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Federal Signal Corporation is a global leader in designing, manufacturing, and supplying products and integrated solutions for municipal, governmental, industrial, and commercial customers. The company specializes in providing vehicles and equipment for maintenance and infrastructure end-markets, as well as public safety equipment. Their offerings include sewer cleaners, street sweepers, vacuum trucks, and public warning systems, among others.
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Environmental Solutions Group - Manufactures and supplies vehicles and equipment for maintenance and infrastructure end-markets, including street sweepers, sewer cleaners, industrial vacuum loaders, and safe-digging trucks.
- Sub-products:
- Street Sweepers - Provides efficient cleaning solutions for urban environments.
- Sewer Cleaners - Offers advanced equipment for sewer maintenance and cleaning.
- Industrial Vacuum Loaders - Supplies powerful vacuum systems for industrial applications.
- Safe-Digging Trucks - Delivers hydro-excavation solutions for safe digging operations.
- Sub-products:
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Safety and Security Systems Group - Manufactures and supplies systems and products used for public safety and industrial applications, including vehicle lightbars, sirens, industrial signaling equipment, and public warning systems.
- Sub-products:
- Vehicle Lightbars and Sirens - Provides essential equipment for emergency response vehicles.
- Industrial Signaling Equipment - Offers signaling solutions for industrial safety.
- Public Warning Systems - Supplies systems for public safety alerts and warnings.
- Sub-products:
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jennifer L. Sherman ExecutiveBoard | President and Chief Executive Officer | Board of Directors of Franklin Electric Co., Inc | Jennifer L. Sherman has served as President and Chief Executive Officer of FSS since January 1, 2016 and has been a member of the Board of Directors since that date. Previously, she held roles including Chief Operating Officer from April 2014 through December 2015 and earlier served in various roles since joining the company in 1994. | View Report → |
Diane I. Bonina Executive | Vice President, General Counsel, and Secretary | Diane I. Bonina is the Vice President, General Counsel, and Secretary at FSS since April 2022. Previously, she served as Assistant Vice President – Senior Legal Counsel at AT&T Inc. until March 2022. | ||
Felix M. Boeschen Executive | Vice President, Corporate Strategy and Investor Relations | Felix M. Boeschen has been the Vice President, Corporate Strategy and Investor Relations at FSS since September 2023. He previously served as Vice President, Equity Research at Raymond James, focusing on companies in the machinery space. | ||
Ian A. Hudson Executive | Senior Vice President and Chief Financial Officer | Ian A. Hudson is the Senior Vice President and Chief Financial Officer (CFO) at Federal Signal Corporation, and is also identified as the Principal Financial Officer of the company. There is no additional background or career history provided in the documents. | ||
Mark D. Weber Executive | Senior Vice President and Chief Operating Officer | Mark D. Weber is the Senior Vice President and Chief Operating Officer at Federal Signal Corporation since January 2018, rejoining after a 17-year tenure with the company’s Environmental Solutions Group that included 10 years as Group President. He previously served as President and Chief Executive Officer at Supreme Industries, Inc. from May 2013 until September 2017. | ||
Brenda L. Reichelderfer Board | Lead Independent Director | Board Member of John Wood Group PLC; Board Member of Moog Inc.; Board Member of Tribus Aerospace | Brenda L. Reichelderfer has served as a Director at FSS since October 2006 and was elected as Lead Independent Director effective April 30, 2019. She chairs the Compensation and Benefits Committee and serves on the Governance and Sustainability Committee. | |
Dennis J. Martin Board | Chairman of the Board | Dennis J. Martin has been the Chairman of the Board at FSS since January 1, 2017, after serving as Executive Chairman in January 2016 and as President and CEO from October 2010 to December 2015. | ||
Eugene J. Lowe Board | Director | President and CEO of SPX Technologies, Inc. | Eugene J. Lowe, III has served as a director of FSS since February 2019 and participates on the Audit and Compensation and Benefits Committees. He is also the President and CEO of SPX Technologies, Inc. since September 2015. | |
John L. Workman Board | Director | Board of Directors at Agiliti Health, Inc. (since November 2014) ; Director at CONMED Corporation (since July 2015) | John L. Workman has served as a Director at FSS since February 2014 where he chairs the Audit Committee and serves on the Compensation and Governance & Sustainability Committees. Previously, he held executive roles including CEO at Omnicare and CFO at U.S. Can Corporation among other leadership positions. | |
