Firstservice Corp Stock Price, News & Analysis

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.