Category: Uncategorized

 FirstService Corporation (TSX: FSV; NASDAQ: FSV) (“FirstService“) announced today that its Board of Directors has approved a 10% increase in the quarterly cash dividend on the outstanding Common Shares of the Company and declared a quarterly dividend of US$0.275 per Common Share, up from the previous US$0.25 per Common Share. The dividend is payable on April 7, 2025 to holders of Common Shares of record at the close of business on March 31, 2025.

The Company’s dividend will be US$1.10 on an annualized basis, up from US$1.00 during the past year. This distribution represents our tenth consecutive year of at least 10% annual dividend growth, reflecting the long-term track record of strong earnings and free cash flow growth at FirstService. Our business model, conservative balance sheet and financial flexibility allow us to prioritize our growth initiatives while also supporting the approval of the increased dividend to deliver incremental returns to our shareholders.

About FirstService Corporation

FirstService Corporation is a North American leader in the property services sector, serving its customers through two industry-leading service platforms: FirstService Residential – North America’s largest manager of residential communities; and FirstService Brands – one of North America’s largest providers of essential property services delivered through individually branded company-owned operations and franchise systems.

FirstService generates more than US$4.9 billion in annual revenues and has approximately 30,000 employees across North America. With significant insider ownership and an experienced management team, FirstService has a long-term track record of creating value and superior returns for shareholders. The Common Shares of FirstService trade on the NASDAQ and the Toronto Stock Exchange under the symbol “FSV”, and are included in the S&P/TSX 60 Index. More information is available at www.firstservice.com

FirstService Corp. (FSV) on Wednesday reported fourth-quarter net income of $32.5 million.

On a per-share basis, the Toronto-based company said it had net income of 71 cents. Earnings, adjusted for one-time gains and costs, were $1.34 per share.

The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.36 per share.

The property services provider posted revenue of $1.37 billion in the period, topping Street forecasts. Four analysts surveyed by Zacks expected $1.32 billion.

For the year, the company reported profit of $134.4 million, or $2.97 per share. Revenue was reported as $5.22 billion.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FSV at https://www.zacks.com/ap/FSV

Canada saw its first trade surplus in ten months in December as exports continued to expand faster than imports, led by higher energy product exports, higher crude oil prices and partly by weaker local currency, data showed on Wednesday.

The December trade surplus was at $708-million, from a revised deficit of $986-million the prior month, helped by an 4.9 per cent growth in exports, Statistics Canada said.

Imports grew by 2.3 per cent in December, a bit slower than the 2.8 per cent gain seen in November, it said.

Analysts polled by Reuters had forecast a surplus of $750-million.

Canada’s trade surplus with the U.S. widened for the second month in a row, growing 5 per cent in December to $11.3-billion led primarily by higher exports of energy products and a higher price of crude oil.

Its imports from the U.S. fell 1.5 per cent in December.

U.S. President Donald Trump, who paused a plan to implement 25 per cent tariffs on almost all Canadian imports earlier this week, has often expressed frustration on the country’s gaping deficit with its neighbor north of the border.

Canada also followed suit by rolling back sweeping retaliatory tariffs.

Canada’s merchandise trade surplus with the U.S., its biggest trading partner, amounted to $102.3-billion for the year 2024, down from a surplus of $108.3-billion in 2023, the statistics agency said.

The combined value of Canada’s imports and exports of goods traded with the U.S. surpassed the $1-trillion mark for a third consecutive year, it said, adding that last year Canada exported 75.9 per cent of its total exports to the its neighbor, and bought 62.2 per cent of its total imports from south of the border.

Exports to the U.S. accounts for roughly 17.8 per cent of Canadian GDP and more than 2.4 million jobs in Canada.

The Canadian dollar climbed 0.27 per cent to 1.4282 to the U.S. dollar, or 70.02 U.S. cents. Yields on the two-year government bonds were down 1.2 basis points to 2.613 per cent.

Total exports in December, which posted an increase for the third consecutive month, were driven by energy products which increased by 9.5 per cent, followed by metal and non-metallic mineral products which widened by 9.2 per cent.

Barring the U.S., Canada’s trade deficit with the rest of the world expanded in December to $10.6-billion from $9.2-billion in November.

The U.S. trade deficit widened sharply in December as imports surged to a record high against the backdrop of tariff threats.

The trade gap increased 24.7 per cent to $98.4-billion, the highest since March 2022, from a revised $78.9-billion in November, the Commerce Department’s Bureau of Economic Analysis said on Wednesday.

Economists polled by Reuters had forecast the trade deficit soaring to $96.6-billion from the previously reported $78.2-billion in November.

