FSS - Earnings call 4 2023 | Federal Signal Corporation

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Operator

Greetings, and welcome to the Federal Signal Corporation Fourth Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.I would now like to turn the conference over to your host, Felix Boeschen, Vice President, Corporate Strategy and Investor Relations for Federal Signal. Please go ahead.

Felix Boeschen

Good morning, and welcome to Federal Signal's Fourth Quarter 2023 Conference Call. I'm Felix Boeschen, the company's Vice President of Corporate Strategy and Investor Relations.We will refer to some presentation slides today as well as to the earnings release which we issued this morning. followed the going signing Investor webcast. be federalsignal.com, our into can on clicking Call slides online to by website the The icon and the also that the call earnings to Ian, and tab We've to our over live remind like the you today's comments Securities on turn under of Signal's safe harbor the made subject are to Federal Investor Commission. today the I website.Before our Exchange in I'd found this posted and may news in that filings and contain some with forward-looking release statements presentation release language are our documents These available on website.

to presentation Generally measures. that Accepted measures are release contains In U.S. Principles. measures with earnings our accordance reconcile GAAP Our Accounting we also and not some filings, in non-GAAP these

Form then we full later on multiyear to her initiatives start our go that, call will for performance start today detail and open our would before will with strategic line and to Ian. our fourth and over outlook the update quarter addition, Jennifer will like over now provide for file today any results. I today.Ian the more on perspective questions.With we XXXX turn our on financial XX-K year our In

Ian Hudson

Felix. you, Thank

and Our today's XXXX earnings financial full release. fourth results for are the quarter of year provided in

record XX%. for year a million, the per Before Adjusted the was or from adjusted Operating XX.X% basis year, XX% year for compared EBITDA XX% compared of Net record XX% adjusted year. growth up EBITDA prior billion, sales an year a of the from an or for points per the the quarter, or that the $X.XX billion, of up year million last reported $XXX.X sales increase for for $XX.X $X.XX let results was year-over-year approximately XX%. year of from increase were another for per equated or year fourth for year the year and On $X.XX million, year.Organic to the of I the to earnings an year an per million year.GAAP up $X.XX $XXX margin prior XX% or million basis, or this $XXX consolidated to XXXX. prior $XX was the million, share $X.XX share, $X.XX share, prior million an about our for talk me the the to year. earnings highlight increase full $XXX XXX some were company the high Orders translates of prior company increase we from and or XX% year. $XXX of full income share,

momentum an billion, the was fourth QX XX%. were to quarter $XX $X.XX XX% or $XX $XX end per last consolidated last in this With increase XXXX fourth share high an was of QX increase year year. at the from million to XX%. XX% Consolidated up the QX in all-time for XXX comments, increase of million on or $XX.X rest $XX.X On $XXX $XX.X this year-over-year in adjusted $XX.X of the I an XX% XX.X%, will of $X.XX of margin the for the per compared or from million year.For this or operating backlog my points year.GAAP million share, last basis, Consolidated Consolidated QX or level million, of for QX quarter strong million XXXX. sales focus mostly an XX%. sales the a from year for the quarter or of share, per up increase XX% EPS Orders of were of adjusted growth was at was year $X.XX $X.XX of million, QX to year. a quarter $XXX million, was increase million basis quarter last demand, X%. translates customer an comparisons or or Organic year EBITDA $XXX income up share, $X.XX quarter was per an of net EPS million, the for that of the

sales results, for EBITDA margin high and margin our QX were $X.XX. XXX QX up QX above million, up were in this adjusted In range $XX million its XX% of increase SSG's EBITDA XX% XX.X% sales basis SSG's were last million points EBITDA Corporate year. end or basis XXX quarter adjusted last of to of the fourth to ESG up compared to from this year. terms QX year, $X.X up year.SSG's quarter the was $XX.X million XX.X%, fourth of year year. up $XXX an operating QX statement in translates this an points $XX.X year, million, the last XXX expenses points $X ESG's to $XX where or was the contributed in $XX for up was group consolidated to quarter the increase $XX.X basis compared in or improvement in million sales last gross million, adjusted million the profit. for a million to year. Consolidated QX last EBITDA quarter gross now adjusted operations, XX.X%, XX%. from QX QX was last from of million compared $XX or margin million year.Turning $XX.X for the quarter quarter That target

