Original source text
, /PRNewswire/ -- Federal Signal Corporation (NYSE: FSS) (the "Company"), a leader in environmental and safety solutions, today reported financial results for the second quarter ended June 30, 2026.Second Quarter Highlights
Net sales of $670 million, up $106 million, or 19%, from last year Operating income of $118.2 million, up $20.5 million, or 21%, from last year GAAP Diluted EPS of $1.40, up $0.24, or 21%, from last year Adjusted EPS of $1.42, up $0.25, or 21%, from last year Orders of $637 million, up $97 million, or 18%, from last year Operating cash flow of $113 million, up $53 million, or 89%, from last year Raises 2026 net sales outlook to a new range of $2.58 billion to $2.67 billion, from the prior range of $2.57 billion to $2.66 billion Raises 2026 adjusted EPS* outlook to a new range of $5.12 to $5.30, from the prior range of $4.80 to $5.05 Consolidated net sales for the second quarter were $670 million, an increase of $106 million, or 19%, compared to the prior-year quarter. Net income for the second quarter was $86.1 million, or $1.40 per diluted share, compared to $71.4 million, or $1.16 per diluted share, in the prior-year quarter.
The Company also reported adjusted net income for the second quarter of $87.5 million, or $1.42 per diluted share, compared to $71.9 million, or $1.17 per diluted share, in the prior-year quarter. The Company is reporting adjusted results to facilitate comparisons of underlying performance on a year-over-year basis. A reconciliation of these and other non-GAAP measures is provided at the conclusion of this news release.
Double-Digit Year-over-Year Net Sales and Operating Income Growth and 18% Increase in Orders in Record-Setting Second Quarter
"In what is typically a seasonally-strong period, our businesses were able to deliver 19% year-over-year net sales growth, 21% operating income improvement, an 18% increase in orders, gross margin expansion, and a 60-basis point increase in adjusted EBITDA margin during a record-setting second quarter," commented Jennifer L. Sherman, President and Chief Executive Officer. "These results underscore the resilience and durability of our business model, the momentum behind our growth initiatives, and the unwavering commitment of our teams. Within our Environmental Solutions Group, orders were up 24% year-over-year, including high-single-digit organic growth, while net sales and adjusted EBITDA increased by 20% and 25%, respectively, with contributions from recent acquisitions, higher sales of our aftermarket offerings, and proactive management of price/cost dynamics representing meaningful year-over-year growth drivers. Our Safety and Security Systems Group also delivered impressive results, with 10% top-line growth and an adjusted EBITDA margin of approximately 25%."
In the Environmental Solutions Group, net sales for the second quarter were $578 million, up $97 million, or 20%, compared to the prior-year quarter. In the Safety and Security Systems Group, net sales were $93 million, up $8 million, or 10%, compared to the prior-year quarter.
Consolidated operating income for the second quarter was $118.2 million, up $20.5 million, or 21%, compared to the prior-year quarter. Consolidated operating margin for the second quarter was 17.6%, up from 17.3% in the prior-year quarter.
Consolidated adjusted earnings before interest, tax, depreciation and amortization ("adjusted EBITDA") for the second quarter was $144.4 million, up $26.2 million, or 22%, compared to the prior-year quarter, and consolidated adjusted EBITDA margin was 21.5%, up from 20.9% in the prior-year quarter.
In the Environmental Solutions Group, adjusted EBITDA for the second quarter was $138.3 million, up $27.5 million, or 25%, compared to the prior-year quarter, and its adjusted EBITDA margin was 23.9%, up from 23.1% last year. In the Safety and Security Systems Group, adjusted EBITDA for the second quarter was $23.2 million, up $0.6 million, or 3%, compared to the prior-year quarter, and its adjusted EBITDA margin was 25.1%, compared to 26.9% last year.
Consolidated orders for the second quarter were $637 million, an increase of $97 million, or 18%, compared to the prior-year quarter. Consolidated backlog at June 30, 2026 was $1.00 billion, compared to $1.08 billion in the prior-year quarter.
