Federal Signal Boosts FY24 Adj. EPS Outlook As Q2 Results Top Estimates

(RTTNews) - While reporting financial results for the second quarter on Thursday, Federal Signal Corp. (FSS) raised its adjusted earnings guidance for the full year 2024, while reaffirming annual net sales outlook.

For fiscal 2024, the company now projects adjusted earnings in a range of $3.20 to $3.35 per share, up from the prior forecast range of $2.95 to $3.15 per share. The company also reaffirmed its net sales guidance between $1.85 billion and $1.90 billion.

On average, six analysts polled by Thomson Reuters expect the company to report earnings of $3.08 per share on revenues of $1.87 billion for the year. Analysts' estimates typically exclude special items.

For the second quarter, the company reported net income of $60.8 million or $0.99 per share, up from $40.3 million or $0.66 per share in the prior-year quarter. Excluding items, adjusted earnings were $0.95 per share, compared to $0.67 per share last year.

Net sales for the quarter grew 11 percent to $490.4 million from $442.4 million in the same quarter last year.

The Street was looking for earnings of $0.84 per share on net sales of $486.19 million for the quarter.

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