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Highlights
- FirstService Corporation posts 27% revenue growth for Q4, driven by 10% organic growth.
- Adjusted EBITDA up 33%, signaling strong operational performance.
- Company sees 20% revenue increase for the full year, with a 7% rise in Adjusted EPS.
FirstService Corporation (TSX:FSV) today released its impressive financial results for the fourth quarter and full year ended December 31, 2024. The company delivered strong revenue growth, enhanced margins, and solid earnings performance. All figures are presented in US dollars.
In the fourth quarter of 2024, FirstService posted consolidated revenues of $1.37 billion, a 27% year-over-year increase. This includes 10% organic growth, showcasing the company’s ability to expand and perform within its core markets. The company’s Adjusted EBITDA for the quarter reached $137.9 million, up 33% compared to the same quarter in 2023. This growth is reflective of both higher revenues and improved operational efficiency. Adjusted EPS was $1.34, a 21% increase from the prior year quarter, further highlighting the company’s strong earnings trajectory. Operating earnings also saw a significant rise, totaling $89.6 million, compared to $48.1 million in Q4 2023. Diluted EPS for the quarter was $0.71 per share, a notable improvement from $0.14 per share in the year-ago period.
For the full year 2024, FirstService achieved consolidated revenues of $5.22 billion, marking a 20% increase compared to 2023. The company’s Adjusted EBITDA for the year reached $513.7 million, a 24% increase, and Adjusted EPS was $5.00, representing a 7% rise over the prior year. Operating earnings for the year were $337.5 million, compared to $244.9 million in 2023. Diluted earnings per share for 2024 was $2.97, up from $2.24 in the prior year, reflecting strong overall profitability.
Scott Patterson, CEO of FirstService Corporation, expressed satisfaction with the company’s performance, saying, “We are very pleased with how we closed out the year. Our teams were focused on driving healthy profitable growth, which is reflected in the strong top-line and improved margins. This momentum and continued operational execution reinforces our expectations for a strong 2025.”
The fourth-quarter results and full-year performance underscore FirstService's ability to deliver sustainable growth and profitability. The company's consistent organic growth, coupled with robust operational execution, sets a solid foundation for continued success in 2025.
As FirstService looks to the future, it remains confident in its ability to capitalize on its market position and drive further expansion in key sectors. With a strong balance sheet and an ongoing commitment to operational excellence, FirstService is well-positioned to deliver continued growth and value to its shareholders in the coming year.