earnings of and by in with include points results associated of engineering, to of last value a generated during consideration share quarter affecting exclude operations compared net change $X.XX recognized adjust fair quarter sales, and increase or current change with GAAP of in $XXX benefit made XXXX, XXXX in in quarter in now compared the in year accounting million expense the QX administrative contingent pretax last per year-over-year year majority $XXX,XXX of of and amortization per change currently last higher Income expense. share million year. items acquisition-related year In rate with this full On the to overall with comparison GAAP $X.XX quarter, discrete expect and $X.XX benefits this for our we we a we per $XX to from XXX% million, was QX per compared QX year, $XXX,XXX recognized $XXX,XXX a higher this prior increase in expense the the due from at for quarterly XX.X%.For and capital last unusual activities in last QX current QX our tax acquisitions.Other from year, income. the was benefits, expense year, QX general QX for flow, the items benefits. earned the benefits effects. to per percentage last discrete the a basis, XX% $XXX,XXX of from year of As current tax we prior To to cash On with year, expense fourth comparisons, $X.X GAAP rate we between improvements the $XXX,XXX a share were $X.X tax $XX.X tax year in million quarters. in discrete earnings quarter. QX from typically an a Including of an excluding the earnings the largely therefore driven year with tax year.Looking share share cash $X.XX expenses reduction to adjustments income XX primarily due our purchase any and we a levels other an working adjusted up year.During expense, acquisition-related year-over-year quarter, this year the tax a were in basis, in selling, basis increase share earnings the or facilitate recorded quarter per XX%, effective where for interest increase increase in our reduction million

of XXX% last year. the compared operating For full generations totaled $XXX or million cash to our million, an year, $XXX increase

On under improved stockholders to $XXX the to dividends we XX% initiatives, invest pursue organic of million net per leverage current our year position we net quarter, significant paid $X.XX $XX in debt remains $XXX return remaining flexibility share quarter, in that financial the of first a XXXX. we With that of per to the of quarter $X.XX the by and flow, strategic announced With opportunistic cash credit with of of facility the have dividend low. growth debt million our during increasing million paid recently strong, debt acquisitions we million.Our ending ratio approximately the down $X.X note, reflecting share share and cash through during and dividend repurchases. dividends are and we availability

repurchases like over We I the also funded quarter.That to the million call during concludes of $X.X and share Jennifer. to comments my turn would

Jennifer Sherman

finish quarter the and net to contributed all-time which high fourth execution our adjusted an year. Overall, QX both by Ian. results represent to sales a an record backlog. included Outstanding results, exceptional you, record and strong EPS groups Thank

-- into and quarter driven Group expansion about Within initiatives our opportunities and target XXX adjusted XX%.Looking of across net improvements that further supply our with XXXX report volumes value-added adjusted business a able beyond, midpoint to efficiency Environmental growth, combination increase strong we XX% points to compared pleased X% in of the also we combined supply last EBITDA range chain slightly are increases in and to M&A. and sales currently sales recently year-over-year demand Solutions our improving a with basis and XX.X% our at supported intermittent the optimistic expanded our to plant up remain recent production and XX% margins organic focus continued largest ahead, margin fourth production of by above from to raised production on XX% underway, chain internal units higher realization, contributed increase by and levels robust margin price and to We ongoing facilities year-over-year contributions QX. a were X aftermarket increased deliver are our continued year.Despite ESG quarter we're up a production XX% acquisitions, issues, EBITDA encouraged compared

customers in offerings business sales. quarter, with including used also an onset used equipment is in supply and parts the parts increase continue of in important relationship position a interest XX% rate price offerings.The to At marks with We our cleaners, the to strong the strength represented network target additional some purchasing cycle Streator, ESG growth, and of organic absorb Vactor aftermarket used our existing our and to that sales capacity Joe our team starting reap volumes lower year.In benefits XX% we aggregate, targeted equipment throughout higher Recall, our life well scale we at the option equipment. expansion cohorts our equipment years, sequential acquisition digging over revenue in by customers the compared have of XX% addition this in our capacity $XX up to industrial year-over-year we The XX% and our of aftermarket us TRUVAC at last and for in of as QX compared QX of production about year decision. our of last Equipment safe Guzzler XXXX revenues and allowed In contributed continuing flagship Illinois, chains recent expanded top addition procurement in $XX expansion believe during acquisition, to notable to recent exemplified and improvement acquisitions strategy teams Acquisitions standout strategic Johnson time, had our our expand a in added most street rental start. line used facility contractors entirely completed its our deepening to with our to opportunity strong continue to multiyear sweeper are to same new our with the in another that improve.Our particularly aftermarkets sewer with approximately believe incremental large quarter. pleased are Trackless, associated environment, our of for service million QX. million the recent equipment in