Increased Operating Cash Flow Provides Flexibility to Fund M&A, Organic Growth Opportunities, and Cash Returns to Stockholders
Net cash provided by operating activities during the second quarter was $113 million, an increase of $53 million, or 89%, from the prior-year quarter.
At June 30, 2026, total outstanding debt was $454 million, total cash and cash equivalents were $63 million, and the Company had $1.04 billion of availability for borrowings under its credit facility.
"Our operating cash flow generation during the quarter was outstanding, enabling us to pay down approximately $97 million of debt during the quarter," said Sherman. "With the increased cash generation and available capacity under our credit facility, we have significant financial flexibility to invest in organic growth initiatives, pursue additional strategic acquisitions, pay down debt, and provide returns to stockholders through dividends and opportunistic stock repurchases."
The Company funded dividends of $9.1 million during the second quarter, reflecting a dividend of $0.15 per share, and recently announced a similar $0.15 per share dividend that will be payable in the third quarter of 2026.
Outlook
"Demand for our products and our aftermarket offerings remains strong overall, with our second quarter orders up 18% year-over-year," noted Sherman. "With our second quarter performance, our current backlog, and continued execution against our strategic initiatives, we are raising our full-year adjusted EPS* outlook to a new range of $5.12 to $5.30, from the prior range of $4.80 to $5.05. We are also increasing our full-year net sales outlook to a new range of between $2.58 billion and $2.67 billion, from the prior range of between $2.57 billion and $2.66 billion."
CONFERENCE CALL
Federal Signal will host its second quarter conference call on Thursday, July 30, 2026 at 10:00 a.m. Eastern Time. The call will last approximately one hour. The call may be accessed over the internet through Federal Signal's website at www.federalsignal.com or by dialing phone number 1-877-704-4453 and entering the pin number 13761759. A replay will be available on Federal Signal's website shortly after the call.
About Federal Signal
Federal Signal Corporation (NYSE: FSS) builds and delivers equipment of unmatched quality that moves material, cleans infrastructure, and protects the communities where we work and live. Founded in 1901, Federal Signal is a leading global designer, manufacturer and supplier of products and total solutions that serve municipal, governmental, industrial, and commercial customers. Headquartered in Downers Grove, Ill., with manufacturing facilities worldwide, the Company operates two groups: Environmental Solutions and Safety and Security Systems. For more information on Federal Signal, visit: www.federalsignal.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This release contains unaudited financial information and various forward-looking statements as of the date hereof and we undertake no obligation to update these forward-looking statements regardless of new developments or otherwise. Statements in this release that are not historical are forward-looking statements. Forward looking statements should not be relied upon as a predictor of actual results. Such statements are subject to various risks and uncertainties that could cause actual results to vary materially from those stated. Such risks and uncertainties include but are not limited to: economic and political uncertainty, risks and adverse economic effects associated with geopolitical conflicts including tariffs and other trade conflicts, legal and regulatory developments, foreign currency exchange rate changes, inflationary pressures, product and price competition, supply chain disruptions, availability and pricing of raw materials, interest rate changes, risks associated with acquisitions such as integration of operations and achieving anticipated revenue and cost benefits, work stoppages, increases in pension funding requirements, cybersecurity risks, increased legal expenses and litigation results, and other risks and uncertainties described in filings with the Securities and Exchange Commission.
* Adjusted earnings per share ("EPS") is a non-GAAP measure, which includes certain adjustments to reported GAAP net income and diluted EPS. In the three and six months ended June 30, 2026 and 2025, we made adjustments to exclude the impact of acquisition and integration-related expenses, net, purchase accounting effects, and certain special income tax items, where applicable. In prior years, we have also made adjustments to exclude the impact of pension-related charges, debt settlement charges, and certain other unusual or non-recurring items. Should any similar items occur in the remainder of 2026, we would expect to exclude them from the determination of adjusted EPS. However, because of the underlying uncertainty in quantifying amounts which may not yet be known, a reconciliation of our Adjusted EPS outlook to the most applicable GAAP measure is excluded based on the unreasonable efforts exception in Item 10(e)(1)(i)(B).
