OAK BROOK, Ill., May 4,
2021 /PRNewswire/ -- Federal Signal Corporation (NYSE:FSS) (the
"Company"), a leader in environmental and safety solutions, today
reported results for the first quarter ended March 31,
2021.
First Quarter Highlights
- Record orders of $384 million, up
$80 million, or 26%, from last year
and up $108 million, or 39%, compared
to the fourth quarter of 2020
- Record backlog of $410 million,
up $106 million, or 35%, from the end
of last year
- GAAP EPS of $0.36
- Adjusted EPS of $0.38
- Completed acquisition of OSW Equipment and Repair, LLC ("OSW"),
a leading manufacturer of dump truck bodies and custom upfitter of
truck equipment and trailers
Consolidated net sales for the first quarter were $279 million, compared to $286 million in the same quarter a year ago. Net
income for the first quarter was $22.2
million, equal to $0.36 per
diluted share, compared to $23.4
million, equal to $0.38 per
share, in the prior-year quarter.
The Company also reported adjusted net income for the first
quarter of $23.2 million, equal to
$0.38 per diluted share, compared to
$24.1 million, or $0.39 per diluted share, in the first quarter of
last year. 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.
Strong Operational Performance Despite Ongoing Disruption;
Demand Continues to Improve with Record Quarterly Orders
"We delivered another strong quarter, with operating results
exceeding our expectations despite ongoing pandemic-related
disruption and the effects of unusually adverse weather which
impacted production at our facilities in Texas, Mississippi and Alabama," commented Jennifer L. Sherman, President and Chief
Executive Officer. "As in the last two quarters, we again saw
improved demand for our products, with our first quarter order
intake setting a new record for the Company, surpassing the
previous high by over $50
million."
In the Environmental Solutions Group, net sales for the first
quarter were $228 million, compared
to $233 million in the prior-year
quarter. In the Safety and Security Systems Group, net sales were
$51 million, compared to $53 million last year.
Consolidated operating income for the first quarter was
$27.8 million, compared to
$32.3 million in the prior-year
quarter. Consolidated operating margin was 10.0%, compared to 11.3%
in the prior-year quarter.
Consolidated adjusted earnings before interest, tax,
depreciation and amortization ("adjusted EBITDA") for the first
quarter was $41.2 million, compared
to $43.9 million in the prior-year
quarter, and consolidated adjusted EBITDA margin was 14.8%,
compared to 15.3% last year.
Adjusted EBITDA in the Environmental Solutions Group was
$39.3 million, compared to
$40.0 million in the prior-year
quarter, and its adjusted EBITDA margin was 17.2%, consistent with
the prior year. In the Safety and Security Systems Group, adjusted
EBITDA was $8.2 million, compared to
$8.2 million in the prior-year
quarter, and its adjusted EBITDA margin was 16.2%, compared to
15.4% last year.
Consolidated orders for the first quarter were $384 million, the highest quarterly orders on
record, representing an increase of $80
million, or 26%, compared to the prior-year quarter.
Consolidated backlog at March 31, 2021 was $410 million, a new record for the Company, and
up $106 million, or 35%, from the end
of last year.
Financial Position Remains Strong, Providing Flexibility to
Invest in Organic Growth, Fund M&A and Return Cash to
Stockholders
Net cash of $26.0 million was
provided by operating activities during the first quarter, an
improvement of $20.8 million,
compared to the prior-year period.
During the first quarter, the Company completed the acquisition
of OSW for initial cash consideration of $53.5 million.
At March 31, 2021, consolidated debt was $223 million, total cash and cash equivalents
were $55 million and the Company had
$270 million of availability for
borrowings under its revolving credit facility.
"Our financial position continues to be very strong," said
Sherman. "It provides us with flexibility to pursue strategic
acquisitions, like OSW, invest in organic growth initiatives, and
return cash to stockholders through dividends and opportunistic
share repurchases."
