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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 Corporation (TSX: FSV; NASDAQ: FSV) reported a strong financial performance for Q1 2023, achieving revenues of $1.02 billion, a 22% increase from Q1 2022. Notably, organic growth contributed 17% to this increase. The company recorded an Adjusted EBITDA of $82.1 million, up 32%, and an Adjusted EPS of $0.85, reflecting a 16% growth year-over-year. GAAP Operating Earnings also rose to $41.0 million from $29.0 million. FirstService Residential reported revenues of $445.6 million, a 13% increase, while FirstService Brands saw a significant 30% rise in revenues to $572.9 million, driven largely by organic growth and tuck-under acquisitions. The company maintained a positive outlook for 2023, with CEO Scott Patterson highlighting strong early momentum across their brands.
On April 6, 2023, FirstService Corporation (FSV) held its annual shareholder meeting, where all eight director nominees from the management information circular dated February 27 were successfully elected. Voting Results:
- Yousry Bissada: 90.31% votes for
- Elizabeth Carducci: 99.90% votes for
- Steve H. Grimshaw: 90.21% votes for
- Jay S. Hennick: 89.89% votes for
- D. Scott Patterson: 99.84% votes for
- Frederick F. Reichheld: 90.95% votes for
- Joan Eloise Sproul: 99.03% votes for
- Erin J. Wallace: 75.38% votes for
Shareholders also approved PricewaterhouseCoopers LLP as the auditor, amendments to the stock option plan, and an advisory resolution on executive compensation. FirstService generates over $3.7 billion in annual revenue and employs approximately 27,000 people.
FirstService Corporation (FSV) has announced its Annual and Special Meeting of Shareholders scheduled for April 6, 2023, at 11:00 a.m. ET, which will be webcast live. Additionally, the company will release its Q1 2023 financial results on April 26, 2023, at 7:30 a.m. ET, followed by a conference call at 11:00 a.m. ET, featuring insights from CEO D. Scott Patterson and CFO Jeremy Rakusin. FirstService is a leader in property services in North America, generating over $3.7 billion in annual revenues and employing approximately 27,000 individuals. The company's shares are traded on NASDAQ and the Toronto Stock Exchange under the symbol FSV.
FirstService Corporation (FSV) has announced the acquisition of a franchised operation of Paul Davis Restoration in Houston, Raleigh, and Nashville. This strategic move expands FirstService's company-owned operations to 15 across North America, enhancing service capabilities in these populous regions. The acquired franchises represent a significant player in the restoration services sector, backed by a management team that retains equity interest. The transaction supports FirstService's growth strategy, aimed at strengthening ties with insurance carriers. As part of a larger network of 330 locations, it positions the company for increased market penetration.
FirstService Corporation (FSV) reported strong financial results for Q4 and the full year ended December 31, 2022. Revenues reached $1.02 billion in Q4, a 19% year-over-year increase, driven by 15% organic growth. Adjusted EBITDA for Q4 rose to $102.5 million, up 23%, while GAAP diluted EPS was $0.86, compared to $0.70 in the same quarter last year. For the full year, revenues totaled $3.75 billion, a 15% increase, despite a slight decline in Adjusted EPS to $4.24. The company's CEO expressed confidence in maintaining healthy growth moving forward.
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