Shares of FirstService Corp. (FSV) plummeted 5.06% in pre-market trading on Wednesday, following the release of the company's fourth-quarter and full-year 2024 financial results. The property services provider reported adjusted earnings of $1.34 per share, missing analysts' estimates of $1.36 per share, despite beating revenue expectations.
The earnings miss seems to have dampened investor sentiment, as FirstService's revenue growth of 27% to $1.37 billion for the quarter was overshadowed by the slightly lower-than-expected earnings. While the company's revenue and adjusted EBITDA showed strong growth, driven by acquisitions and organic growth across its residential and brands segments, the missed earnings estimates appear to have raised concerns among investors.
Furthermore, FirstService's guidance for the upcoming quarter and full year, although not explicitly provided in the news articles, may have played a role in the stock's decline. Investors might have been disappointed with the company's outlook, despite its strong performance in 2024.
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