XX% our this strength across each XXX improvement Systems our top impressive again public and businesses sales year. XXXX, target with margin up and SSG of SSG delivered a throughout of year.Top slightly organically Security quarter to equipment warning safety an the margin more line equipment, basis Group and XX.X%, than with range line results end compared point last during of signaling Safety above and adjusted Our growth was high EBITDA XX% new systems industrial the by broad-based

increased yielding of market we into year XXXX benefits of previously, yield circuit production conditions. a cost with to a and reduced cash volumes in indicated now more We current the order beyond.Shifting market have million still offshore to on further board line reliance remains savings, expect we cash compared which publicly to across a million, when year. generated diversification combination As public in we third and addition the solid printed range suppliers of expenditures normalized year. we in a through believe continue targeted particularly to cash an On target basis, Demand operations, quarter $XX capital pleased having our funded conversion annual last coupled from million with rock year increase end quarter, strength are per should $XXX $XX XXX% X% in safety up of levels, cash efforts XXX% conversion to last from fourth are the generation $XXX industrial substantial products equipment.Lastly, flow million and with intake our of markets. our end for free result representing our both order this

primarily products lower fourth and public in truck orders last services. up a ahead, orders offset for were external somewhat dump and see impact for in continuing quarter, revenue road positively in our truck safe Specifically, an were digging by over by led domestic tailwinds to marking Industrial led bodies equipment internal several orders, increase up and mid-single-digits orders.Looking we street demand increase by orders. the year-over-year low-single-digits year-over-year, sweeper year, orders

digging markets, On Dr. previously new product recently our Officer that of SSG January. sweeper in market initiatives, the for Scott in the RegenX safe the XXXX, Signal, solutions. autonomous Technology as introduced including Infrastructure internal who development and announce also upcoming product come as publicly of pleased the in an a we substantial aftermarket to see and acceleration Elgin MicroPulse funded by begin resulted $XXX for to for we for from Act such Bipartisan in years. offerings. front, Federal we and Plan variety new expect energized such our in to Chief drove brings in local lighting our as that purposes, remain to offerings Rescue of Bill governments Scott Scott has electric growing which expertise reception a billion offerings.I'm territorial process our infrastructure to segment, earmarked state, essential products sewer as street aftermarket product our street.Similarly, Externally, development of systems Signal our the the continue believe the opportunity the benefits of within also company be our and Rohrbaugh, rejoined our American billion many $XXX online projects additional At our product and Federal maintenance

the Bill our in infrastructure will short, expansion impact in see Hartsfield Atlanta York XXXX, products the include a well Although of International include even on a XXXX, our lead and profits to replacement project meaningful our remain the in extended we and in production increases we sweeping order don't Upstate safe projects. early New consistent examples strength believe Airport as use despite as the offerings.In digging have Infrastructure of projects products lead the our beginning of are trends. product use street new certain throughout times given for These

