The following is a summary of the FirstService Corporation (FSV) Q2 2024 Earnings Call Transcript:
Financial Performance:
FirstService reported total revenues of $1.3 billion in Q2 2024, up 16%, driven mainly by acquisitions such as Roofing Corp of America.
Adjusted EBITDA was $132.5 million, reflecting a 10.2% consolidated margin. A year-over-year debt increase due to higher interest rates and acquisitions resulted in a decrease in adjusted EPS from $1.46 in Q2 2023 to $1.36 in Q2 2024.
Business Progress:
Announced the acquisition of CitiScape, enhancing FirstService Residential's presence in Northern California.
Entered the Florida market with the addition of Crowther Roofing and Hamilton Roofing, boosting the company's roofing business.
Century Fire demonstrated robust organic growth, aligning with the company's expectations.
Opportunities:
Continued growth in Northern California through acquisitions like CitiScape, combined with stable conditions for high-rise and master-planned communities, offers revenue expansion potential.
Risks:
Mild weather conditions in Q2 led to a reduced demand for restoration services, impacting organic revenue.
Higher interest rates and general economic uncertainty affected Home Improvement revenues, which might continue into Q3.
More details: Firstservice IR
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