- FirstService Corporation (TSX:FSV) posted a higher-than-expected revenue of US$ 831.6 million for the second quarter of 2021.
- The Canadian enterprise’s stock was up by about a per cent at the time of writing this (1.23PM EST) in the wake of this development.
- The S&P/TSX Capped Real Estate Index returned 23.6 per cent year-to-date (YTD).
FirstService Corporation’s (TSX:FSV) Q2 2021 financial results, released on Tuesday, July 27, posted a higher-than-expected revenue of US$ 831.6 million, up from US$ 621.6 million in Q2 2020.
The Canadian enterprise’s stock was up by about a per cent to C$ 229.5 apiece at the time of writing this (1.23PM EST) in the wake of this development.
The real estate services provider caters to North American residential and commercial customers through different brands like Service America and California Closets, among others.
In its latest earnings report, FirstService Corporation said that its GAAP earnings per share (EPS) in Q2 2021 stood at US$ 0.83, as compared to US$ 0.64 in the same comparable period last year. Its adjusted EBITDA increased to US$ 89.9 million in Q2 2021.
FirstService also achieved net earnings of US$ 44 million in the latest quarter, up from US$ 29.9 million in the second quarter of 2020. In addition, its cash and cash equivalents were worth US$ 176.6 million at the end of the period.
Real estate has outperformed many sectors in the past few months as the housing market boomed in Canada. Reflecting this boost, the S&P/TSX Capped Real Estate Index records a growth of 23.6 per cent year-to-date (YTD).
Priced at C$ 227.62 apiece at market close on Monday, July 26, FSV was among the top-performing real estate stocks on the TSX.
FirstService Corporation (TSX:FSV)
In terms of market capitalization, FirstService Corporation is among the largest companies tracked by the Real Estate Index. It presently has a market cap of about C$ 10 billion.
FSV stock scored a fresh 52-week high of C$ 233.98 per share last week, on July 22, and presently posts a one-month growth of about six per cent.
1-year chart of stock performance, RSI and moving average multiple of FirstService Corporation (Source: Refinitiv)
The real estate company claims to generate US$ 3 billion in annual revenues and employ 24,000 people across North America. Apart from the TSX, FirstService is also listed on the Nasdaq Stock Market, where it trades under the stock symbol of 'FSV'.
FirstService, at the moment, distributes a quarterly dividend of US$ 0.182 per unit to its shareholders.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view. The reference data in this article has been partly sourced from Refinitiv.