FEDERAL SIGNAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
(in millions, except per share data)
2026
2025
2026
2025
Net sales
$ 670.2
$ 564.6
$ 1,295.8
$ 1,028.4
Cost of sales
466.4
395.0
912.6
728.0
Gross profit
203.8
169.6
383.2
300.4
Selling, engineering, general and administrative expenses
78.3
66.9
150.3
127.1
Amortization expense
6.6
4.5
13.1
8.8
Acquisition and integration-related expenses, net
0.7
0.5
1.9
1.1
Operating income
118.2
97.7
217.9
163.4
Interest expense, net
6.0
3.5
12.9
6.5
Other expense, net
0.8
0.8
1.4
1.5
Income before income taxes
111.4
93.4
203.6
155.4
Income tax expense
25.3
22.0
47.1
37.7
Net income
$ 86.1
$ 71.4
$ 156.5
$ 117.7
Earnings per share:
Basic
$ 1.41
$ 1.18
$ 2.57
$ 1.93
Diluted
$ 1.40
$ 1.16
$ 2.54
$ 1.91
Weighted average common shares outstanding:
Basic
60.9
60.6
60.9
60.9
Diluted
61.5
61.3
61.5
61.6
Cash dividends declared per common share
$ 0.15
$ 0.14
$ 0.30
$ 0.28
Operating data:
Operating margin
17.6 %
17.3 %
16.8 %
15.9 %
Adjusted EBITDA
$ 144.4
$ 118.2
$ 270.7
$ 203.3
Adjusted EBITDA margin
21.5 %
20.9 %
20.9 %
19.8 %
Total orders
$ 636.7
$ 539.7
$ 1,259.5
$ 1,107.6
Backlog
1,002.1
1,083.5
1,002.1
1,083.5
Depreciation and amortization
24.6
19.9
48.4
38.6
FEDERAL SIGNAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30,
2026
December 31,
2025
(in millions, except per share data)
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$ 62.8
$ 63.7
Accounts receivable, net of allowances for doubtful accounts of $2.8 and $2.8, respectively
288.8
292.2
Inventories
479.8
471.6
Prepaid expenses and other current assets
25.5
26.3
Total current assets
856.9
853.8
Properties and equipment, net of accumulated depreciation of $219.4 and $208.0, respectively
289.6
274.6
Rental equipment, net of accumulated depreciation of $73.5 and $69.2, respectively
210.0
202.7
Operating lease right-of-use assets
30.8
28.4
Goodwill
636.8
619.8
Intangible assets, net of accumulated amortization of $116.8 and $104.2, respectively
386.9
382.9
Deferred tax assets
9.8
10.1
Deferred charges and other long-term assets
19.2
20.3
Total assets
$ 2,440.0
$ 2,392.6
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term borrowings and finance lease obligations
$ 5.4
$ 0.5
Accounts payable
114.6
98.0
Customer deposits
57.7
47.7
Accrued liabilities:
Compensation and withholding taxes
47.0
52.3
Current operating lease liabilities
8.6
7.9
Contingent consideration
4.3
15.0
Other current liabilities
75.3
61.0
Total current liabilities
312.9
282.4
Long-term borrowings and finance lease obligations
448.2
564.6
Long-term operating lease liabilities
23.6
21.6
Long-term pension and other post-retirement benefit liabilities
44.4
43.1
Deferred tax liabilities
77.8
71.9
Other long-term liabilities
25.5
27.0
Total liabilities
932.4
1,010.6
Stockholders' equity:
Common stock, $1 par value per share, 90.0 shares authorized, 71.1 and 70.8 shares issued,
respectively
71.1
70.8
Capital in excess of par value
340.7
330.4
Retained earnings
1,453.5
1,315.3
Treasury stock, at cost, 10.0 and 9.9 shares, respectively
(279.1)
(263.5)
Accumulated other comprehensive loss
(78.6)
(71.0)
Total stockholders' equity
1,507.6
1,382.0
Total liabilities and stockholders' equity
$ 2,440.0
$ 2,392.6
FEDERAL SIGNAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended
June 30,
(in millions)
2026
2025
Operating activities:
Net income
$ 156.5
$ 117.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
48.4
38.6
Stock-based compensation expense
8.1
8.1
Changes in fair value of contingent consideration
