FirstService Q1 Net Profit Plunges Amidst Higher Expenses, But Revenue Improves

(RTTNews) - FirstService Corporation (FSV, FSV.TO), a Canadian real estate services company, on Thursday reported a decline in net profit for the first quarter, reflecting an increase in costs and expenses. However, the company posted an increase in revenue.

For the three-month period to March 31, the firm reported a net income of $2.803 million, or $0.06 per share, less than $6.308 million, or $0.14 per share, posted for the same period last year.

Excluding items, earnings were $0.92 per share, higher than last year's $0.67 per share. On average, 7 analysts polled, had expected the firm to earn $0.83 per share, for the quarter. Analysts' estimates typically exclude special items.

Operating earnings stood at $39.3 million as against $38.1 million a year ago.

Excluding items, EBITDA improved to $103.3 million from $83.4 million in 2024.

Cost of revenue increased to $841.468 million as against $788.577 million a year ago. Selling, general, and administrative expenses moved up to $313.691 million from the prior year's $293 million.          

Amortization of intangible assets was $18.517 million, compared with $15.231 million last year. Acquisition-related items surged to $12.233 million from last year's $1.600 million.               

Revenue was $1.250 billion, up from last year's $1.158 billion.

FSV was up by 1.88 percent at $175.96 in the pre-market trade on the Nasdaq.