Federal Signal Guides FY23 Revenues Above View; Q4 Results Top Estimates

(RTTNews) - While reporting financial results for the fourth quarter on Wednesday, Federal Signal Corp. (FSS) initiated its adjusted earnings and net sales guidance for the full year 2023.

For fiscal 2023, the company now projects adjusted earnings in a range of $2.15 to $2.40 per share on net sales between $1.58 billion and $1.72 billion.

On average, seven analysts polled by Thomson Reuters expect the company to report earnings of $2.33 per share on revenues of $1.56 billion for the year. Analysts' estimates typically exclude special items.

For the fourth quarter, the company reported net income of $34.6 million or $0.57 per share, up from $19.5 million or $0.32 per share in the prior-year quarter. Excluding items, adjusted earnings were $0.57 per share, compared to $0.40 per share last year. Net sales for the quarter grew 30 percent to a quarterly record of $391.5 million from $301.4 million in the same quarter last year.

The Street was looking for earnings of $0.56 per share on net sales of $379.69 million for the quarter.

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