Federal Signal Corporation (NYSE:FSS) Q1 2022 Earnings Conference Call May 2, 2022 10:00 AM ET

Company Participants

Ian Hudson - Chief Financial Officer

Jennifer Sherman - President & Chief Executive Officer

Conference Call Participants

Ken Newman - KeyBanc Capital Markets

Felix Boeschen - Raymond James

Michael Shlisky - D.A. Davidson

Dan Moore - CJS Securities

Greg Burns - Sidoti & Co.

Walt Liptak - Seaport

Operator

Thank you for standing by. This is the conference operator. Welcome to the Federal Signal Corporation First Quarter 2022 Earnings Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. [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 first 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 US 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 first quarter results before turning the call over to Jennifer to provide her perspective on our performance, market conditions and our outlook for the remainder of the year. After our prepared comments, Jennifer and I will address your questions.

Our consolidated first quarter financial results are provided in today's earnings release. In summary, we delivered solid financial results for the quarter with 18% top line growth and EBITDA margin performance within our target range despite a slow start to the year. Consolidated net sales for the quarter were $330 million, up $51 million or 18% compared to last year. Consolidated operating income for the quarter was $28.5 million, up $700,000 or 3% compared to last year. Consolidated adjusted EBITDA for the quarter was $42.2 million, up $1 million or 2% compared to last year. That translates to a margin of 12.8% in Q1 this year, compared to 14.8% last year.