Stock Data
$2.96 (2.09%)
Asset Type
Common Stock
Exchange
NASDAQ
Currency
USD
Country
USA
Sector
REAL ESTATE
Industry
REAL ESTATE SERVICES
FirstService Corp is a leader in providing essential services for residential and commercial properties across the United States and Canada. With a focus on property management and specialized services, it operates through two main segments: FirstService Residential and FirstService Brands. FirstService Residential caters to various types of residential communities, offering everything from property management to financial and energy management services. Meanwhile, FirstService Brands delivers a suite of property services through franchises and company-owned operations, including restoration, painting, custom closet solutions, and more, under well-known brand names. Founded in 1989, FirstService is headquartered in Toronto, Canada.
FirstService stumbled in Q3 as its roofing division contracted 3% organically and margin pressures bit into home services, leaving both earnings and revenue below expectations. The residential property management segment's 5% growth could not offset weakness elsewhere, sending shares lower on the miss.
FirstService beat earnings but whiffed on revenue as a 5% organic growth surge in residential services was drowned out by a 3% contraction in its roofing business, prompting management to guide for mid-single-digit growth in the back half as macroeconomic headwinds persist. A $248 million share buyback signals management conviction despite operating cash flow sliding 21% year over year.
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