Katrina L. Helmkamp Board | Director | Non-Executive Chair of the Board of Directors at IDEX Corporation | Katrina L. Helmkamp has served as a board member and Audit Committee member at FSS since November 20, 2023. She brings extensive experience from external roles, including serving as the Non-Executive Chair of the Board at IDEX Corporation since October 2022. | |
Shashank Patel Board | Director | CFO of Watts Water Technologies, Inc. | Shashank Patel serves as a Director at FSS since October 2021, where he also serves on the Audit Committee. He concurrently holds the active role of CFO at Watts Water Technologies, Inc. since July 2018. |
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With the transition of exclusive dealer territories already contributing to a roughly $13 million order headwind in Q4, can you elaborate on the specific performance metrics and timeline you will use to determine if the new dealer assignments are effectively mitigating any short-term disruptions while ensuring long-term market share expansion?
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Given the ongoing issues with extended lead times for sewer cleaners and street sweepers—particularly the bottlenecks at your Elgin facility—what specific operational adjustments are being implemented, and what contingency measures are in place if these changes do not deliver timely production improvements?
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In light of the margin challenges influenced by a mix effect and seasonal variability noted in Q4, how do you plan to sustain the year-over-year EBITDA margin expansion despite pricing pressures and potential tariff impacts on your raw material costs?
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Regarding the acquisition of HOG Technologies, can you detail the key integration risks you foresee, the concrete steps you are taking to align cross-selling opportunities and supply chain efficiencies, and a realistic timeline for achieving the anticipated synergies?
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Your CapEx guidance for 2025 has risen to $40–50 million, exceeding the historical run rate—how will this investment in the mineral extraction business translate into measurable increases in production capacity or margin improvements, and what specific metrics will you track to evaluate the return on this elevated spending?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Hog Technologies | 2025 | Acquisition completed on February 12, 2025 for an initial purchase price of $78.1 million, plus an additional facility purchase of $14.5 million and a contingent earn-out up to $15 million; strategically, it extends Federal Signal’s road-marking and waterblasting businesses into underpenetrated markets, with Hog’s 2024 revenues of about $65 million and strong aftermarket and international capabilities. |
Standard Equipment Company | 2024 | Deal closed on October 4, 2024 with an initial purchase price of $38.8 million and a contingent earn-out up to $4.8 million; the acquisition bolsters Federal Signal’s aftermarket growth strategy by adding scale and enhanced parts, services, rental, and used equipment operations across Illinois and Indiana, with operations to be integrated into the Environmental Solutions Group. |
Trackless Vehicles Limited | 2023 | Announced on February 23, 2023 and completed on April 3, 2023, the acquisition involved an initial purchase price of C$54.0 million (approx. $40.0 million) adjusted to as high as C$57.3 million with a contingent earn-out of up to C$6.0 million; it aims to enhance Federal Signal’s position in specialized off-road municipal tractors and attachments and is integrated into its Environmental Solutions Group, funded through cash and borrowings. |
Blasters, Inc. | 2023 | Completed on January 3, 2023, this acquisition of Blasters, Inc. and Blasters Technologies, LLC was executed for an initial cash consideration of approximately $13.0-$13.4 million, plus a contingent earn-out of up to $8.0 million; it enhances Federal Signal’s portfolio in truck-mounted waterblasting equipment and strengthens its aftermarket platform, with integration into the Environmental Solutions Group. |
TowHaul Corporation | 2022 | Announced on September 7, 2022, and completed on October 3, 2022, with a purchase price initially of $43.3 million (subject to adjustments up to $46.1 million); the acquisition of this off-road towing and hauling equipment manufacturer, generating around $23 million in revenue in 2021, complements Federal Signal’s product portfolio and is expected to be earnings accretive in 2023 after integration into the Environmental Solutions Group. |
Ground Force Worldwide | 2021 | Announced on September 8, 2021, and finalized on October 4, 2021, with an initial cash purchase price of $43.1 million; Ground Force Worldwide, a leading manufacturer of specialty material handling vehicles, strengthens Federal Signal’s diversified industrial portfolio, supports green initiatives through vehicle electrification, and will operate within the Environmental Solutions Group, funded partly through the 2019 Credit Agreement. |
Recent press releases and 8-K filings for FSS.
