 26, 2024, and August 25, 2025. Purchases will be made through the TSX, alternative Canadian Trading Systems, and NASDAQ at market prices.
The daily purchase limit is set at 18,027 shares, excluding block purchases. All repurchased shares will be cancelled. As of August 12, 2024, FirstService had 45,016,289 outstanding common shares with a public float of 39,900,306 shares. The company may conduct these purchases to capitalize on attractive market prices or to mitigate the dilutive effect of stock options.
Floor Coverings International (FCI), North America's top flooring franchise, is enhancing its support team with six strategic hires to boost franchisee profitability. The company reported record-breaking performance in 2023, with the top 50% of operators generating $1.6 million in average revenue and the top 10% grossing $3.3 million in average unit volume. FCI has also launched a new customer experience-centric website to improve the customer journey.
The company's mid-year growth shows 40 new openings and 40 new franchisee signings in 2024, representing a 25% year-over-year increase. This puts FCI on track to reach its goal of awarding 100 new franchisees and achieving 300 units this year. The franchise opportunity continues to attract prospects with its low-cost investment range of $154,400 - $341,000 and strong revenue potential.
FirstService (TSX and NASDAQ: FSV) announced that its subsidiary, Century Fire Protection, has acquired Citadel Fire Sprinkler and Sentry Fire Protection. These tuck-under acquisitions aim to add scale and broaden Century's footprint in existing markets. Citadel, founded in 2013 and based in Birmingham, Alabama, provides fire sprinkler services in Alabama, Tennessee, and Mississippi. Sentry, established in 2008 and based in Asheboro, North Carolina, serves the north central region of North Carolina. Both companies' management teams will retain minority equity interests and continue overseeing operations. Scott Tutterow, CEO of Century, stated that these additions advance their strategy of enhancing scale in existing markets and filling geographic gaps adjacent to current operations.
FirstService (TSX: FSV; NASDAQ: FSV) reported strong financial results for Q2 2024. Consolidated revenues increased 16% to $1.30 billion, while Adjusted EBITDA grew 12% to $132.5 million. Adjusted EPS was $1.36, compared to $1.46 in Q2 2023. For the first six months of 2024, revenues rose 15% to $2.46 billion, with Adjusted EBITDA up 8% to $215.9 million.
The FirstService Residential segment saw 8% revenue growth, driven by new property management contracts. FirstService Brands revenues increased 23%, boosted by Century Fire Protection's growth and the Roofing Corp of America acquisition. However, organic growth in this division declined 6% due to milder weather impacting restoration operations.
FirstService will announce its Q2 2024 financial results on July 25, 2024.
The results will be available by press release at 7:30 am ET.
A conference call to review these results, hosted by CEO D. Scott Patterson and CFO Jeremy Rakusin, will be held at 11:00 am ET on the same day.
The call will be webcast live on FirstService's website, and participants can register to receive the dial-in number and unique PIN.
A replay of the webcast will be accessible on the company's website in the 'Investors' section after the call.
FirstService (TSX and NASDAQ: FSV) announced that its subsidiary, FirstService Residential, has acquired CitiScape Property Management Group, based in San Francisco. CitiScape, founded in 1999, is a leading community association management firm providing comprehensive property and project management services to high-rise condominiums and homeowner associations in the San Francisco metropolitan area. The acquisition reinforces FirstService Residential's market leadership in Northern California. CitiScape's existing executives will continue to manage daily operations. The financial terms of the acquisition were not disclosed.
Skyway Capital Markets announced the recapitalization of Crowther Roofing & Cooling, partnering with Roofing Corp of America, a subsidiary of FirstService (NASDAQ: FSV). Crowther, a leading roofing and HVAC contractor in Southwest Florida, will operate as a standalone entity. The leadership team of Crowther, including CEO Lee Scott Crowther, retains significant equity. This partnership aims to expand Crowther's capabilities and geographic presence. Roofing Corp of America's CEO, Randy Korach, emphasized the strategic importance of this partnership in the Florida roofing market. Skyway Capital served as the exclusive investment banker for this transaction.
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