Federal Signal Reports Q2 Adj. EPS Of $0.27; Raises 2014 Earnings Outlook

(RTTNews) - Federal Signal Corporation (FSS) reported second-quarter income from continuing operations of $17.0 million, or $0.27 per share, compared to $117.8 million, or $1.87 per share, prior year. The company's prior year included a significant income tax benefit associated with the release of valuation allowance on deferred income taxes. Income before income taxes was $22.7 million, compared to $16.4 million, previous year.

Adjusted net income from continuing operations was $17.1 million, or $0.27 per share, for the quarter.

On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.23 for the quarter. Analysts' estimates typically exclude special items.

Consolidated net sales were $234.6 million, compared to $222.6 million, prior year.

The company raised its earnings outlook for the year to a range of $0.83 to $0.87 per share. Analysts expect the company to report fiscal year 2014 earnings per share of $0.83.