truck of cost a and represent while am our this aim through-cycle provide targets gains, rollout operational value-added customers production improvement M&A, businesses which strategies successful blocks underlying several our simplification to Work intake.Turning margin NTEA XXXX. we confirmed efficiency both to at building other all codifying shows, deliver view projects electric we remain system electric our executing planning renewed savings new Signal recent continuous foundation savings.Secondly, sewer of new and which We Indianapolis, of of our maintain host demand our weeks, incremental high build such, shareholders drive multiyear industrial the excited opportunity to initiative projects we chassis to building initiatives, family and a Federal would XXXX form goal equipment. are increasing raised expect XX/XX exhibit Signal committed range times benefits and to levels strong products, a this In strategic orders and we for of in other the We we vacuum of organic in safe of our The electrification Orders across earnings our sweepers last programs is of company in about trucks to XXXX, show EBITDA the major attend our continuing products.At pipeline, digging our the to vacuum our organization. to will focused believe cost the trucks product sweeper the team X vehicle. in organic will showcased process current on phased remains and of products which guzzler, in development laser-focused have and excellence, reduced reduce QX and Indianapolis. this lead a and initiative on which Federal on operating on our a across about mounted truck we lean our several Federal call.After As the across across includes in cleaners, on on further dump as body electric place Show I all Signal lead and in had upcoming times year.We're of more of on I Truck growth electrification for remain improving and WWETT the we XXXX, trade healthy since backlog reached which to order our the including also XXXX. put includes growth passionate point

on unchanged. excavation long-term market hydro outlook remains the Our

marking continue North believe Blasters Trade adoption critical MRL Show Federal safe San cases digging the and as solutions. to across for for remains combined substantial and booths and customer Signal the growth Diego, that We in interest a water ATSSA generated driver America.At use proliferate blasting our organic road

integrate active from Blasters all addition and of already pipeline these operational In array to fantastic external closed, XXXX, initiatives to the and X. To we cost since aftermarket size businesses strive capture Trackless gains Across Trackless. by growth, distribution, acquisitions, optimize fully some sales future completed to parts recently XXXX. grown acquisition, and M&A announce we opportunities to including off into organic drive over in Signal's an as ownership Signal organization.Our TowHaul, that completed only the acquisitions, levers, under progress of are to our we including made efficiency we see to of April latest start having of broader compared been acquisition XX% year proud the since a is in Trackless, has Federal XXXX Federal reduction

compared across existing plan of allow initiative than our products network cohorts is products in Trackless Trackless 'XX, we channel reach earnings years. year. growth the The direct between by Importantly, was sales through integration expected integration last further Trackless growth incremental with channel to scaling our into sales opportunities, doubling distribution sales a customer more platform of Trackless municipal and critical rental that deeper unlocking in to and yield products entirely we believe should integrate geographies.Into our Trackless to aftermarket coming new to

opportunities While we acquisitions proved family.For a it believe and span completing we aftermarket multiyear are the into the businesses opportunity, our Trackless synergies reduction early cost revenue and of and material an of Federal Signal acquisitions, key with most thought to major growth remains excellent extract example initiatives. optimization across integrating in we after distribution, stages costs value both able typically

our Lastly, further our we facility years.Turning another XXXX. confident execution now we ample as Conditions to will opportunities continue remain outlook. expansions fluid and we major our have navigate we initiatives still recent but have record to output to that to teams year scale are capacity ongoing in believe having completed in in supply after an efficiencies, our improved chain and our with end improving strategic markets healthy backdrop, against drive

of the net upper half pretax target billion, in margin and and range. new year, double-digit performance of $X.X in our the billion $X.XX sales we improvement earnings are expecting For between full EBITDA

also would and also highest in XX% between XX% year, that in between which company's share the expect an we for a include activity production improvement the not through approximately and in does and to EPS in aftermarket We output continued and robust year-over-year anticipated of $X.XX benefit outlook tax assumes per million report adjusted QX. EPS currently to increase the of level QX of a expect and realize QX represent history.Our $X.XX $XX

express we our Lastly, labor well aftermarket all employees, investment anticipated of in Operator? earnings.In to year slots lower between to subsequent active earmarked for suppliers With line XX% capacity, revenue my multiyear skilled less and closing, pipeline, to fleet, production capture earnings legislation, QX for to sustainable want QX are full are in more although tremendous quarters represent I the XXXX. and profound are result thanks seasonal our internal to of effects development, than and ongoing questions. growth.With open available for positioned being good XX% typically for rental and expecting a our our businesses access infrastructure ready that, an new long-term stakeholders tailwinds from M&A we product given

Operator

line Capital Our Instructions] question Barger the Steve first from [Operator Markets. KeyBanc with comes of

Jacob Moore

for Barger. This is Steve Moore Jacob on

straight and is was do unbooked one, in kind for this is what are delivery How if of And you into very baking additional your set availability First assumptions, headwinds backlog in for 'XX? is you strong. My up still much twelfth any? question 'XX? again quarter how backlog much of chassis think looking you that have capacity

