Federal Signal Q1 Results Beat View; Updates FY Outlook

(RTTNews) - Federal Signal Corp. (FSS) reported net income of $20.5 million or $0.33 per share in the first quarter of fiscal year 2022, down from $22.2 million or $0.36 per share in the prior-year quarter.

Adjusted net income for the first quarter declined to $20.7 million or $0.34 per share, from $23.2 million or $0.38 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share for the first quarter. Analysts' estimates typically exclude special items.

Consolidated net sales for the first quarter were $330 million, up $51 million, or 18%, compared to the prior-year quarter. Analysts expected revenues of $302.71 million for the quarter.

The company raised the low end of full-year adjusted earnings per share outlook range by $0.04, establishing a new range of $1.80 to $2.00. It also increased the low end of full-year net sales outlook range by $30 million, establishing a new range of $1.38 billion to $1.45 billion. Wall Street currently is looking for fiscal year 2022 earnings of $1.89 per share on annual revenues of $1.40 billion.