FirstService Earnings Calls

Q4 2024 Missed
$1.34 (-2.19%)
Release date Feb 05, 2025
EPS estimate $1.37
EPS actual $1.34
EPS Surprise -2.19%
Revenue estimate 1.3B
Revenue actual 1.355B
Revenue Surprise 4.25%
Q3 2024 Beat
$1.63 (14.79%)
Release date Oct 24, 2024
EPS estimate $1.42
EPS actual $1.63
EPS Surprise 14.79%
Revenue estimate 1.302B
Revenue actual 1.407B
Revenue Surprise 8.08%
Q2 2024 Beat
$1.36 (7.94%)
Release date Jul 25, 2024
EPS estimate $1.26
EPS actual $1.36
EPS Surprise 7.94%
Revenue estimate 1.278B
Revenue actual 1.297B
Revenue Surprise 1.54%
Q1 2024 Beat
$0.670 (1.52%)
Release date Apr 24, 2024
EPS estimate $0.660
EPS actual $0.670
EPS Surprise 1.52%
Revenue estimate 1.127B
Revenue actual 1.153B
Revenue Surprise 2.29%

Last 4 Quarters for FirstService

Below you can see how FSV performed 4 days prior and 4 days after releasing the earnings report. Also, you can see the pre-estimates and the actual earnings. This information can give you a slight idea of what you might expect for the next quarter's release.

Q1 2024 Beat
Release date Apr 24, 2024
Fiscal end date Mar 31, 2024
Price on release $154.79
EPS estimate $0.660
EPS actual $0.670
EPS surprise 1.52%
Date Price
Apr 18, 2024 $149.40
Apr 19, 2024 $149.38
Apr 22, 2024 $152.13
Apr 23, 2024 $153.27
Apr 24, 2024 $154.79
Apr 25, 2024 $151.62
Apr 26, 2024 $149.80
Apr 29, 2024 $149.18
Apr 30, 2024 $147.00
4 days before 3.61%
4 days after -5.03%
On release day -2.05%
Change in period -1.61%
Q2 2024 Beat
Release date Jul 25, 2024
Fiscal end date Jun 30, 2024
Price on release $174.37
EPS estimate $1.26
EPS actual $1.36
EPS surprise 7.94%
Date Price
Jul 19, 2024 $164.07
Jul 22, 2024 $166.02
Jul 23, 2024 $166.32
Jul 24, 2024 $163.74
Jul 25, 2024 $174.37
Jul 26, 2024 $175.63
Jul 29, 2024 $174.83
Jul 30, 2024 $175.52
Jul 31, 2024 $174.56
4 days before 6.28%
4 days after 0.109%
On release day 0.723%
Change in period 6.39%
Q3 2024 Beat
Release date Oct 24, 2024
Fiscal end date Sep 30, 2024
Price on release $189.65
EPS estimate $1.42
EPS actual $1.63
EPS surprise 14.79%
Date Price
Oct 18, 2024 $186.98
Oct 21, 2024 $185.09
Oct 22, 2024 $183.31
Oct 23, 2024 $184.54
Oct 24, 2024 $189.65
Oct 25, 2024 $189.69
Oct 28, 2024 $188.33
Oct 29, 2024 $190.85
Oct 30, 2024 $188.16
4 days before 1.43%
4 days after -0.786%
On release day 0.0211%
Change in period 0.631%
Q4 2024 Missed
Release date Feb 05, 2025
Fiscal end date Dec 30, 2024
Price on release $173.94
EPS estimate $1.37
EPS actual $1.34
EPS surprise -2.19%
Date Price
Jan 30, 2025 $184.18
Jan 31, 2025 $181.87
Feb 03, 2025 $180.40
Feb 04, 2025 $181.65
Feb 05, 2025 $173.94
Feb 06, 2025 $171.43
Feb 07, 2025 $173.03
Feb 10, 2025 $177.00
Feb 11, 2025 $174.10
4 days before -5.56%
4 days after 0.0920%
On release day -1.44%
Change in period -5.47%

FirstService Earnings Call Transcript Summary of Q4 2024

Consolidated revenues reached $1.37 billion in Q4 (up 27%), with EBITDA at $137.9 million (up 33%). Annual revenues for 2024 totaled $5.22 billion (up 20%), with organic growth of 4% and adjusted EBITDA of $513.7 million (up 24%). Adjusted EPS for Q4 increased 21% to $1.34, while full-year adjusted EPS rose 7% to $5.00.