The Company also funded dividends of $5.5
million during the first quarter, reflecting an increased
dividend of $0.09 per share, and the
Board of Directors recently declared a similar dividend that will
be payable in the second quarter.
Outlook
"Orders thus far this year have exceeded our expectations,
fueled by a combination of new product launches, ongoing execution
against strategic initiatives and strong recovery in end markets,"
noted Sherman. "With certain chassis manufacturers temporarily
impacted by the global semiconductor shortage, we are
currently encountering some short-term production challenges at our
largest facility. Our teams are working diligently to navigate
through the disruption, as they have in the past when faced with
similar situations. After factoring in the impact expected over the
next couple of months, at this time we are maintaining our adjusted
EPS* outlook for the year of $1.73 to
$1.85. With our recently-completed
capacity expansions at several facilities, we are well positioned
once the current chassis uncertainty eases. Demand for our products
is at an all-time high, with the recent federal stimulus and the
possibility of infrastructure investment offering potential for
further momentum, which we have not factored into our current
outlook."
CONFERENCE CALL
Federal Signal will host its first quarter conference call on
Tuesday, May 4, 2021 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
1-877-705-6003 and entering the pin number 13719079. 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 Oak Brook, 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.
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: direct
and indirect impacts of the coronavirus pandemic and the associated
government response, economic conditions in various regions,
product and price competition, supply chain disruptions, work
stoppages, availability and pricing of raw materials, risks
associated with acquisitions such as integration of operations and
achieving anticipated revenue and cost benefits, foreign currency
exchange rate changes, interest rate changes, increased legal
expenses and litigation results, legal and regulatory developments
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. When
reporting adjusted EPS in 2021, we have made, and would expect to
continue to make, certain adjustments to exclude the impact of
acquisition and integration-related expenses, coronavirus-related
expenses and purchase accounting effects, where applicable. In
prior years, we have also made adjustments to GAAP net income and
diluted EPS for pension-related charges, restructuring activity,
hearing loss settlement charges and special tax items. Should any
similar items occur in 2021, we would also 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
March
31,
|
(in millions,
except per share data)
|
2021
|
|
2020
|
Net sales
|
$
|
278.8
|
|
|
$
|
286.1
|
|
Cost of
sales
|
210.0
|
|
|
211.3
|
|
Gross
profit
|
68.8
|
|
|
74.8
|
|
Selling, engineering,
general and administrative expenses
|
40.8
|
|
|
42.2
|
|
Acquisition and
integration-related expenses
|
0.2
|
|
|
0.3
|
|
Operating
income
|
27.8
|
|
|
32.3
|
|
Interest
expense
|
1.1
|
|
|
1.5
|
|
Other (income)
expense, net
|
(0.5)
|
|
|
0.2
|
|
Income before income
taxes
|
27.2
|
|
|
30.6
|
|
Income tax
expense
|
5.0
|
|
|
7.2
|
|
Net income
|
$
|
22.2
|
|
|
$
|
23.4
|
|
Earnings per
share:
|
|
|
|
