FirstService Q4 Earnings Dip

(RTTNews) - FirstService Corp. (FSV.TO) (FSRV), a company that operates residential and commercial property through subsidiaries, Wednesday reported a drop in fourth quarter earnings, after taking into account the significant rise in non-controlling interest redemption increment. Revenues, however, came in above prior-year level.

Earnings attributable to shareholders decreased to $1.22 million, or $0.03 per share, from $4.29 million, or $0.14 per share, a year earlier. The results include non-controlling interest redemption increment of $18.37 million, which compares with $7.29 million a year earlier.

Excluding certain items, earnings grew to $35 million, or $0.97 per share, from $23.43 million, or $0.77 per share, a year earlier.

On average, 6 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.78 for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the 3-month period rose to $691.73 million from $604.12 million a year ago.

For the full year, net loss widened to $21.18 million or $0.64 per share from $3.75 million or $0.12 per share, but revenues rose to $2.344 billion from $2.11 billion a year earlier.