Record-Breaking Revenue and Growth
Net sales for 2024 were approximately $1.86 billion, a record high for the company and an increase of $139 million or 8% compared to last year. Operating income for the year rose by 25%, and GAAP diluted EPS increased by 37%.
Acquisition of HOG Technologies
Federal Signal announced the acquisition of HOG Technologies for $78 million, with additional facility purchase, expected to contribute significantly to their road marking business.
Strong Cash Flow and Dividend Increase
The company generated $231 million in operating cash flow for the year, a 19% increase. Dividends are set to increase by 17% to $0.14 per share in the first quarter of 2025.
Environmental Solutions Group Performance
ESG sales grew by 6% year-over-year in Q4, with adjusted EBITDA margins expanding by 130 basis points to 21%. Dump truck body businesses saw a 29% growth year-over-year.
Safety and Security Systems Group Growth
SSG saw a 1% increase in Q4 sales, a 3% increase in adjusted EBITDA, and a 40 basis point improvement in adjusted EBITDA margin. Orders for public safety equipment increased notably.