Basic
|
$
|
0.37
|
|
|
$
|
0.39
|
|
Diluted
|
$
|
0.36
|
|
|
$
|
0.38
|
|
Weighted average
common shares outstanding:
|
|
|
|
Basic
|
60.6
|
|
|
60.5
|
|
Diluted
|
61.7
|
|
|
61.7
|
|
Cash dividends
declared per common share
|
$
|
0.09
|
|
|
$
|
0.08
|
|
|
|
|
|
Operating
data:
|
|
|
|
Operating
margin
|
10.0
|
%
|
|
11.3
|
%
|
Adjusted
EBITDA
|
$
|
41.2
|
|
|
$
|
43.9
|
|
Adjusted EBITDA
margin
|
14.8
|
%
|
|
15.3
|
%
|
Total
orders
|
$
|
384.1
|
|
|
$
|
303.9
|
|
Backlog
|
409.5
|
|
|
400.8
|
|
Depreciation and
amortization
|
12.2
|
|
|
10.8
|
|
FEDERAL SIGNAL
CORPORATION AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
March 31,
2021
|
|
December
31,
2020
|
(in millions,
except per share data)
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
54.8
|
|
|
$
|
81.7
|
|
Accounts receivable,
net of allowances for doubtful accounts of $2.7 and $2.9,
respectively
|
136.3
|
|
|
127.0
|
|
Inventories
|
204.6
|
|
|
185.0
|
|
Prepaid expenses and
other current assets
|
9.2
|
|
|
11.8
|
|
Total current
assets
|
404.9
|
|
|
405.5
|
|
Properties and
equipment, net of accumulated depreciation of $140.8 and $136.2,
respectively
|
112.5
|
|
|
106.9
|
|
Rental equipment, net
of accumulated depreciation of $44.0 and $43.5,
respectively
|
116.2
|
|
|
113.3
|
|
Operating lease
right-of-use assets
|
33.8
|
|
|
21.9
|
|
Goodwill
|
406.7
|
|
|
394.2
|
|
Intangible assets,
net of accumulated amortization of $34.4 and $31.9,
respectively
|
178.7
|
|
|
153.5
|
|
Deferred tax
assets
|
8.9
|
|
|
9.5
|
|
Deferred charges and
other long-term assets
|
4.2
|
|
|
3.8
|
|
Long-term assets of
discontinued operations
|
0.2
|
|
|
0.2
|
|
Total
assets
|
$
|
1,266.1
|
|
|
$
|
1,208.8
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Current portion of
long-term borrowings and finance lease obligations
|
$
|
0.6
|
|
|
$
|
0.2
|
|
Accounts
payable
|
71.2
|
|
|
51.6
|
|
Customer
deposits
|
15.3
|
|
|
13.3
|
|
Accrued
liabilities:
|
|
|
|
Compensation and
withholding taxes
|
23.6
|
|
|
30.3
|
|
Current operating
lease liabilities
|
9.9
|
|
|
8.2
|
|
Other current
liabilities
|
46.0
|
|
|
44.7
|
|
Current liabilities of
discontinued operations
|
0.1
|
|
|
0.1
|
|
Total current
liabilities
|
166.7
|
|
|
148.4
|
|
Long-term borrowings
and finance lease obligations
|
222.0
|
|
|
209.8
|
|
Long-term operating
lease liabilities
|
25.8
|
|
|
15.5
|
|
Long-term pension and
other postretirement benefit liabilities
|
52.9
|
|
|
54.0
|
|
Deferred tax
liabilities
|
54.4
|
|
|
53.7
|
|
Other long-term
liabilities
|
23.9
|
|
|
24.5
|
|
Long-term liabilities
of discontinued operations
|
0.8
|
|
|
0.8
|
|
Total
liabilities
|
546.5
|
|
|
506.7
|
|
Stockholders'
equity:
|
|
|
|
Common stock, $1 par
value per share, 90.0 shares authorized, 68.4 and 67.8 shares
issued, respectively
|
68.4
|
|
|
67.8
|
|
Capital in excess of
par value
|
245.2
|
|
|
240.8
|
|
Retained
earnings
|
621.7
|
|
|
605.0
|
|
Treasury stock, at
cost, 7.4 and 7.3 shares, respectively
|
(124.3)
|
|
|
(119.8)
|
|
Accumulated other
comprehensive loss
|
(91.4)
|
|
|
(91.7)
|
|
Total stockholders'
equity
|
719.6
|
|
|
702.1
|
|
Total liabilities and
stockholders' equity
|
$
|
1,266.1
|
|
|
$
|
1,208.8
|
|
FEDERAL SIGNAL
CORPORATION AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
|
|
|
Three Months
Ended
March
31,
|
(in
millions)
|
2021
|
|
2020
|
Operating
activities:
|
|
|
|
Net income
|
$
|
22.2
|
|
|
$
|
23.4
