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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 announced the acquisition of Spectrum Restoration Services Ltd. and Trilink Restoration Services, LLC by its subsidiary, Global Restoration Holdings. This strategic move, aimed at expanding Global's commercial restoration capabilities, aligns with FirstService's growth strategy. With these acquisitions, Global further extends its geographic footprint and enhances service offerings in Alberta and Oklahoma. The operations will be rebranded under the name FIRST ONSITE starting March 29, 2021. This marks Global's ninth acquisition since mid-2019.
FirstService Corporation (TSX: FSV; NASDAQ: FSV) reported strong financial results for the fourth quarter and full year ended December 31, 2020. Q4 revenues reached $775.1 million, a 15% increase year-over-year. Adjusted EBITDA rose 25% to $79.9 million with adjusted EPS of $1.02, up 55%. For the full year, revenues totaled $2.77 billion, also a 15% increase. The company demonstrated resilience amid the pandemic, and CEO Scott Patterson emphasized organic growth as a key driver.
FirstService Corporation (TSX: FSV; NASDAQ: FSV) announced an 11% increase in its quarterly cash dividend, raising it to US$0.1825 per share, up from US$0.165. This marks the sixth consecutive year of at least 10% annual dividend growth since becoming a public company in 2015. The annualized dividend now totals US$0.73, reflecting the company's strong cash flow performance despite challenges like the COVID-19 pandemic. The dividend is payable on April 7, 2021 to shareholders on record as of March 31, 2021.
FirstService Corporation (FSV) will release its third-quarter financial results for the period ending September 30, 2020, on October 28, 2020, at 7:30 am ET. A conference call led by CEO D. Scott Patterson and CFO Jeremy Rakusin will provide further insights at 11:00 am ET the same day. Interested parties can join through a toll-free number or listen online via the FirstService website. The company, a leader in property services with annual revenues of US$2.4 billion, boasts about 24,000 employees across North America.
FirstService Corporation (NASDAQ: FSV) declared a quarterly cash dividend of US$0.165 per common share, payable on October 7, 2020, to shareholders of record as of September 30, 2020. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes. FirstService, a leader in North America’s outsourced property services sector with annual revenues of US$2.4 billion and about 24,000 employees, continues to demonstrate value creation for shareholders.
FirstService Corporation (FSV) announced a normal course issuer bid (NCIB) allowing the purchase of up to 3,100,000 common shares, representing 9.7% of its public float. The bid will run from August 26, 2020, to August 25, 2021. Shares will be bought at market prices, with daily limits of 16,651 shares except for block purchases. FirstService aims to use this opportunity to manage share dilution and believes the current market prices are attractive. This follows a previous NCIB that expired on August 25, 2020, with no shares purchased under that program.
FirstService Corporation (TSX: FSV; NASDAQ: FSV) reported Q2 2020 results with revenues of $621.6 million, marking an 8% increase year-over-year. Adjusted EBITDA rose 10% to $71.2 million, while Adjusted EPS fell to $0.86 from $1.12 in Q2 2019. GAAP Operating Earnings recorded $44.9 million, a significant recovery from a loss of $268.5 million last year due to a prior settlement. For the first half of 2020, revenues reached $1.26 billion, up 18%. CEO Scott Patterson emphasized resilience amid COVID-19 challenges, expressing a cautious outlook for the remainder of the year.
FirstService Corporation (FSV) has announced it will publish its financial results for the second quarter ended June 30, 2020, on July 23, 2020, at approximately 7:30 am ET. A conference call to discuss these results will occur on the same day at 11:00 am ET, hosted by CEO D. Scott Patterson and CFO Jeremy Rakusin. FirstService, a leader in property services, boasts US$2.4 billion in annual revenues and approximately 24,000 employees. The event can be accessed via a toll-free number or through their website's Investors section.
On July 2, 2020, Interstate Restoration announced the acquisition of Rolyn, enhancing its position as a leading independent emergency response and restoration service provider in North America. This acquisition adds Rolyn's nine operations centers and over 150 skilled employees to Interstate's network, significantly expanding its geographic reach and service capabilities, particularly in the healthcare sector. The financial terms of the acquisition remain undisclosed. Interstate, along with FirstOnSite, is now the second-largest independent restoration provider in the region.
FirstService Corporation (TSX: FSV; NASDAQ: FSV) announced a quarterly cash dividend of US$0.165 per Common Share, payable on July 7, 2020, to shareholders on record as of June 30, 2020. This dividend is classified as an "eligible dividend" for Canadian income tax purposes. FirstService operates in the outsourced property services sector, generating annual revenues of US$2.4 billion and employing around 24,000 people across North America. With a strong management team and significant insider ownership, the company is committed to delivering superior returns for shareholders.
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