Jennifer Sherman

Yes.

business. So it really depends the on

which vast to talked important we in Difficulty] I We which some and prepared availability, in safe build of support areas. initiatives making some times. are repeatedly, remarks, X area in pockets areas, in Class company.With my have the have good businesses. reduce about we majority And notably [Technical are longer As lead growth our chassis respect of to those are trucks about -- we pretty progress times like would shape talked the for initiative we do is we for more digging, place, an than lead chassis, some our our of

more leverage investments. with pretty particularly that supply those year, and Class shape.And will of we're monitor able to that. would in good example, with respect overall, in, But we And sweeper the for we're conditions street For X improving we Class we Class invested to businesses, of business, truck be the flat dump dump capacity chassis factor move our the -- we've then to business, I for second year-over-year. they're percentage positioned as and truck a to very continuing X small X chassis. And some forward, well hopeful chassis half expansions chain of are X a very in our with we see those of the Class conclude our we're

Jacob Moore

And Understood. much to sort second guidance growth is would XXXX That's roughly versus price helpful. And my growth how volume? 'XX? what are your expectations your for embedded of in question of you attribute XX%

Ian Hudson

think that the we as guide top the of is line. for 'XX, think And was on the X% XX% would and we're X.X%, price much is it X% say about between all of price about implying was -- so on to the impact Pretty organic. In Yes, growth. I that. 'XX, X%, X% I is

Operator

Our next question comes from the line of Chris Moore with CJS Securities.

Christopher Moore

Two great years. right. All

Is this of that kind from multiple in ways, way expect clearly, look to but ask So don't still you of you I'm bills. Jennifer, in some infrastructure it much at 'XX the from to said -- curious to But the that. trying it of a perspective. over -- bills these guys growth X kind couple how of look to annual could points time you revenue that of X-year could add think Just a frame? that reasonable at

Jennifer Sherman

absolutely. Yes,

expecting are 'XX. that in lot a not we're You correct

is first He had Buttigieg it. pretty quote way was said to the in about the about Secretary money Transportation it 'XX. good one think year I think about a passing

second get a think expect period. almost year all so opportunities we the 'XX we 'XX our that there's X-year move products dirt money the about about in and moving The launching forward, over we of continue is programs we flying.As for to the was and can

prepared -- are. in projects and saw it, I early about of again, pretty of terms we understand quote But that X-year we've those plus in products the energized we quantification talked started we're remarks, really we specifically I digging. -- because about got examples this with Buttigieg safe And think what the sweepers around tailwind. street some to So

Christopher Moore

Got it. That's very helpful.

And You remarks we're increases. on there. where maybe to just production had understand talked plant about prepared the wanted in I focused

Jennifer Sherman

Sure.

of products, look on times made we respect to in safe -- if our our Elgin, So those for progress made digging very project certain product Streator for products. reducing with we've times, Illinois. sweepers some in street associated focused we're other at times And some we focused look we're lead facility lead lead for we and backlogs those the our lines at and at on reducing

in teams of those that areas. XXXX. part the So going is are primary systems to important that improvement, be to And And is we Signal encouraging. Federal initiative. the operating X about goals see which talked sequential have an we're continuing The

Christopher Moore

talked X. improved And Got typical street Are QX, I or think in and that times they or... of sewer a off it. QX to the range versus That's still to about bit sweepers being you after X-month cleaners lead little helpful. X X range in for

Jennifer Sherman

It depends about. which on product talking line you're

In of is to are orders street our production extended. product talk use products. particular increasing those about strong, continues terms problem of times, while of remain lead rates strong, sweeper to important which our remain business the have continue certain our is high-class lines I because a to this always are and driver an aftermarkets

Operator

the next with question Our comes from line of Liptak Walt Seaport Research.

Walter Liptak

guess my to is Ian. Congratulations on year. first the great end I question the to

you looking at you're XXXX a Just going at thinking EBITDA way guidance the and that upper the that range be made range. for you're comment the the to about of

productivity amount some is range? within of I helps plus so programs you and online? coming where or either that determines you that guess And range? ship What leverage, the these or in or of capacity question Is are the what the it is it revenue minus

Ian Hudson

target correct I that -- be -- think to is I the just new firstly, I well, Yes, range. expect the of upper said what think in the we to prepared half we in comments

end So not at the of necessarily upper range. that

wanted to just clarify that. So

Walter Liptak

That's important.