- Consolidated Q1 net sales reached $464M (up 9% YoY) with record order intake of $568M and an all-time high backlog of $1.1B .
- Operating income increased to $65.7M (up 21% YoY) .
- Strong performance across the Environmental Solutions and Safety & Security Systems groups, with Environmental Solutions net sales of $387M (up $33M) and an adjusted EBITDA margin of 20% (up 120 bps) .
- GAAP diluted EPS was $0.75 (down 11% YoY) while adjusted EPS improved to $0.76 (up 19% YoY) .
- Reaffirmed full-year guidance with net sales forecast of $2.02B–$2.10B and adjusted EPS expected at $3.63–$3.90 .
- Management credited expanded production capacity and strategic initiatives for market share gains in the aftermarket and dump truck segments .
- Federal Signal declared a $0.14 per share quarterly cash dividend, payable on May 30, 2025, with stockholders recorded as of May 16, 2025.
- The Board authorized an additional $150 million stock repurchase program, supplementing a prior authorization with approximately $27 million remaining.
- Q4 Highlights: Achieved 5% net sales growth to $472M, operating income up 11% to $70.1M, and GAAP diluted EPS of $0.81, marking a record-setting quarter , , .
- Full-Year Strength: Delivered record net sales of $1.86B and operating income of $281.4M, establishing a solid foundation for growth , .
- 2025 Outlook: Provided guidance with adjusted EPS between $3.60 and $3.90 and net sales ranging from $2.02B to $2.10B, supported by strong cash generation and strategic initiatives , .
- Leadership Outlook: CEO emphasized strong execution with a robust order backlog of approximately $1.0B, ensuring clear visibility for 2025 , .
- Operational Efficiency: Adjusted EBITDA increased by 15% to $89.3M with margins rising to 18.9%, highlighting enhanced efficiency .
- Segment Highlights: The Environmental Solutions Group drove 6% sales growth with improved EBITDA margins, while the Safety and Security Systems Group also contributed positively .
- The Board of Directors declared a quarterly cash dividend of $0.14 per share, an increase of $0.02 or 17% compared to the previous quarter.
- The dividend is payable on March 27, 2025, with the record date on March 14, 2025, and reflects the company's ongoing commitment as a leading global supplier.
- Federal Signal Corporation completed the acquisition of substantially all assets of Hog Technologies, a leading U.S. manufacturer specializing in road-marking, line-removal, and waterblasting equipment, for an initial purchase price of $78.1 million with an additional contingent earn-out of up to $15 million.
- The company also entered into a definitive agreement to acquire Hog’s primary manufacturing facility in Stuart, Florida for $14.5 million, and expects the acquisition to be accretive to earnings and cash flow in 2025.
- Hog reported annual revenues of approximately $65 million in 2024, with aftermarket parts and services making up about 35% of total revenues, underscoring its industry position.
- Federal Signal completed the acquisition of substantially all assets of Hog Technologies for an initial purchase price of $78.1 million with a potential earn-out of up to $15 million based on 2025 financial targets.
- The transaction, closed on February 12, 2025, also included the acquisition of Hog’s primary manufacturing facility in Stuart, Florida for $14.5 million.
- Hog, a leader in road-marking, line-removal, and waterblasting equipment, generated approximately $65 million in revenue in 2024, with 35% of revenues from aftermarket parts and services.