FirstService Q2 Earnings Up

FirstService

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(RTTNews) - FirstService Corp. (FSV, FSV.TO), a provider of residential property management, on Thursday announced that net earnings attributable to the Company increased in the second quarter compared with the previous year.

For the second quarter, net earnings attributable to the Company increased to $46.10 million from $35.06 million last year.

Earnings per share were $1.01 versus $0.78 last year.

On the adjusted basis, net earnings increased to $77.86 million from $61.29 million in the previous year.

Adjusted earnings per share were $1.71 versus $2.63 last year.

Eight analysts, on average, had expected the company to report $1.46 per share. Analysts' estimates typically exclude special items.

Operating earnings climbed to $97.28 million from $83.94 million in the prior year.

Adjusted EBITDA jumped 19 percent to $157.13 million from $132.49 million in the previous year.

Revenue increased 9 percent to 1.42 billion from $1.30 billion in the prior year.

On Wednesday, FirstService Corp closed trading 0.61% lesser $243.06 Toronto Stock Exchange.