07:52 AM EDT, 10/24/2024 (MT Newswires) -- FirstService ( FSV ) on Thursday reported a third-quarter earnings and revenues beat, boosted by its restoration operations, and said it is on track for a "strong finish to the year".

FSV, while operates in the North American essential outsourced property services sector, reported adjusted EPS of US$1.63 compared to US$1.25 a year earlier, beating a Capital IQ forecast of US$1.42

Consolidated revenues came in at US$1.40 billion up from US$1.12 billion a year earlier. That beat a Capital IQ forecast of $1.31 billion.

Among other highlights, adjusted EBITDA increased 43% to US$160 million. During the third quarter, it reported operating earnings of US$125.9 million, up from US$73.6 million in the prior year period. Diluted earnings per share was US$1.34 in the quarter, compared to US$0.73 for the same quarter a year ago.

Scott Patterson, Chief Executive Officer, said the result exceeded the company's internal expectations. "Our strong top and bottom line performance was buoyed by robust and broad-based activity within our restoration operations, and supported by healthy profitability across our other brands. Our continued momentum reinforces our outlook for a strong finish to the year," he concluded.

FSV climbed $2.31, or 0.9%, to $255.56 yesterday on the TSX.