Federal Signal Corporation (NYSE:FSS) Q3 2022 Earnings Conference Call November 3, 2022 10:00 AM ET
Company Participants
Ian Hudson - SVP & CFO
Jennifer Sherman - President, CEO & Director
Conference Call Participants
Steve Barger - KeyBanc Capital Markets
Michael Shlisky - D.A. Davidson & Co.
Christopher Moore - CJS Securities
Gregory Burns - Sidoti & Company
Walter Liptak - Seaport
Felix Boeschen - Raymond James & Associates
Operator
Good morning, and welcome to the Federal Signal Corporation Third Quarter 2022 Earnings Conference Call. [Operator Instructions]. I would now like to turn the conference over to Ian Hudson, Chief Financial Officer. Please go ahead.
Ian Hudson
Good morning, and welcome to Federal Signal's Third Quarter Conference Call. I'm Ian Hudson, the company's Chief Financial Officer. Also with me on the call today is Jennifer Sherman, our President and Chief Executive Officer. We will refer to some presentation slides today as well as to the earnings news release, which we issued this morning. The slides can be followed online by going to our website, federalsignal.com, clicking on the Investor Call icon and signing into the webcast. We have also posted the slide presentation and the earnings release under the Investor tab on our website.
Before we begin, I'd like to remind you that some of our comments made today may contain forward-looking statements that are subject to the safe harbor language found in today's news release and in Federal Signal's filings with the Securities and Exchange Commission. These documents are available on our website. Our presentation also contains some measures that are not in accordance with U.S. generally accepted accounting principles. In our earnings release and filings, we reconcile these non-GAAP measures to GAAP measures. In addition, we will file our Form 10-Q later today.
I'm going to begin today by providing some detail on our third-quarter results before turning the call over to Jennifer to provide an update on our performance, current market conditions, recent acquisition activity, and our outlook for the remainder of the year. After our prepared comments, Jennifer and I will address your questions. Our consolidated third-quarter financial results are provided in today's earnings release. In summary, our businesses were able to deliver another solid quarter with double-digit growth in net sales and earnings, gross margin improvement, and an adjusted EBITDA margin towards the upper end of our target range.
Consolidated net sales for the quarter were $346 million, up $48 million or 16% compared to last year despite a $3 million unfavorable foreign currency translation impact. Organic revenue growth for the quarter was $27 million or 9%. Consolidated operating income for the quarter was $39.5 million, up $5.2 million or 15% compared to last year. Consolidated adjusted EBITDA for the quarter was $53.5 million, up $6.1 million or 13% compared to last year. That translates to a margin of 15.4% in Q3 this year compared to 15.9% last year. Net income for the quarter was $31.8 million, up $2.6 million or 9% from last year. That equates to GAAP EPS for the quarter of $0.52 per share, up $0.05 per share or 11% from last year.