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
12.2
|
|
|
10.8
|
|
Stock-based
compensation expense
|
1.3
|
|
|
1.0
|
|
Deferred income
taxes
|
0.5
|
|
|
2.8
|
|
Changes in operating
assets and liabilities
|
(10.2)
|
|
|
(32.8)
|
|
Net cash provided by
operating activities
|
26.0
|
|
|
5.2
|
|
Investing
activities:
|
|
|
|
Purchases of
properties and equipment
|
(4.3)
|
|
|
(9.5)
|
|
Payments for
acquisition-related activity, net of cash acquired
|
(52.2)
|
|
|
—
|
|
Proceeds from
acquisition-related activity
|
—
|
|
|
0.8
|
|
Other, net
|
0.1
|
|
|
0.3
|
|
Net cash used for
investing activities
|
(56.4)
|
|
|
(8.4)
|
|
Financing
activities:
|
|
|
|
Increase in revolving
lines of credit, net
|
10.1
|
|
|
63.6
|
|
Purchases of treasury
stock
|
—
|
|
|
(13.5)
|
|
Redemptions of common
stock to satisfy withholding taxes related to stock-based
compensation
|
(4.0)
|
|
|
(4.0)
|
|
Cash dividends paid to
stockholders
|
(5.5)
|
|
|
(4.8)
|
|
Proceeds from
stock-based compensation activity
|
3.3
|
|
|
—
|
|
Other, net
|
0.1
|
|
|
0.1
|
|
Net cash provided by
financing activities
|
4.0
|
|
|
41.4
|
|
Effects of foreign
exchange rate changes on cash and cash equivalents
|
(0.5)
|
|
|
(0.4)
|
|
(Decrease) increase
in cash and cash equivalents
|
(26.9)
|
|
|
37.8
|
|
Cash and cash
equivalents at beginning of year
|
81.7
|
|
|
31.6
|
|
Cash and cash
equivalents at end of period
|
$
|
54.8
|
|
|
$
|
69.4
|
|
FEDERAL SIGNAL
CORPORATION AND SUBSIDIARIES
GROUP RESULTS
(Unaudited)
|
|
The following tables
summarize group operating results as of and for the three months
ended March 31, 2021 and 2020:
|
|
Environmental
Solutions Group
|
|
|
Three Months Ended
March 31,
|
($ in
millions)
|
2021
|
|
2020
|
|
Change
|
Net sales
|
$
|
228.1
|
|
|
$
|
233.0
|
|
|
$
|
(4.9)
|
|
Operating
income
|
27.1
|
|
|
29.4
|
|
|
(2.3)
|
|
Adjusted
EBITDA
|
39.3
|
|
|
40.0
|
|
|
(0.7)
|
|
Operating
data:
|
|
|
|
|
|
Operating
margin
|
11.9
|
%
|
|
12.6
|
%
|
|
(0.7)
|
%
|
Adjusted EBITDA
margin
|
17.2
|
%
|
|
17.2
|
%
|
|
—
|
%
|
Total
orders
|
$
|
324.2
|
|
|
$
|
237.5
|
|
|
$
|
86.7
|
|
Backlog
|
379.3
|
|
|
358.4
|
|
|
20.9
|
|
Depreciation and
amortization
|
11.3
|
|
|
10.0
|
|
|
1.3
|
|
|
Safety and
Security Systems Group
|
|
|
Three Months Ended
March 31,
|
($ in
millions)
|
2021
|
|
2020
|
|
Change
|
Net sales
|
$
|
50.7
|
|
|
$
|
53.1
|
|
|
$
|
(2.4)
|
|
Operating
income
|
7.2
|
|
|
7.4
|
|
|
(0.2)
|
|
Adjusted
EBITDA
|
8.2
|
|
|
8.2
|
|
|
—
|
|
Operating
data:
|
|
|
|
|
|
Operating
margin
|
14.2
|
%
|
|
13.9
|
%
|
|
0.3
|
%
|
Adjusted EBITDA
margin
|
16.2
|
%
|
|
15.4
|
%
|
|
0.8
|
%
|
Total
orders
|
$
|
59.9
|
|
|
$
|
66.4
|
|
|
$
|
(6.5)
|
|
Backlog
|
30.2
|
|
|
42.4
|
|
|
(12.2)
|
|
Depreciation and
amortization
|
0.9
|
|
|
0.8
|
|
|
0.1
|
|
Corporate Expenses
Corporate operating expenses were $6.5
million and $4.5 million for
the three months ended March 31, 2021
and 2020, 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 2021 and 2020 net income
and diluted EPS provides additional measures which are
representative of the Company's underlying performance and improves
the comparability of results across reporting periods. During the
three months ended March 31, 2021 and 2020 adjustments were
made to reported GAAP net income and diluted EPS to exclude the
impact of acquisition and integration-related expenses,
coronavirus-related expenses and purchase accounting effects, where
applicable.