0.4
—
Payments for acquisition-related activity
(3.5)
(0.1)
Deferred income taxes
6.0
0.2
Changes in operating assets and liabilities
(1.7)
(68.1)
Net cash provided by operating activities
214.2
96.4
Investing activities:
Purchases of properties and equipment
(18.6)
(12.9)
Payments for acquisition-related activity, net of cash acquired
(44.9)
(82.1)
Other, net
1.4
0.7
Net cash used for investing activities
(62.1)
(94.3)
Financing activities:
(Decrease) increase in revolving lines of credit, net
(109.8)
55.0
Payments on long-term borrowings
—
(1.6)
Purchases of treasury stock
(0.1)
(39.7)
Redemptions of common stock to satisfy withholding taxes related to stock-based compensation
(13.5)
(11.4)
Payments for acquisition-related activity
(11.5)
(4.3)
Cash dividends paid to stockholders
(18.3)
(17.1)
Proceeds from stock-based compensation activity
0.5
1.1
Other, net
(0.2)
(11.8)
Net cash used for financing activities
(152.9)
(29.8)
Effects of foreign exchange rate changes on cash and cash equivalents
(0.1)
1.3
Decrease in cash and cash equivalents
(0.9)
(26.4)
Cash and cash equivalents at beginning of year
63.7
91.1
Cash and cash equivalents at end of period
$ 62.8
$ 64.7
FEDERAL SIGNAL CORPORATION AND SUBSIDIARIES
GROUP RESULTS (Unaudited)
The following tables summarize group operating results as of and for the three and six months ended June 30, 2026 and 2025:
Environmental Solutions Group
Three Months Ended June 30,
Six Months Ended June 30,
($ in millions)
2026
2025
Change
2026
2025
Change
Net sales
$ 577.7
$ 480.5
$ 97.2
$ 1,110.4
$ 867.9
$ 242.5
Operating income
113.9
91.9
22.0
203.0
151.6
51.4
Adjusted EBITDA
138.3
110.8
27.5
251.6
188.3
63.3
Operating data:
Operating margin
19.7 %
19.1 %
0.6 %
18.3 %
17.5 %
0.8 %
Adjusted EBITDA margin
23.9 %
23.1 %
0.8 %
22.7 %
21.7 %
1.0 %
Total orders
$ 547.8
$ 441.1
$ 106.7
$ 1,082.1
$ 921.2
$ 160.9
Backlog
934.8
1,000.3
(65.5)
934.8
1,000.3
(65.5)
Depreciation and amortization
23.3
18.7
4.6
45.9
36.3
9.6
Safety and Security Systems Group
Three Months Ended June 30,
Six Months Ended June 30,
($ in millions)
2026
2025
Change
2026
2025
Change
Net sales
$ 92.5
$ 84.1
$ 8.4
$ 185.4
$ 160.5
$ 24.9
Operating income
22.1
21.5
0.6
45.7
37.3
8.4
Adjusted EBITDA
23.2
22.6
0.6
47.9
39.4
8.5
Operating data:
Operating margin
23.9 %
25.6 %
(1.7) %
24.6 %
23.2 %
1.4 %
Adjusted EBITDA margin
25.1 %
26.9 %
(1.8) %
25.8 %
24.5 %
1.3 %
Total orders
$ 88.9
$ 98.6
$ (9.7)
$ 177.4
$ 186.4
$ (9.0)
Backlog
67.3
83.2
(15.9)
67.3
83.2
(15.9)
Depreciation and amortization
1.1
1.1
—
2.2
2.1
0.1
Corporate Expenses
Corporate operating expenses were $17.8 million and $15.7 million for the three months ended June 30, 2026 and 2025, respectively. Corporate operating expenses were $30.8 million and $25.5 million for the six months ended June 30, 2026 and 2025, respectively.
SEC REGULATION G NON-GAAP RECONCILIATION
The financial measures presented below are unaudited and are not in accordance with U.S. generally accepted accounting principles ("GAAP"). The non-GAAP financial information presented herein should be considered supplemental to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company has provided this supplemental information to investors, analysts, and other interested parties to enable them to perform additional analyses of operating results, to illustrate the results of operations giving effect to the non-GAAP adjustments shown in the reconciliations below, and to provide an additional measure of performance which management considers in operating the business.
