• Net sales of $234.6 million, up 5% versus Q2 of 2013
• Operating income of $23.9 million for the quarter, up 31% versus last year
• GAAP earnings of $0.27 per share for the quarter, compared to $1.87 per share last year
• Adjusted EPS of $0.27 for the quarter, up 59% compared to $0.17 last year
• Orders and backlog increased 21% versus last year
• EPS outlook updated to a range of $0.83 to $0.87 for the year
Oak Brook, IL, July 29, 2014 — Federal Signal Corporation (NYSE:FSS), a leader in environmental and safety solutions, today reported results for the second quarter ended June 30, 2014. Consolidated net sales for the second quarter were $234.6 million, up 5% versus the same quarter a year ago. Second quarter income from continuing operations was $17.0 million, equal to $0.27 per diluted share, compared to $117.8 million, equal to $1.87 per diluted share, in the prior year quarter. The prior year included a significant income tax benefit associated with the release of valuation allowance on deferred income taxes.
The Company also reported adjusted net income from continuing operations for the second quarter of $17.1 million, equal to $0.27 per diluted share, up 60% compared to $10.7 million, equal to $0.17 per diluted share, in the same quarter a year ago. The Company is reporting adjusted results to facilitate comparisons of underlying performance on a year-over-year basis. For 2013, adjusted net income and adjusted earnings per share from continuing operations reflect normalized income taxes which exclude the effects of certain discrete tax items, including the aforementioned release of valuation allowance. A reconciliation of these and other non-GAAP measures is provided at the conclusion of this news release.
On July 22, 2014, the Company also announced that its board of directors had declared a dividend of $0.03 per share payable on September 3, 2014 to shareholders of record as of August 12, 2014.