|
Three Months
Ended
March
31,
|
(in
millions)
|
2021
|
|
2020
|
Net income, as
reported
|
$
|
22.2
|
|
|
$
|
23.4
|
|
Add:
|
|
|
|
Income tax
expense
|
5.0
|
|
|
7.2
|
|
Income before income
taxes
|
27.2
|
|
|
30.6
|
|
Add:
|
|
|
|
Acquisition and
integration-related expenses
|
0.2
|
|
|
0.3
|
|
Coronavirus-related
expenses (a)
|
0.9
|
|
|
0.4
|
|
Purchase accounting
effects (b)
|
0.1
|
|
|
0.2
|
|
Adjusted income
before income taxes
|
28.4
|
|
|
31.5
|
|
Adjusted income tax
expense (c)
|
(5.2)
|
|
|
(7.4)
|
|
Adjusted net
income
|
$
|
23.2
|
|
|
$
|
24.1
|
|
|
|
|
|
|
Three Months
Ended
March
31,
|
(dollars per
diluted share)
|
2021
|
|
2020
|
EPS, as
reported
|
$
|
0.36
|
|
|
$
|
0.38
|
|
Add:
|
|
|
|
Income tax
expense
|
0.08
|
|
|
0.12
|
|
Income before income
taxes
|
0.44
|
|
|
0.50
|
|
Add:
|
|
|
|
Acquisition and
integration-related expenses
|
0.00
|
|
|
0.00
|
|
Coronavirus-related
expenses (a)
|
0.02
|
|
|
0.01
|
|
Purchase accounting
effects (b)
|
0.00
|
|
|
0.00
|
|
Adjusted income
before income taxes
|
0.46
|
|
|
0.51
|
|
Adjusted income tax
expense (c)
|
(0.08)
|
|
|
(0.12)
|
|
Adjusted
EPS
|
$
|
0.38
|
|
|
$
|
0.39
|
|
|
|
(a)
|
Coronavirus-related
expenses in the three months ended March 31, 2021 and 2020
include direct expenses incurred as a result of the coronavirus
pandemic, that are incremental to, and separable from, normal
operations. These expenses primarily related to the Company's
employee wellness initiatives, including incremental paid time off
and reimbursement for certain coronavirus-related
expenses.
|
|
|
(b)
|
Purchase accounting
effects relate to adjustments to exclude the step-up in the
valuation of acquired JJE equipment that was sold subsequent to the
acquisition in the three months ended March 31, 2021 and 2020,
as well as to exclude the depreciation of the step-up in the
valuation of the rental fleet acquired.
|
|
|
(c)
|
Adjusted income tax
expense for the three months ended March 31, 2021 and 2020 was
recomputed after excluding the impact of acquisition and
integration-related expenses, coronavirus-related expenses and
purchase accounting effects, where applicable.