Adjusted Net Income and Earnings Per Share ("EPS"):
The Company believes that modifying its 2026 and 2025 net income and diluted EPS provides additional measures to assist it in comparing its performance on a consistent basis for purposes of business decision making by removing the impact of certain items that management believes are not representative of its underlying performance and to improve the comparability of results across reporting periods. Adjusted net income and Adjusted EPS are both non-GAAP measures. During the three and six months ended June 30, 2026 and 2025 adjustments were made to reported GAAP net income and diluted EPS to exclude the impact of acquisition and integration-related expenses, net, purchase accounting effects, and certain special income tax items, where applicable.
Three Months Ended June 30,
Six Months Ended June 30,
(in millions)
2026
2025
2026
2025
Net income, as reported
$ 86.1
$ 71.4
$ 156.5
$ 117.7
Add:
Income tax expense
25.3
22.0
47.1
37.7
Income before income taxes
111.4
93.4
203.6
155.4
Add:
Acquisition and integration-related expenses, net
0.7
0.5
1.9
1.1
Purchase accounting effects (a)
1.1
0.4
2.9
0.7
Adjusted income before income taxes
113.2
94.3
208.4
157.2
Adjusted income tax expense (b) (c)
(25.7)
(22.4)
(48.2)
(38.3)
Adjusted net income
$ 87.5
$ 71.9
$ 160.2
$ 118.9
Three Months Ended June 30,
Six Months Ended June 30,
(dollars per diluted share)
2026
2025
2026
2025
EPS, as reported
$ 1.40
$ 1.16
$ 2.54
$ 1.91
Add:
Income tax expense
0.41
0.36
0.76
0.61
Income before income taxes
1.81
1.52
3.30
2.52
Add:
Acquisition and integration-related expenses, net
0.01
0.01
0.03
0.02
Purchase accounting effects (a)
0.02
0.01
0.05
0.01
Adjusted income before income taxes
1.84
1.54
3.38
2.55
Adjusted income tax expense (b) (c)
(0.42)
(0.37)
(0.78)
(0.62)
Adjusted EPS
$ 1.42
$ 1.17
$ 2.60
$ 1.93
(a)
Purchase accounting effects in the three and six months ended June 30, 2026 and 2025 relate to adjustments to exclude the step-up in the valuation of inventory acquired in connection with acquisitions that was sold subsequent to the acquisition date and the depreciation of the step-up in the valuation of acquired rental equipment, where applicable. Such costs are included as a component of Cost of sales on the Condensed Consolidated Statements of Operations.
(b)
Adjusted income tax expense for the three and six months ended June 30, 2026 was recomputed after excluding the tax impacts of acquisition and integration-related expenses, net, and purchase accounting effects.
(c)
Adjusted income tax expense for the three and six months ended June 30, 2025 was recomputed after excluding the tax impacts of acquisition and integration-related expenses, net, and purchase accounting effects. Adjusted income tax expense for the three and six months ended June 30, 2025 also excludes a $0.2 million discrete tax benefit recognized in connection with the amendment of certain state tax returns to claim a worthless stock deduction.
Adjusted EBITDA and Adjusted EBITDA Margin:
The Company uses adjusted EBITDA and the ratio of adjusted EBITDA to net sales ("adjusted EBITDA margin"), at both the consolidated and segment level, as additional measures to assist in comparing its performance on a consistent basis for purposes of business decision making by removing the impact of certain items that management believes are not representative of its underlying performance and to improve the comparability of results across reporting periods. We believe that investors use versions of these metrics in a similar manner. For these reasons, the Company believes that adjusted EBITDA and adjusted EBITDA margin, at both the consolidated and segment level, are meaningful metrics to investors in evaluating the Company's underlying financial performance.
