Federal Signal Corp Q2 2024 10-Q Filing

Ticker: FSS · Form: 10-Q · Filed: Jul 25, 2024 · CIK: 277509

Sentiment: neutral

Topics: 10-Q, SEC filing, compliance

Related Tickers: FSS

TL;DR

**FSS filed its Q2 10-Q, confirming compliance and trading on NYSE.**

AI Summary

Federal Signal Corporation filed its quarterly report for the period ended June 30, 2024. The company, incorporated in Delaware with IRS Employer Identification No. 36-1063330, is registered with the SEC under file number 1-6003. Its common stock trades on the New York Stock Exchange under the symbol FSS. The report indicates the company has met its filing requirements for the preceding 12 months and the past 90 days.

Why It Matters

This filing provides investors with an update on Federal Signal Corporation's financial performance and compliance status for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing confirming compliance with SEC reporting requirements.

Key Players & Entities

FAQ

What is the company's primary business?

The filing does not explicitly state the company's primary business, but it lists 'Common Stock, par value $1.00 per share' as its registered security.

Where is Federal Signal Corporation headquartered?

Federal Signal Corporation's principal executive offices are located at 1333 Butterfield Road, Downers Grove, Illinois 60515.

Has Federal Signal Corporation filed all required reports for the past 12 months?

Yes, the filing indicates that the registrant has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Is Federal Signal Corporation subject to filing requirements for the past 90 days?

Yes, the filing indicates that the registrant has been subject to such filing requirements for the past 90 days.

What is the trading symbol for Federal Signal Corporation's common stock?

The trading symbol for Federal Signal Corporation's common stock is FSS.

Filing Stats: 4,635 words · 19 min read · ~15 pages · Grade level 8 · Accepted 2024-07-25 16:17:36

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 and S ix Months Ended June 30 , 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30 , 2024 and 2023 3 Condensed Consolidated Balance Sheets as of June 30 , 2024 and December 31, 2023 4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30 , 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three and S ix Months Ended June 30 , 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 8 Note 1 – Summary of Significant Accounting Policies 8 Note 2 – Acquisitions 9 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 10 – Stockholders' Equity 17 Note 11 – Segment Information 19 Note 12 – Fair Value Measurements 20

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 22

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 31

Controls and Procedures

Item 4. Controls and Procedures 31

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 32

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 32

Other Information

Item 5. Other Information 32

Exhibits

Item 6. Exhibits 33 SIGNATURE 34 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 June 30, Six Months Ended June 30, (in millions, except per share data) 2024 2023 2024 2023 Net sales $ 490.4 $ 442.4 $ 915.3 $ 827.9 Cost of sales 346.4 325.1 655.3 614.8 Gross profit 144.0 117.3 260.0 213.1 Selling, engineering, general and administrative expenses 58.3 53.4 115.5 105.4 Amortization expense 3.8 3.9 7.4 7.5 Acquisition and integration-related expenses, net 0.8 0.6 1.7 1.3 Operating income 81.1 59.4 135.4 98.9 Interest expense, net 3.2 5.6 6.4 10.3 Other expense, net 0.4 1.1 0.6 1.2 Income before income taxes 77.5 52.7 128.4 87.4 Income tax expense 16.7 12.4 16.0 19.7 Net income $ 60.8 $ 40.3 $ 112.4 $ 67.7 Earnings per share: Basic $ 1.00 $ 0.66 $ 1.84 $ 1.12 Diluted 0.99 0.66 1.82 1.10 Weighted average common shares outstanding: Basic 61.0 60.7 61.0 60.7 Diluted 61.7 61.4 61.7 61.4 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 June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Net income $ 60.8 $ 40.3 $ 112.4 $ 67.7 Other comprehensive income (loss): Change in foreign currency translation adjustment ( 1.4 ) 3.2 ( 5.3 ) 4.7 Change in unrecognized net actuarial loss and prior service cost related to pension benefit plans, net of income tax expense of $ 0.2 , $ 0.0 , $ 0.4 and $ 0.0 respectively 0.4 ( 0.1 ) 1.0 ( 0.1 ) Change in unrealized gain or loss on interest rate swaps, net of income tax (benefit) expense of $( 0.1 ), $ 0.2 , $ 0.1 and $( 0.1 ) respectively ( 0.3 ) 0.6 0.2 ( 0.3 ) Total other comprehensive (loss) income ( 1.3 ) 3.7 ( 4.1 ) 4.3 Comprehensive income $ 59.5 $ 44.0 $ 108.3 $ 72.0 See notes to condensed consolidated financial statements. 3

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