FirstService Corp. - CEO, Scott Patterson
CEO, Scott Patterson
Source: FirstService Corporation
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  • FirstService Corporation (FSV) has reported operating and financial results for its first quarter ended March 31, 2022. All amounts are in US dollars
  • Consolidated revenues for the first quarter were U$834.6 million, up 17 per cent relative to the same quarter in the prior year, including 10 per cent from organic growth
  • Consolidated revenues for the first quarter were $834.6 million, up 17 per cent relative to the same quarter in the prior year, including 10 per cent from organic growth
  • Adjusted EBITDA increased 4 per cent to $62.3 million, and adjusted EPS was $0.73, representing 11 per cent growth over the prior year quarter
  • FirstService Corporation is operates in the essential outsourced property services sector
  • The share price of FirstService Corporation was down 0.088 per cent, trading at $159.34 at the close of the market

FirstService Corporation (FSV) has reported operating and financial results for its first quarter ended March 31, 2022.

All amounts are in US dollars.

Consolidated revenues for the first quarter were $834.6 million, up 17 per cent relative to the same quarter in the prior year, including 10 per cent from organic growth.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 4 per cent to $62.3 million, and adjusted earnings per share (EPS) was $0.73, representing 11 per cent growth over the prior-year quarter.

Generally accepted accounting principles (GAAP) operating earnings were $29.0 million, relative to $33.9 million in the prior-year period. GAAP diluted earnings per share were $0.32 per share in the quarter, versus $0.50 in the same quarter a year ago.

“We are pleased to have opened the year with strong results, driven by top-line growth that exceeded our expectations,” stated Scott Patterson, Chief Executive Officer of FirstService.

“Our operations delivered very strong organic growth across the board reflecting market share gains and continued momentum with all of our brands,” he added.
FirstService Corporation is a North American leader in the essential outsourced property services sector, serving its customers through two industry-leading service platforms: FirstService Residential and FirstService Brands.

FirstService Residential revenues were $394.1 million for the first quarter, an increase of 12 per cent versus the prior year, including 7 per cent organic growth.

Adjusted EBITDA for the quarter was $30.4 million, up from $29.4 million in the prior-year period.

GAAP Operating Earnings were $23.4 million, versus $23.2 million in the first quarter of last year.

FirstService Brands revenues for the first quarter totalled $440.5 million, up 22 per cent relative to the prior-year period.

Corporate costs, as presented in adjusted EBITDA, were $4.2 million in the first quarter, relative to $3.0 million in the prior year period.

The share price of FirstService Corporation was down 0.088 per cent, trading at $159.34 at the close of the market.

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