Canada's FirstService Q3 results beat on new residential contract wins
FSV•FirstService's third-quarter revenue rose 6% year over year to $1.53 billion, beating the $1.49 billion consensus, while adjusted EPS increased 7% to $1.89, above estimates of $1.84. The company said it remains confident in achieving its previously communicated full-year targets.
1. Quarterly results
FirstService reported third-quarter revenue of $1.53 billion, up 6% year over year and above analyst expectations of $1.49 billion. Adjusted EPS rose 7% to $1.89, beating estimates of $1.84; reported EPS was $0.99.
2. Growth and outlook
The Residential division grew on new contract wins and expanded labor services. Growth from Restoration brands and Century Fire Protection was partly offset by reduced profitability in roofing operations, which weighed on Brands division margins. FirstService said it remains confident in meeting its previously communicated full-year performance targets despite macroeconomic challenges.
