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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) announced an 11% increase in its quarterly cash dividend, raising it from US$0.2025 to US$0.225 per share. This dividend, payable on April 11, 2023, reflects the company's strong financial performance and commitment to returning value to shareholders, marking the eighth consecutive year of at least 10% annual dividend growth, doubling the dividend over this period. The annualized dividend now stands at US$0.90 compared to US$0.81 previously. FirstService operates in the property services sector with revenues exceeding $3.5 billion and approximately 25,000 employees.
FirstService Corporation (FSV) will release its fourth-quarter financial results for 2022 on February 7, 2023, at 7:30 am ET. Following the release, a conference call will be held at 11:00 am ET, led by CEO D. Scott Patterson and CFO Jeremy Rakusin. The call will be available via webcast on the company’s website, and participants can register in advance for dial-in details. FirstService is a leading North American property services provider, generating over US$3.5 billion in annual revenues and employing approximately 25,000 individuals across the region.
FirstService Corporation announced the acquisition of Charles H. Greenthal and Tudor Realty Services as part of its expansion strategy in the North American property management sector. Greenthal, established in 1958, manages over 250 residential properties in the New York metropolitan area. Tudor, founded in 1990, specializes in managing nearly 100 cooperative and condominium properties. With these acquisitions, FirstService aims to strengthen its market position in New York, which is a key growth area for the company.
FirstService Corporation (FSV) has expanded its operations through three key acquisitions. First Onsite Restoration acquired Emergency Restoration in New Orleans, enhancing its emergency water mitigation services in a weather-prone region. Paul Davis Restoration has integrated a significant franchise operation in Salt Lake City and Las Vegas, promoting its growth strategy. Additionally, California Closets has gained a franchised territory in Portland, Oregon, indicating potential for market growth. These moves align with FirstService's objective of augmenting capabilities and geographic reach.
FirstService Corporation (FSV) announced a quarterly cash dividend of US$0.2025 per Common Share, payable on January 6, 2023. Shareholders on record by December 30, 2022 will receive this eligible dividend, which is beneficial for Canadian tax purposes. FirstService is a leader in property services, generating over $3.5 billion in annual revenues and employing around 25,000 people across North America. The company focuses on creating value for shareholders and is included in the S&P/TSX 60 index.
FirstService Corporation (FSV) reported strong Q3 2022 results, with revenues of $960.5 million, up 13% year-over-year, marking 8% organic growth. Adjusted EBITDA rose 1% to $95.5 million, while adjusted EPS decreased to $1.17 from $1.50. For the nine months ending September 30, revenues reached $2.73 billion, a 14% increase. Despite growth, GAAP EPS fell to $0.77 from $1.03 year-over-year. CEO Scott Patterson noted consistent top-line strength across divisions.
FirstService Corporation (FSV) has completed three tuck-under acquisitions in its property restoration sector, enhancing its geographic reach and service capabilities. The acquisitions include two commercial restoration firms for the First Onsite Restoration platform and a franchise of Paul Davis Restoration. These moves strengthen FirstService's presence in key markets across North America, particularly in the Southeast U.S. and Southern Ontario. CEO Scott Patterson highlighted the strategic importance of these additions for future growth.
FirstService Corporation (FSV) announced the release of its third-quarter financial results for the period ending September 30, 2022. The results will be disclosed via press release on October 26, 2022, at approximately 7:30 am ET. A conference call to discuss these results will follow at 11:00 am ET, hosted by CEO D. Scott Patterson and CFO Jeremy Rakusin, and will be available through a live webcast. With over US$3.4 billion in annual revenues and around 25,000 employees, FirstService is a leading North American property services provider.
FirstService Corporation announced the initiation of two new revolving, uncommitted financing facilities totaling US$450 million for future private placement issuances of senior unsecured notes.
The Facilities have a term of three years ending on September 29, 2025, allowing FirstService to issue incremental Note tranches. Initially, US$60 million of 4.53% Notes were issued to New York Life. The proceeds will primarily support working capital, corporate purposes, and future acquisitions while maintaining robust liquidity.
On September 13, 2022, FirstService Corporation (TSX: FSV; NASDAQ: FSV) announced a quarterly cash dividend of US$0.2025 per common share, payable on October 7, 2022, to shareholders of record as of September 30, 2022. This dividend qualifies as an "eligible dividend" for Canadian income tax purposes. FirstService generates over $3.4 billion in annual revenue and employs around 25,000 people across North America, focusing on property services through its leading platforms, FirstService Residential and FirstService Brands.
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