Federal Signal Corp. Files 10-Q for Period Ending March 31, 2024

Ticker: FSS · Form: 10-Q · Filed: Apr 30, 2024 · CIK: 277509

Sentiment: neutral

Topics: Federal Signal Corp, 10-Q Filing, Quarterly Report, Financials, SEC Filing

TL;DR

<b>Federal Signal Corp. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and business operations.</b>

AI Summary

FEDERAL SIGNAL CORP /DE/ (FSS) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Federal Signal Corp. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal business address is 1415 West 22nd Street, Suite 1100, Oak Brook, IL 60523. Federal Signal Corp. was formerly known as Federal Sign & Signal Corp. until February 1, 1960. The company is incorporated in Delaware (DE).

Why It Matters

For investors and stakeholders tracking FEDERAL SIGNAL CORP /DE/, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data and operational updates for Federal Signal Corp., crucial for assessing the company's current health and future prospects. Understanding the details within this report allows stakeholders to make informed decisions regarding their investment in Federal Signal Corp. and to compare its performance against industry benchmarks and prior periods.

Risk Assessment

Risk Level: medium — FEDERAL SIGNAL CORP /DE/ shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate any immediate, significant positive or negative developments beyond normal business operations.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to identify any trends or significant changes in revenue, expenses, or profitability.

Key Numbers

Key Players & Entities

FAQ

When did FEDERAL SIGNAL CORP /DE/ file this 10-Q?

FEDERAL SIGNAL CORP /DE/ filed this Quarterly Report (10-Q) with the SEC on April 30, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by FEDERAL SIGNAL CORP /DE/ (FSS).

Where can I read the original 10-Q filing from FEDERAL SIGNAL CORP /DE/?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by FEDERAL SIGNAL CORP /DE/.

What are the key takeaways from FEDERAL SIGNAL CORP /DE/'s 10-Q?

FEDERAL SIGNAL CORP /DE/ filed this 10-Q on April 30, 2024. Key takeaways: Federal Signal Corp. filed its 10-Q report for the quarterly period ended March 31, 2024.. The filing covers the period from January 1, 2024, to March 31, 2024.. The company's principal business address is 1415 West 22nd Street, Suite 1100, Oak Brook, IL 60523..

Is FEDERAL SIGNAL CORP /DE/ a risky investment based on this filing?

Based on this 10-Q, FEDERAL SIGNAL CORP /DE/ presents a moderate-risk profile. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate any immediate, significant positive or negative developments beyond normal business operations.

What should investors do after reading FEDERAL SIGNAL CORP /DE/'s 10-Q?

Review the detailed financial statements and segment performance within the 10-Q to identify any trends or significant changes in revenue, expenses, or profitability. The overall sentiment from this filing is neutral.

How does FEDERAL SIGNAL CORP /DE/ compare to its industry peers?

Federal Signal Corp. operates within the manufacturing sector, specifically in motor vehicles & passenger car bodies (SIC 3711). This 10-Q provides insights into its performance within this industry.

Are there regulatory concerns for FEDERAL SIGNAL CORP /DE/?

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

Industry Context

Federal Signal Corp. operates within the manufacturing sector, specifically in motor vehicles & passenger car bodies (SIC 3711). This 10-Q provides insights into its performance within this industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

What Investors Should Do

  1. Analyze the revenue and net income figures for the quarter ended March 31, 2024, and compare them to the same period in the prior year.
  2. Examine any disclosures regarding changes in accounting policies or significant business developments.
  3. Review the Management's Discussion and Analysis (MD&A) section for insights into the company's performance drivers and outlook.

Key Dates

Year-Over-Year Comparison

This is the 10-Q filing for the period ending March 31, 2024. Specific comparative financial data from the previous year's quarter is not detailed in this header information.

Filing Stats: 4,544 words · 18 min read · ~15 pages · Grade level 9.2 · Accepted 2024-04-30 11:38:32

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 2 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7 Note 1 – Summary of Significant Accounting Policies 7 Note 2 – Acquisitions 8 Note 3 – Revenue Recognition 10 Note 4 – Inventories 10 Note 5 – Debt 11 Note 6 – Income Taxes 12 Note 7 – Pensions 13 Note 8 – Commitments and Contingencies 13 Note 9 – Earnings Per Share 16 Note 1 0 – Stockholders' Equity 16 Note 1 1 – Segment Information 18 Note 1 2 – Fair Value Measurements 18

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 28

Risk Factors

Item 1A. Risk Factors 28

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 28

Other Information

Item 5. Other Information 28

Exhibits

Item 6. Exhibits 29 SIGNATURE 30 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q ("Form 10-Q") is being filed by Federal Signal Corporation and its subsidiaries (referred to collectively as the "Company," "we," "our" or "us" herein, unless the context otherwise indicates) with the United States ("U.S.") Securities and Exchange Commission (the "SEC"), and includes comments made by management that may contain words such as "may," "will," "believe," "expect," "anticipate," "intend," "plan," "project," "estimate" and "objective" or similar terminology, or the negative thereof, concerning the Company's future financial performance, business strategy, plans, goals and objectives. These expressions are intended to identify forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning the Company's possible or assumed future performance or results of operations and are not guarantees. While these statements are based on assumptions and judgments that management has made in light of industry experience as well as perceptions of historical trends, current conditions, expected future developments and other factors believed to be appropriate under the circumstances, they are subject to risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different. These risks and uncertainties, some of which are beyond the Company's control, include the risk factors described under Part I, Item 1A, Risk Factors , of the Company's Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 27, 2024. These factors may not constitute all factors that could cause actual results to differ materially from those discussed in any forward

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited). FEDERAL SIGNAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, (in millions, except per share data) 2024 2023 Net sales $ 424.9 $ 385.5 Cost of sales 308.9 289.7 Gross profit 116.0 95.8 Selling, engineering, general and administrative expenses 57.2 52.0 Amortization expense 3.6 3.6 Acquisition and integration-related expenses, net 0.9 0.7 Operating income 54.3 39.5 Interest expense, net 3.2 4.7 Other expense, net 0.2 0.1 Income before income taxes 50.9 34.7 Income tax (benefit) expense ( 0.7 ) 7.3 Net income $ 51.6 $ 27.4 Earnings per share: Basic $ 0.85 $ 0.45 Diluted 0.84 0.45 Weighted average common shares outstanding: Basic 60.9 60.7 Diluted 61.6 61.3 See notes to condensed consolidated financial statements. 2 Table of Contents FEDERAL SIGNAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended March 31, (in millions) 2024 2023 Net income $ 51.6 $ 27.4 Other comprehensive income (loss): Change in foreign currency translation adjustment ( 3.9 ) 1.5 Change in unrecognized net actuarial loss and prior service cost related to pension benefit plans, net of income tax expense of $ 0.2 and $ 0.0 respectively 0.6 — Change in unrealized gain or loss on interest rate swaps, net of income tax expense (benefit) of $ 0.2 and $( 0.3 ) respectively 0.5 ( 0.9 ) Total other comprehensive (loss) income ( 2.8 ) 0.6 Comprehensive income $ 48.8 $ 28.0 See notes to condensed consolidated financial statements. 3 Table of Contents FEDERAL SIGNAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (in millions, except per share data) (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 48.9 $ 61.0 Accounts receivable, net of allowances for doubtful accounts of $ 2.4 and $ 2.5 , respectively 1

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