President Donald Trump on Monday suspended a 25 per cent tariff on Mexican and Canadian goods until next month. An additional 10 per cent levy on goods from China went into effect on Tuesday.

The White House said the tariffs were to “hold Mexico, Canada, and China accountable to their promises of halting illegal immigration and stopping poisonous fentanyl and other drugs from flowing into our country.”

Imports increased 3.5 per cent to an all-time high of $364.9-billion. Exports fell 2.6 per cent to $266.5-billion.

The government’s advance gross domestic product estimate for the fourth quarter published last week showed trade had a surprisingly neutral impact on GDP after being a drag for three straight quarters. The economy grew at a 2.3 per cent annualized rate, with most of the drag coming from inventories, after expanding at a 3.1 per cent pace in the July-September quarter.

• ADP said companies created a net 183,000 jobs on the month, slightly more than the 176,000 in December.
• Pay for workers who stayed in their jobs grew at a 4.7% annual rate, or 0.1 percentage point more than in December.
• All of the job creation came from service providers, who added 190,000 positions while goods producers lost 6,000.

https://www.cnbc.com/2025/02/05/private-payrolls-expanded-by-183000-in-january-topping-expectations-adp-says.html

China’s manufacturing sector expanded at a slower pace in January as staffing declined the most since 2020 and exports orders fell for the second consecutive month amid international policies posing significant challenges for the economy.

The Caixin Purchasing Managers’ Index fell to 50.1 in January from 50.5 in December, survey results from S&P Global showed on Monday. However, the reading above 50.0 indicates expansion in the sector.

Production growth accelerated in January, in line with the trend for new orders. Higher new business driven by better underlying demand and increased promotional efforts supported the growth in output. However, new export orders decreased for the second straight month.

Sentiment improved among manufacturers on the back of better demand and hopes for further growth.

Meanwhile, employment declined at the fastest pace since February 2020 as concerns regarding expectations for growth affected hiring decisions.

Purchasing activity continued to grow in response to higher work inflows. Firms ramped up their stocks of purchases and their post-production inventories accumulated indicating interest to retain additional inventory as buffer stocks.

China Manufacturing Growth Weakens In January

Canadian Pacific Kansas City Ltd.’ stock 

CP-3.28%CA:CP was down 8%, as part of an overall selloff in many stocks expected to be hurt in the short term by Trump’s trade policy.

FDX, Norfolk Southern, Canadian Pacific downgraded on tariff woes as stocks dip – MarketWatch

Automakers brace for ‘massive’ impact of Trump’s tariffs | The Verge

Your next car purchase is probably going to be more expensive, thanks to President Donald Trump.

Around 5.3 million vehicles are built in Canada and Mexico, 70 percent of which are destined for the United States. Those vehicles will soon be subject to 25 percent tariffs, which were just announced by the Trump administration. And the companies paying the higher price to import those vehicles are very likely to pass that cost along to the consumer — to you.

You may not see higher MSRPs right away, says Mike Wall, executive director for automotive analysis at S&P Global Mobility. But you will likely see fewer incentives and special deals at dealerships as dealers get stingier about their vehicle inventories. Perhaps fewer vehicles even get made as manufacturers weigh the costs of paying 25 percent duties on key parts and components. Eventually, the higher cost of building and selling a car in the US will filter down to the consumer.

Around 5.3 million vehicles are built in Canada and Mexico, 70 percent of which are destined for the United States

“I can’t emphasize that enough,” Wall said. “A 25 percent tariff is just massive in this industry.”

A tariff is a tax on goods imported from another country. The Trump administration claims it’s levying the new tariffs on Canada, Mexico, and China to stop the flow of illegal drugs into the US. Often, presidents use tariffs as a threat during trade negotiations or to protect domestic industries from cheaper foreign products (as the Biden administration did with electric vehicles from China). But as The New York Times has noted, Trump sees tariffs as a significant source of revenue for the US, perhaps even as a replacement for income taxes.

But most economists expect the outcome to be higher prices for a wide range of consumer goods, from clothes, to shoes, to food, to cars. Trump claims foreign companies will eat the higher costs, but don’t be fooled.

Just listen to the companies that will be bearing those costs. “If we get tariffs, we will pass those tariff costs back to the consumer,” said Philip Daniele, CEO of AutoZone, on an earnings call in September, according to CNN.

Virtually every car company will be impacted: Ford’s F-series trucks and Mustangs with engines made in Canada; Mazda CX-50s from Mexico; full-size pickup trucks from General Motors and Stellantis; and even the Toyota RAV4.

“A 25 percent tariff is just massive in this industry.”

S&P Global Mobility estimates that a 25 percent tariff on a $25,000 vehicle from Canada or Mexico would be $6,450 — most of which would be borne by the consumer.

