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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 has announced the acquisition of Chesapeake Sprinkler Company by its subsidiary, Century Fire Protection, enhancing its presence in the Mid-Atlantic U.S. region. Chesapeake, founded in 1978, is a leading fire protection service provider in Baltimore and Washington, D.C., known for its installation, inspection, and maintenance services. CEO Scott Tutterow emphasized the strategic importance of this acquisition for growth and expanding their geographic footprint. The transaction terms remain undisclosed, but it reflects FirstService's commitment to value creation and market expansion.
FirstService Corporation announced five acquisitions to enhance its property restoration operations. This includes four commercial firms under First Onsite Restoration and one residential provider under Paul Davis Restoration. The acquisitions strengthen FirstService's geographic coverage in North America, notably in markets like the Washington D.C. area, Seattle, Kauai, and southern Wisconsin. These strategic moves aim to boost operational excellence and expand service capabilities, ultimately benefiting national and regional commercial clients.
FirstService Corporation (TSX: FSV; NASDAQ: FSV) has declared a quarterly cash dividend of US$0.1825 per common share, payable on January 7, 2022. Shareholders on record as of December 31, 2021 will receive this dividend, which qualifies as an "eligible dividend" for Canadian tax purposes. FirstService is a leader in outsourced property services, generating over US$3.1 billion in annual revenues with about 24,000 employees. The company is included in the S&P/TSX 60 Index.
FirstService Corporation (TSX: FSV; NASDAQ: FSV) reported robust financial results for Q3 2021, with revenues hitting $849.4 million, a 14% increase year-over-year, bolstered by 8% organic growth. Adjusted EBITDA rose to $94.2 million, while adjusted EPS increased by 26% to $1.50. For the nine months ending September 30, revenues surged 20% to $2.39 billion, with adjusted EPS up 38% to $3.36. Despite challenges from labor constraints, demand indicators remain promising, allowing management optimism moving forward.
FirstService Corporation (FSV) will announce its financial results for Q3 2021 on October 26, 2021, at 7:30 am ET. A conference call led by CEO D. Scott Patterson and CFO Jeremy Rakusin will occur at 11:00 am ET the same day, with dial-in details provided. The call will be accessible via their website and available for rebroadcast for 90 days. FirstService, a leader in the property services sector, generates over $3 billion in revenue annually and has around 24,000 employees across North America.
FirstService Corporation announced the acquisition of the Condominium Association Management Division of Atlantic | Pacific Companies (APAM). This strategic move enhances FirstService Residential's position in the South Florida market, where APAM manages over 20,000 condominium units across roughly 100 properties. CEO David Diestel emphasized that this acquisition bolsters their market share and resources, strengthening their brand and service capabilities. FirstService Corporation generates over $3 billion in annual revenues and employs around 24,000 staff across North America.
FirstService Corporation (TSX: FSV; NASDAQ: FSV) has declared a quarterly cash dividend of US$0.1825 per share on its Common shares. This dividend is payable on October 7, 2021, to shareholders on record as of the close of business on September 30, 2021. The dividend qualifies as an 'eligible dividend' for Canadian tax purposes. FirstService is a leading provider in the property services sector, generating over $3.0 billion in annual revenues with around 24,000 employees across North America.
FirstService Corporation announced the acquisition of Insurance Restoration Specialists (IRS), enhancing its restoration services in the New York City metropolitan area. Founded in 1985, IRS is a leading commercial restoration provider in New Jersey and surrounding regions, specializing in environmental remediation and facility infection control. This acquisition follows FirstService's purchase of Maxons Restorations and aims to strengthen its operational capabilities and customer base in the Tri-State region. FirstService generates over $3.0 billion in annual revenues.
FirstService Corporation (TSX and NASDAQ: FSV) has announced the acquisition of Complete DKI and Moore Restoration, enhancing its subsidiary First Onsite Property Restoration. Complete, based in Florida, specializes in disaster restoration, while Moore is recognized for its commercial restoration services in Indiana. These acquisitions aim to improve operational excellence and geographic coverage, allowing for a quicker response to client needs. The financial details of these transactions remain undisclosed, but the move reinforces First Onsite’s strategic growth in key regions.
FirstService Corporation (FSV) announced on August 17, 2021, that the Toronto Stock Exchange accepted its notice for a normal course issuer bid (NCIB). This allows FirstService to repurchase up to 1,600,000 shares, representing 5% of its public float, within a 12-month period starting August 26, 2021. The NCIB aims to manage share dilution and utilize corporate funds efficiently. During the previous NCIB, no shares were repurchased. FirstService, a leading property services provider, generates over $3 billion in annual revenues and has approximately 24,000 employees.
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