10:24 AM EDT, 05/08/2024 (MT Newswires) -- Fiera Capital ( FRRPF ) , an independent asset management firm, on Wednesday reported first-quarter adjusted net earnings attributable to shareholders of $26.1 million, or $0.24 per diluted share, up 11.1% from $23.5 million, or $0.23 per diluted share, a year earlier. Analysts polled by Capital IQ expected $0.19.

It said the adjusted earnings increased mainly due to higher revenues, partly offset by higher SG&A, excluding share-based compensation, higher interest on lease liabilities, foreign exchange revaluation, and other financial charges, and higher interest on long-term debt and debentures.

Revenue for the quarter ended March 31 was $168.1 million, up 7% from $157.1 million a year earlier. Analysts surveyed by Capital IQ expected $164.4 million.

Adjusted EBITDA for Q1 was $45.4 million, up 17% from $38.8 million a year earlier.

The board declared a quarterly dividend of $0.215 per Class A subordinate voting share and Class B special voting share. The dividend will be paid on June 20 to shareholders of record at the close of business on May 20.

The company's shares had risen 3.5% on last look on Wednesday in Canada.

Price: 7.18, Change: +0.25, Percent Change: +3.61