Federal Signal Boosts FY19 Adj. EPS Outlook - Quick Facts

(RTTNews) - While reporting financial results for the second quarter on Wednesday, Federal Signal Corp. (FSS) raised its adjusted earnings guidance for the full year 2019, based on the stronger-than-expected performance in the second quarter, the strength of its backlog, and a modest earnings contribution from the recently-completed MRL acquisition.

For fiscal 2019, the company raised its adjusted earnings guidance to a range of $1.64 to $1.72 per share from the previous forecast range of $1.50 to $1.60 per share.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.57 per share for the year. Analysts' estimates typically exclude special items.

The Company also announced the completion of a new five-year $500 million revolving credit facility, to replace its existing $400 million credit facility. The new arrangement also provides it with the flexibility to borrow up to an additional $250 million for permitted acquisitions, subject to approval by applicable lenders.

The Company also funded dividends of $4.8 million during the second quarter, reflecting a dividend of $0.08 per share, and the Board of Directors recently declared a similar dividend that will be payable in the third quarter.