Division Highlights

  • FirstService Residential:
    • Q4 revenues increased by 5%, with organic growth at 3%. Annual growth for 2024 was 5% organic.
    • Budgetary pressures stem from rising costs, particularly insurance premiums and reserve requirements, impacting management contracts.
    • Anticipated organic growth in the low single-digit range for the first half of 2025, recovering as communities address financial challenges.
  • FirstService Brands:
    • Q4 revenues surged 45% driven by Roofing Corp of America acquisition and strong restoration results, with organic growth at 16%.
    • Restoration segment saw significant contributions from hurricanes Helene and Milton.
    • Expected mid-single-digit growth for restoration in Q1, factoring in backlog from previous storm damage.
  • Roofing Corp of America:
    • Positive first full year post-acquisition, with continued growth prospects.
    • Anticipated Q1 revenue increase of 50% due to integration of new contractors.

Market Outlook and Guidance

  • 2025 expected to yield high single-digit top-line growth, with organic growth anticipated in the range of 4-5% across divisions.
  • The first half of 2025 is projected to outperform due to recent acquisitions, while the second half is expected to revert to mid-single-digit growth.
  • Margins for the brands division are projected to be modestly up, while FirstService Residential margins are expected to remain stable.

Cost Dynamics and Strategic Considerations

  • Projected cost increases due to tariffs are expected to have a limited impact, with a robust ability to pass costs through to consumers.
  • Increasing homeowner self-insurance trends are recognized, necessitating heightened brand awareness in high-risk areas.
  • Acquisition strategy remains focused on roofing opportunities, with continued exploration across all segments as market consolidation accelerates.

Capital Deployment and Dividends

  • $285 million in cash flow from operations for 2024, with over $300 million allocated for growth, primarily towards acquisitions.
  • A 10% dividend increase announced, raising it to $1.10 per share, highlighting sustainable cash generation and growth.

Key Risks and Considerations

  • Ongoing budgetary pressures might temporarily hinder FirstService Residential's growth, though a recovery in the second half of the year is anticipated.
  • Uncertainties around storm recovery timelines and reconstruction backlog may complicate short-term forecasting.
  • Interest rate environments and currency fluctuations remain risks impacting EPS growth.

Conclusion

FirstService Corporation has exhibited robust growth in Q4 and for the year overall, driven by strategic acquisitions and strong performance across its brands and residential divisions. While challenges remain in terms of cost pressures and market dynamics, the outlook suggests continued momentum in growth and operational effectiveness. Investors should monitor the company's implementation of its strategic initiatives, especially in the roofing sector and impacts from the evolving insurance landscape.

FirstService Earnings History

Earnings Calendar

FAQ

When is the earnings report for FSV?
FirstService Corporation (FSV) has scheduled its earnings report for Apr 23, 2025 before the markets open.

What is the FSV price-to-earnings (P/E) ratio?
FSV P/E ratio as of Feb 12, 2025 (TTM) is 73.72.

What is the FSV EPS forecast?
The forecasted EPS (Earnings Per Share) for FirstService Corporation (FSV) for the first fiscal quarter 2025 is $0.84.

What are FirstService Corporation's retained earnings?
On its balance sheet, FirstService Corporation reported retained earnings of $1.36 billion for the latest quarter ending Dec 30, 2024.

What Is an Earnings Report?
An earnings report is usually issued quarterly (Q1, Q2, Q3 & Q4) by public companies to report their performance. Earnings reports typically include net income, earnings per share, earnings from continuing operations, and net sales. Looking at the earnings report investors can start gauge the financial health of the company and make even better decisions whether to buy, sell, or stay in the company. Fundamental analysts and value investors will typically hunt for stocks that continue to show good financial ratios and use a decline as an exit point. One of the most anticipated numbers for analysis is earnings per share because it indicates how much the company earned for its shareholders. The report will also indicate a possible dividend.

Earnings Report Content
Earnings reports generally provide an update of all three financial statements, including the income statement, the balance sheet, and the cash flow statement. These figures are typically measured against previous quarters/years. Furthermore, the earnings report usually includes a summary and analysis from the CEO or company spokesman, alongside a more general view of the financials and future forecast.

What To Know About Earnings Reports?
Announcement of earnings for a stock, particularly for well followed large-capitalization stocks, can move the market. Stock prices can fluctuate wildly on days when the quarterly earnings report is released. Despite good reports, stocks may very well fall if the investors were expecting more or they believe the next quarter will not be as good. Investors always try to be ahead of the market and future earnings/losses are often discounted into the current price of the stock. It is natural for stocks to start to move in either direction a few days before the release of an earnings report.
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ABOUT FIRSTSERVICE CORPORATION
FirstService Corporation, together with its subsidiaries, provides residential property management and other essential property services to residential and commercial customers in the United States and Canada. The company operates in two segments, FirstService Residential and FirstService Brands. The FirstService Residential segment offers property management services for private residential communities, such as condominiums, co-operatives, homeo...
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