October 27, 2010 / 12:20 PM / 8 years ago

UPDATE 1-FirstService Q3 beats market estimates

* Revenue up 18 pct

Oct 27 (Reuters) - Canadian property manager FirstService Corp (FSV.TO) FSRV.O posted a third-quarter profit that marginally beat market estimates, helped by a 43 percent rise in revenue from its commercial real estate services segment.

Income from continuing operations was 18 cents a share in the quarter, up from 16 cents a share last year.

On an adjusted basis, the company earned 61 cents a share, up from 60 cents a share last year.

Revenue rose 18 percent to $530.4 million in the quarter.

Analysts on average were expecting the company to earn 60 cents a share on revenue of $502.9 million, according to Thomson Reuters I/B/E/S.

Internal growth at the company’s commercial real estate services segment was primarily driven by sharp year-over-year revenue increases in the United States, Canada and Australia, FirstService said in a statement.

Shares of the company, which have gained 16 percent in value since posting a second-quarter profit in July, closed at C$26.33 Tuesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Edting by Aradhana Aravidan)

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