Thu, Jul 25, 8:25 PM (44 days ago)
Federal Signal Corporation’s Q2 2024 financial results indicate a strong performance with a significant increase in revenue and profitability. Key highlights include: - **Revenue**: Net sales for Q2 2024 increased by 11% to $490.4 million, driven by higher sales volumes and pricing actions. The Environmental Solutions Group saw a 10% increase in sales, while the Safety and Security Systems Group experienced an 18% rise. - **Profitability**: Gross profit rose by 23% to $144.0 million, with gross margins improving to 29.4%. Operating income increased by 37% to $81.1 million, and net income surged by 51% to $60.8 million. The operating margin expanded to 16.5%. - **Cash Flow**: Operating cash flow improved to $71.9 million from $43.0 million in the prior year, aided by higher net income and tax refunds. - **Orders and Backlog**: Total orders slightly decreased by 1% to $473 million, but the backlog grew by 7% to $1.08 billion. - **Financial Position**: The company maintained a strong liquidity position with $48.6 million in cash and significant borrowing capacity under its credit facility. Overall, Federal Signal Corporation demonstrated robust growth and improved financial health in Q2 2024, positioning itself well for future operations.