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TORONTO - FirstService Corporation (TSX:FSV) (NASDAQ:FSV), a North American property services leader with a market capitalization of $7.8 billion, announced the election of its director nominees at its annual shareholders’ meeting held virtually today. The eight directors listed in the management information circular from February 12, 2025, will serve until the next annual meeting.
The election saw shareholders cast their votes with the majority in favor of the nominees. Yousry Bissada and Elizabeth Carducci received 98.814% of votes for their election, while the nominee with the lowest percentage of votes for, Jay S. Hennick, still garnered 89.257% support. The detailed voting results indicated a solid endorsement of the board’s composition, with all nominees receiving a significant majority of votes for their election.
In addition to the director elections, shareholders approved the appointment of PricewaterhouseCoopers LLP as the company’s auditor for the upcoming year. A non-binding advisory resolution on the company’s executive compensation approach was also passed, as outlined in the February circular.
FirstService, which operates through FirstService Residential and FirstService Brands, reported annual revenues exceeding US$5.2 billion and employs around 30,000 people across North America. The company attributes its success to significant insider ownership and a seasoned management team, emphasizing a consistent track record of delivering shareholder value. InvestingPro analysis reveals the company has maintained strong financial health, with a 22.22% dividend growth and consistent dividend increases for the past decade.
The common shares of FirstService are traded on both the NASDAQ and the Toronto Stock Exchange under the ticker "FSV" and are a component of the S&P/TSX 60 Index. The company focuses on the residential community management sector and essential property services through its branded operations and franchise systems.
This report is based on a press release statement from FirstService Corporation.
In other recent news, FirstService Corporation reported fourth quarter earnings that exceeded analyst expectations, with revenue increasing by 27% year-over-year. The company posted adjusted earnings per share of $1.34, surpassing the consensus estimate of $1.37. Revenue reached $1.37 billion, exceeding analyst projections of $1.32 billion. This growth was largely driven by a 45% increase in the FirstService Brands segment, which reached $844.1 million, attributed to increased weather events and large-loss claims activity. The FirstService Residential segment experienced a more modest growth of 5%, totaling $521.3 million. For the full year 2024, FirstService’s revenue was $5.22 billion, marking a 20% increase from 2023, with adjusted earnings per share rising 7% to $5.00. CEO Scott Patterson highlighted the company’s focus on profitable growth and improved margins. These developments indicate a strong performance for FirstService as it moves into 2025.
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