Consolidated adjusted EBITDA is a non-GAAP measure that represents the total of net income, interest expense, net, acquisition and integration-related expenses, net, purchase accounting effects, other expense, net, income tax expense, and depreciation and amortization expense, as applicable. Consolidated adjusted EBITDA margin is a non-GAAP measure that represents the total of net income, interest expense, net, acquisition and integration-related expenses, net, purchase accounting effects, other expense, net, income tax expense, and depreciation and amortization expense, as applicable, divided by net sales for the applicable period(s).
Segment adjusted EBITDA is a non-GAAP measure that represents the total of segment operating income, acquisition and integration-related expenses, net, purchase accounting effects, and depreciation and amortization expense, as applicable. Segment adjusted EBITDA margin is a non-GAAP measure that represents the total of segment operating income, acquisition and integration-related expenses, net, purchase accounting effects, and depreciation and amortization expense, as applicable, divided by segment net sales for the applicable period(s). Segment operating income includes all revenues, costs, and expenses directly related to the segment involved. In determining segment operating income, neither corporate nor interest expenses are included. Segment depreciation and amortization expense relates to those assets, both tangible and intangible, that are utilized by the respective segment.
Other companies may use different methods to calculate adjusted EBITDA and adjusted EBITDA margin.
Consolidated
The following table summarizes the Company's consolidated adjusted EBITDA and adjusted EBITDA margin and reconciles net income to consolidated adjusted EBITDA for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,
Six Months Ended June 30,
($ in millions)
2026
2025
2026
2025
Net income
$ 86.1
$ 71.4
$ 156.5
$ 117.7
Add:
Interest expense, net
6.0
3.5
12.9
6.5
Acquisition and integration-related expenses, net
0.7
0.5
1.9
1.1
Purchase accounting effects *
0.9
0.1
2.5
0.2
Other expense, net
0.8
0.8
1.4
1.5
Income tax expense
25.3
22.0
47.1
37.7
Depreciation and amortization
24.6
19.9
48.4
38.6
Consolidated adjusted EBITDA
$ 144.4
$ 118.2
$ 270.7
$ 203.3
Net sales
$ 670.2
$ 564.6
$ 1,295.8
$ 1,028.4
Consolidated adjusted EBITDA margin
21.5 %
20.9 %
20.9 %
19.8 %
* Excludes purchase accounting expense effects included within depreciation and amortization of $0.2 million and $0.3 million for the three months ended June 30, 2026 and 2025, and $0.4 million and $0.5 million for the six months ended June 30, 2026 and 2025, respectively.
Environmental Solutions Group
The following table summarizes the Environmental Solutions Group's adjusted EBITDA and adjusted EBITDA margin and reconciles operating income to adjusted EBITDA for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,
Six Months Ended June 30,
($ in millions)
2026
2025
2026
2025
Operating income
$ 113.9
$ 91.9
$ 203.0
$ 151.6
Add:
Acquisition and integration-related expenses, net
0.2
0.1
0.2
0.2
Purchase accounting effects *
0.9
0.1
2.5
0.2
Depreciation and amortization
23.3
18.7
45.9
36.3
Adjusted EBITDA
$ 138.3
$ 110.8
$ 251.6
$ 188.3
Net sales
$ 577.7
$ 480.5
$ 1,110.4
$ 867.9
Adjusted EBITDA margin
23.9 %
23.1 %
22.7 %
21.7 %
* Excludes purchase accounting expense effects included within depreciation and amortization of $0.2 million and $0.3 million for the three months ended June 30, 2026 and 2025, and $0.4 million and $0.5 million for the six months ended June 30, 2026 and 2025, respectively.
Safety and Security Systems Group
The following table summarizes the Safety and Security Systems Group's adjusted EBITDA and adjusted EBITDA margin and reconciles operating income to adjusted EBITDA for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,
Six Months Ended June 30,
($ in millions)
2026
2025
2026
2025
Operating income
$ 22.1
$ 21.5
$ 45.7
$ 37.3
Add:
Depreciation and amortization
1.1
1.1
2.2
2.1
Adjusted EBITDA
$ 23.2
$ 22.6
$ 47.9
$ 39.4
Net sales
$ 92.5
$ 84.1
$ 185.4
$ 160.5
Adjusted EBITDA margin
25.1 %
26.9 %
25.8 %
24.5 %
SOURCE Federal Signal Corporation