FirstService Corporation (NASDAQ:FSV) Q3 2023 Earnings Conference Call October 26, 2023 11:00 AM ET
Company Participants
Scott Patterson - Chief Executive Officer
Jeremy Rakusin - Chief Financial Officer
Conference Call Participants
Faiza Alwy - Deutsche Bank
Stephen MacLeod - BMO Capital Markets
Stephen Sheldon - William Blair
Michael Doumet - Scotiabank
Tom Callaghan - RBC CM
Frederic Bastien - Raymond James
Operator
Good day and thank you for standing by. Welcome to the Third Quarter Investors Conference Call. Today’s call is being recorded. Legal counsel requires us to advise that the decision scheduled to take place today may contain forward-looking statements that involve known and unknown risks and uncertainties. Actual results maybe materially different from any future results, performance or achievements contemplated in the forward-looking statements.
Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the company’s Annual Information Form as filed with the Canadian Securities Administrators and in the company’s Annual Report on Form 40-F as filed with the U.S. Securities and Exchange Commission. As a reminder, today’s call is being recorded. Today is Thursday, October 26, 2023.
I would like to turn the call over to Chief Executive Officer, Mr. Scott Patterson. Please go ahead, sir.
Scott Patterson
Thank you, Michelle. Good morning, everyone and thank you for joining our third quarter conference call. Jeremy Rakusin is with me and we are pleased to be on the line with you today to report on the strong Q3 results we released this morning, results that reflect solid performance across each of our brands.
We are very pleased with how the quarter played out. Trends and momentum that drove the last several quarters for us continued into Q3 despite increasing headwinds relating to a challenging macroeconomic environment and softening consumer demand. Organic growth during the quarter was 10% on a consolidated basis. We are taking market share and that is a tribute to our operating teams and their relentless focus on customer experience. We are growing organically while many of our markets and competitors are flat to down over the last quarter.
Total revenues for the quarter were up 16% over the prior year, with the organic revenue growth, as I just said, at 10%, balanced about evenly between our two divisions. EBITDA for the quarter was $112 million, up 17% from 2022, reflecting a margin of 10%, approximately the same level as prior year. And earnings per share were $1.25, up 7%. Jeremy will dive into the profitability metrics in more detail in a few minutes.