“As that price goes up, consumers exit,” Wall said. “They’re gonna hold off, they’re gonna wait. They may go to the used market. I’ll tell you what, if pricing on the new market goes up, guess what? That pricing on the used market is gonna be impacted because it’s a supply and demand thing.”

Electric vehicle prices may be impacted as well, especially if the price of certain components goes up as a result of the tariffs. Rivian CEO RJ Scaringe recently warned that the tariffs represent a bigger threat to the EV industry than the potential elimination of tax incentives under Trump. And while many EV makers are making huge investments in domestic manufacturing thanks to the Biden administration’s Inflation Reduction Act, they are still just as exposed as companies that build combustion engines.

Most automakers say they have contingency plans for tariffs but wouldn’t say exactly what those plans are. Spokespersons for Ford and BMW declined comment.

Monday February 3

China markets closed (through Tuesday)

China and Japan manufacturing PMI

Euro zone CPI and manufacturing PMI

(9:30 a.m. ET) Canada’s S&P Global Manufacturing PMI for January.

(9:45 a.m. ET) U.S. S&P Global Manufacturing PMI for January.

(10 a.m. ET) U.S. ISM Manufacturing PMI for January.

(2 p.m. ET) U.S. Senior Loan Officer Opinion Survey for January.

Also: Canadian and U.S. auto sales for January

Earnings include: NXP Semiconductors NV; Palantir Technologies Inc.; TMX Group Ltd.; Tyson Foods Inc.

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Tuesday February 4

(10 a.m. ET) U.S. Job Openings and Labor Turnover Survey for December.

(10 a.m. ET) U.S. factory orders for December. The Street is projecting a month-over-month rise of 0.5 per cent.

Earnings include: Advanced Micro Devices Inc.; Allied Properties REIT; Alphabet Inc.; Amgen Inc.; Chipotle Mexican Grill Inc.; Finning International Inc.; Merck & Co. Inc.; PayPal Holdings Inc.; Pepsico Inc.; Pfizer Inc.; Spotify Technology SA

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Wednesday February 5

China, Japan and Euro zone services and composite PMI

(8:15 a.m. ET) U.S. ADP National Employment Report for January.

(8:30 a.m. ET) Canada’s merchandise trade balance for December.

(8:30 a.m. ET) U.S. goods and services trade deficit for December.

(9:30 a.m. ET) Canada’s S&P Global Services PMI for January.

(9:45 a.m. ET) U.S. S&P global services and composite PMI for January.

(10 a.m. ET) U.S. ISM Services PMI for January.

Earnings include: Algoma Steel Group Inc.; Arm Holdings PLC; Dayforce Inc.; FirstService Corp.; Ford Motor Co.; Great-West Lifeco Inc.; Heroux-Devtek Inc.; Novo Nordisk PLC; Qualcomm Inc.; Walt Disney Co.; Uber Technologies Inc.

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Thursday February 6

China foreign reservces

Euro zone retail sales

Germany factory orders

Bank of England rate announcement and monetary policy report

(8:30 a.m. ET) U.S. initial jobless claims for week of Feb. 1. Estimate is 212,000, up 5,000 from the previous month.

(8:30 a.m. ET) U.S. productivity and unit labor costs for Q4. Estimates are annualized rate increases of 1.1 per cent and 3.3 per cent, respectively.

(10 a.m. ET) Canada’s Ivey PMI for January.

Earnings include: AstraZeneca PLC; BCE Inc.; Bombardier Inc.; Canada Goose Holdings Inc.; Colliers International Group Inc.; ConocoPhillips; Constellation Software Inc.; Eli Lilly and Co.; Honeywell International Inc.; IGM Financial Inc.; Lightspeed Commerce Inc.; Open Text Corp.; Philip Morris International Inc.; Saputo Inc.; Suncor Energy Inc.; Trisura Group Ltd.

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Friday February 7

Japan household spending

Germany industrial production and trade surplus

(8:30 a.m. ET) Canadian employment for January. The Street is projecting a rise of 0.1 per cent, or 25,000 jobs, from December with the unemployment rate rising 0.1 per cent to 6.8 per cent and average hourly wages up 4.2 per cent from the same period a year ago.

(8:30 a.m. ET) U.S. nonfarm payrolls for January. Consensus is a gain of 150,000 jobs month-over-month with the unemployment rate remaining 4.1 per cent and average hourly wages up 0.3 per cent from December.

(10 a.m. ET) U.S. wholesale inventories for December.

(10 a.m. ET) U.S. University of Michigan Consumer Sentiment for February.

Earnings include: Arc Resources Ltd.; CAE Inc.; Canopy Growth Corp.; Fortive Corp.