FirstService Corporation (NASDAQ:FSV) Q2 2024 Earnings Conference Call July 25, 2024 11:00 AM ET
Company Participants
Scott Patterson – Chief Executive Officer
Jeremy Rakusin – Chief Financial Officer
Conference Call Participants
Stephen MacLeod – BMO Capital Markets
Frederic Bastien – Raymond James
Tom Callaghan – RBC Capital Markets
Stephen Sheldon – William Blair
Tim James – TD Securities
Himanshu Gupta – Scotiabank
Daryl Young – Stifel
Operator
Good day and thank you for standing by. Welcome to the FirstService Corporation Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. Legal counsel requires us to advise the discussion scheduled to take place today may contain forward-looking statements that involve known and unknown risks and uncertainties. Actual results may be 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 differ materially 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, July 25, 2024. I would now like to hand the conference over to Chief Executive Officer, Mr. Scott Patterson. Please go ahead, sir.
Scott Patterson
Thank you, Liz. Good morning, everyone. Thank you for joining our Q2 conference call. I'm on today with Jeremy Rakusin. I'll kick us off with some high-level comments, and Jeremy will follow with more detail.
We were pleased with the results we posted this morning, solid performance that in aggregate was better than expectation. Total revenues were up 16% over the prior year, again this quarter, driven entirely by acquisitions, primarily the addition of Roofing Corp of America in Q4 last year. Organic growth was again flat this quarter with solid gains at FirstService Residential, offset by declines in restoration within our brands division. EBITDA for the quarter was up 12% to $132 million, reflecting a consolidated margin of 10.2%, which we're very pleased with. Jeremy will spend time on the margin detail in a few minutes.
Looking at our divisional results. FirstService Residential revenues were up 8% with organic growth close to 7%, which is trending in line with expectation. During the quarter, we announced the acquisition of CitiScape, one of the leading property management players in San Francisco.