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TORONTO - FirstService (TSX:CIGI) Corporation (NASDAQ:FSV) reported fourth quarter earnings that beat analyst expectations, as revenue surged 27% year-over-year driven by strong growth across its business segments.
The property services company posted adjusted earnings per share of $1.34 for the quarter, topping the consensus estimate of $1.37. Revenue jumped to $1.37 billion, exceeding analyst projections of $1.32 billion.
FirstService’s fourth quarter revenue growth was underpinned by a 45% increase in its FirstService Brands segment to $844.1 million. The company cited increased weather events and large-loss claims activity at its restoration operations as key drivers. Its FirstService Residential segment saw more modest 5% growth to $521.3 million.
"We are very pleased with how we closed out the year," said CEO Scott Patterson. "Our teams were focused on driving healthy profitable growth which is reflected in the strong top-line and improved margins."
For the full year 2024, FirstService reported revenue of $5.22 billion, up 20% from 2023. Adjusted earnings per share for the year came in at $5.00, a 7% increase.
Looking ahead, Patterson said the momentum and continued operational execution "reinforces our expectations for a strong 2025."
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