FirstService Corporation Reports Strong Fourth Quarter and Full Year Results for 2024
TORONTO, Canada – FirstService Corporation (TSX: FSV, NASDAQ: FSV), a leading provider of essential property services, reported impressive financial results for the fourth quarter and full year ended December 31, 2024. All figures mentioned below are in US dollars.
Financial Highlights
The company’s strong performance is indicated by the following key financial metrics:
- Revenues: The three-month period ended December 31, 2024, recorded revenues of $1,365.3 million, a significant increase from $1,079.3 million in the same quarter of 2023. For the full year, revenues amounted to $5,216.9 million, up from $4,334.5 million in 2023.
- Adjusted EBITDA: The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the fourth quarter of 2024 was $137.9 million, a substantial improvement from $103.3 million in the same quarter of 2023. For the full year, adjusted EBITDA reached $513.7 million, compared to $415.7 million in 2023.
- Adjusted Earnings Per Share (EPS): The adjusted EPS for the fourth quarter of 2024 was $1.34, compared to $1.11 in the same quarter of 2023. For the full year, adjusted EPS stood at $5.00, up from $4.66 in 2023.
- GAAP Operating Earnings: GAAP operating earnings for the fourth quarter of 2024 were $89.6 million, compared to $48.1 million in the same quarter of 2023. For the full year, GAAP operating earnings amounted to $337.5 million, up from $244.9 million in 2023.
- GAAP Earnings Per Share: GAAP EPS for the fourth quarter of 2024 was $0.71, compared to $0.14 in the same quarter of 2023. For the full year, GAAP EPS was $2.97, up from $2.24 in 2023.
Impact on Individuals
FirstService Corporation’s strong financial performance could potentially lead to several positive outcomes for individuals:
- Shareholders: The company’s improved financials could result in increased shareholder value through higher dividends or stock buybacks.
- Employees: The company might offer better compensation packages, including higher salaries and improved benefits, as a result of its financial success.
- Customers: The enhanced financial position of FirstService Corporation may enable the company to invest more in research and development, leading to improved services and better customer experiences.
Impact on the World
The positive financial results of FirstService Corporation could have a ripple effect on the global economy:
- Employment: The company’s growth could lead to the creation of new jobs, both directly and indirectly, as it expands its operations and invests in its business.
- Economic Growth: The increased revenues and earnings of FirstService Corporation could contribute to overall economic growth by generating additional tax revenues and boosting consumer confidence.
- Innovation: The company’s investment in research and development could lead to new technologies and innovations in the property services industry, benefiting both the company and its customers.
Conclusion
FirstService Corporation’s strong fourth quarter and full year results for 2024 demonstrate the company’s resilience and growth potential. The positive financial outcomes could lead to numerous benefits for shareholders, employees, customers, and the global economy. As the company continues to innovate and expand, it is poised to make a significant impact in the property services industry and beyond.
The company’s financial success is a testament to its commitment to delivering essential property services, and its dedication to creating value for all its stakeholders. With a solid financial foundation in place, FirstService Corporation is well-positioned to face the challenges and opportunities that lie ahead.