Federal Signal Files Q3 2024 Results

Ticker: FSS · Form: 10-Q · Filed: Oct 31, 2024 · CIK: 277509

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

TL;DR

Federal Signal dropped its Q3 2024 numbers. Check the filing for the deets.

AI Summary

Federal Signal Corp. reported its Q3 2024 results for the period ending September 30, 2024. The company's financial performance for the nine months ended September 30, 2024, and the third quarter of 2024 are detailed in this filing. Specific financial figures for revenue, net income, and earnings per share are not explicitly stated in the provided text snippet, but the filing indicates a focus on financial reporting for these periods.

Why It Matters

This filing provides investors with the latest financial performance data for Federal Signal Corp., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report and does not contain information indicating elevated risk.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ended September 30, 2024.

When was this 10-Q filing submitted to the SEC?

This 10-Q filing was submitted on October 31, 2024.

What is the company's primary business classification?

The company's Standard Industrial Classification is MOTOR VEHICLES & PASSENGER CAR BODIES [3711].

What is the company's fiscal year end?

The company's fiscal year ends on December 31.

What is the company's business address?

The company's business address is 1333 BUTTERFIELD ROAD, SUITE 500, DOWNERS GROVE, IL 60515.

Filing Stats: 4,604 words · 18 min read · ~15 pages · Grade level 8.1 · Accepted 2024-10-31 14:26:01

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 Nine Months Ended September 3 0, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended Se ptem be r 30, 2024 and 2023 3 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 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 20 Note 12 – Fair Value Measurements 20 Note 13 - Subsequent Events 22

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 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 33

Controls and Procedures

Item 4. Controls and Procedures 33

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 34

Risk Factors

Item 1A. Risk Factors 34

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 34

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 34

Other Information

Item 5. Other Information 34

Exhibits

Item 6. Exhibits 35 SIGNATURE 36 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 September 30, Nine Months Ended September 30, (in millions, except per share data) 2024 2023 2024 2023 Net sales $ 474.2 $ 446.4 $ 1,389.5 $ 1,274.3 Cost of sales 333.8 328.7 989.1 943.5 Gross profit 140.4 117.7 400.4 330.8 Selling, engineering, general and administrative expenses 60.1 50.6 175.6 156.0 Amortization expense 3.8 3.9 11.2 11.4 Acquisition and integration-related expenses, net 0.6 0.7 2.3 2.0 Operating income 75.9 62.5 211.3 161.4 Interest expense, net 3.0 5.1 9.4 15.4 Other expense, net 0.3 0.3 0.9 1.5 Income before income taxes 72.6 57.1 201.0 144.5 Income tax expense 18.7 13.8 34.7 33.5 Net income $ 53.9 $ 43.3 $ 166.3 $ 111.0 Earnings per share: Basic $ 0.88 $ 0.71 $ 2.73 $ 1.83 Diluted 0.87 0.71 2.70 1.81 Weighted average common shares outstanding: Basic 61.0 60.8 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 September 30, Nine Months Ended September 30, (in millions) 2024 2023 2024 2023 Net income $ 53.9 $ 43.3 $ 166.3 $ 111.0 Other comprehensive income (loss): Change in foreign currency translation adjustment 5.6 ( 5.1 ) 0.3 ( 0.4 ) Change in unrecognized net actuarial loss and prior service cost related to pension benefit plans, net of income tax (benefit) expense of $( 0.1 ), $ 0.3 , $ 0.3 and $ 0.3 , respectively ( 0.2 ) 0.9 0.8 0.8 Change in unrealized gain or loss on interest rate swaps, net of income tax (benefit) expense of $( 0.5 ), $ 0.0 , $( 0.4 ) and $( 0.1 ), respectively ( 1.5 ) 0.1 ( 1.3 ) ( 0.2 ) Total other comprehensive income (loss) 3.9 ( 4.1 ) ( 0.2 ) 0.2 Comprehensive income $ 57.8 $ 39.2 $ 166.1 $ 111.2 See notes t

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