The company’s bottom line took a hit from intensified operational costs, yet the top-line performance remained resilient. Consolidated revenue reached $1.53 billion, a 6% increase that surpassed analyst projections of $1.5 billion. This growth was fueled by a 5% uptick in residential revenue and a 7% expansion within the company's brands segment.
In section Market Quotes
FirstService Profits Slip as Rising Costs Offset Revenue Gains
Rising acquisition expenses and increased amortization weighed heavily on FirstService in the third quarter, driving net income down to $64.6 million despite a steady climb in total revenue. The property-services firm reported a profit of 99 cents a share, falling short of the $1.24 per share recorded during the same period last year.
When excluding one-off costs and exceptional items, adjusted earnings reached $1.89 a share. This figure outperformed the $1.87 per share expected by analysts polled by FactSet, suggesting that while specific accounting pressures impacted the net results, the underlying business velocity continues to exceed market expectations.
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