|
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 which are
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, acquisition
and integration-related expenses, coronavirus-related expenses,
purchase accounting effects, other income/expense, income tax
expense, and depreciation and amortization expense. Consolidated
adjusted EBITDA margin is a non-GAAP measure that represents the
total of net income, interest expense, acquisition and
integration-related expenses, coronavirus-related expenses,
purchase accounting effects, other income/expense, income tax
expense, and depreciation and amortization expense 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, coronavirus-related expenses,
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,
coronavirus-related expenses, purchase accounting effects and
depreciation and amortization expense, as applicable, divided by
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 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 months ended
March 31, 2021 and 2020:
|
Three Months
Ended
March
31,
|
($ in
millions)
|
2021
|
|
2020
|
Net income
|
$
|
22.2
|
|
|
$
|
23.4
|
|
Add:
|
|
|
|
Interest
expense
|
1.1
|
|
|
1.5
|
|
Acquisition and
integration-related expenses
|
0.2
|
|
|
0.3
|
|
Coronavirus-related
expenses
|
0.9
|
|
|
0.4
|
|
Purchase accounting
effects*
|
0.1
|
|
|
0.1
|
|
Other (income)
expense, net
|
(0.5)
|
|
|
0.2
|
|
Income tax
expense
|
5.0
|
|
|
7.2
|
|
Depreciation and
amortization
|
12.2
|
|
|
10.8
|
|
Consolidated adjusted
EBITDA
|
$
|
41.2
|
|
|
$
|
43.9
|
|
|
|
|
|
Net sales
|
$
|
278.8
|
|
|
$
|
286.1
|
|
|
|
|
|
Consolidated adjusted
EBITDA margin
|
14.8
|
%
|
|
15.3
|
%
|
|
* Excludes
purchase accounting expenses reflected in depreciation and
amortization of $0.0 million and $0.1 million for the three months
ended March 31, 2021 and 2020, respectively.
|
Environmental Solutions Group
The following table summarizes the Environmental Solutions
Group's adjusted EBITDA and adjusted EBITDA margin and reconciles
operating income to adjusted EBITDA for the three months ended
March 31, 2021 and 2020:
|
Three Months Ended
March 31,
|
($ in
millions)
|
2021
|
|
2020
|
Operating
income
|
$
|
27.1
|
|
|
$
|
29.4
|
|
Add:
|
|
|
|
Acquisition and
integration-related expenses
|
—
|
|
|
0.1
|
|
Coronavirus-related
expenses
|
0.8
|
|
|
0.4
|
|
Purchase accounting
effects*
|
0.1
|
|
|
0.1
|
|
Depreciation and
amortization
|
11.3
|
|
|
10.0
|
|
Adjusted
EBITDA
|
$
|
39.3
|
|
|
$
|
40.0
|
|
|
|
|
|
Net sales
|
$
|
228.1
|
|
|
$
|
233.0
|
|
|
|
|
|
Adjusted EBITDA
margin
|
17.2
|
%
|
|
17.2
|
%
|
|
* Excludes
purchase accounting expenses reflected in depreciation and
amortization of $0.0 million and $0.1 million for the three months
ended March 31, 2021 and 2020, respectively.
|
Safety and Security Systems Group
The following table summarizes the Safety and Security Systems
Group's adjusted EBITDA and adjusted EBITDA margin and reconciles
operating income to adjusted EBITDA for the three months ended
March 31, 2021 and 2020:
|
Three Months Ended
March 31,
|
($ in
millions)
|
2021
|
|
2020
|
Operating
income
|
$
|
7.2
|
|
|
$
|
7.4
|
|
Add:
|
|
|
|
Coronavirus-related
expenses
|
0.1
|
|
|
0.0
|
|
Depreciation and
amortization
|
0.9
|
|
|
0.8
|
|
Adjusted
EBITDA
|
$
|
8.2
|
|
|
$
|
8.2
|
|
|
|
|
|
Net sales
|
$
|
50.7
|
|
|
$
|
53.1
|
|
|
|
|
|
Adjusted EBITDA
margin
|
16.2
|
%
|
|
15.4
|
%
|
View original
content:http://www.prnewswire.com/news-releases/federal-signal-reports-record-orders-and-backlog-in-strong-first-quarter-301282692.html
SOURCE Federal Signal Corporation