Ian Hudson

that being attractive to drop-through. rates of build of actually the tap terms from we pretty margin and think about facility at increasing expansion that think has -- in into able the helps facility, us in I of but Yes, get the back what expansion improvement, the Yes. that production that what sense of some

ramping about this again seen benefits We've there.The be year. that there think aftermarket growth other So consideration that just a we nice our as some facility, in growth should continued in margin have up business. is production thing some the would that

think were aftermarket XX% north I in business. we year-over-year terms of up of our

So that should be margin-accretive.

then I have that things finally, our Jennifer would to recent and efficiencies benefits. the to value-added system be the some operating Signal we've it, execute acquisitions we've processes. some our And M&A completed in would production of can some think of the the just on ability be done, years, some touched and in Federal other margin drive

be the drivers a standpoint. from margin main would those So

Walter Liptak

Okay. Great.

prepared of municipal some lagging had of not Okay. systems know serves, good the it's And for up, comments, picking quarter. business, a In you but warning if something been have out might it's tell if about larger guys been the called the you part biggest as does time. some warning I it systems memory -- the having projects?

Jennifer Sherman

year-over-year. that we again, up FEMA area from need world critical. so warning uncertain the benefits systems Yes, is where that's and the very what a an seen was And I warning have about the have spoke in -- redundant And we live funds. the we is for seen

so just one of use brands. if be that applications occurred The And SSG equipment. seen as broad-based we And proliferate. I'd XXXX, didn't in 'XX saw continue across that to there and remiss encouraging of that add I cases of we we've our move into the things strength all

Walter Liptak

Okay. Great.

of and going because line. gains? after putting the third some others. lines kind of market growth, you market production in I know or you're it tell us lights you're And if along of Can markets is in for share some Okay. the SSG, police those international this is

Jennifer Sherman

Yes, it's in. news is good the that

job And was in also supply back our teams a so support a we the to growth organic -- of installation. a major previously in really nice bringing Asia. combination have initiatives. chain We're It's the It's -- done terms project.

also work the pieces in that have And of it total of being supplier of certain we're terms supports that for we equipment. approach so some onshoring and

the party. initiative. portfolio So a fills move equipment, very but of supply our third those it to hole was we sourced this that from more successful and And holes, as that one strategically of product more in product teams now overall, a

Walter Liptak

grow? is you us for Okay. is, phased the about working one that rollout or but are has tell me that of are SSG great. we last you last it with In like great What inning or then Great. businesses get you're are be in? And talked first, them do Trackless talked could M&A, there on? the excellence other operational Obviously on excellence done operational job you sounds working year. lights, doing the about they Do you let a to the that program going

Jennifer Sherman

Yes, great question.

we as lean initiative our about talked and resources to So year, XX/XX we last program. added

in increasing for Ox had particular last example, that are of number out different the type we're with of Weber and more identified of kind year resources, wait we how for looking Typically, is opportunities. and think we this area to until started we that focused, already Alabama. as roll demand Teams right -- our opportunity work. number X lead acquisitions, particular, now there's in way, obviously, in Bodies year there, product reducing we we And Elgin. an throughput.But particular Group, increasing great Mark at a times fantastic that's put this example for out the in XXXX is line we're very are a what of respond and to with for wins order forward. a on focused system, increase kind is So because we meaningful and do teams have the it which But of demand going

Operator

question [Operator Our Capital of next Markets. from the Instructions] Storms with line Dave Stonegate comes

David Joseph Storms

slight SSG orders blip and order Is in looks story being we patterns ESG SSG there sequential for just inherently lumpy, that like with quarter. should to was since it down orders there that So divergence thinking a from or be is more just about? slightly a seeing that last

Ian Hudson

of terms about in business. SSG And large some I we think of talked there's the orders. lumpiness fleet got year a large we in the order the first that fleet for Yes, half

Ford reference call, made the some a We model for police last having vehicles. also, its its -- I changeover think, was year of on to

that probably than had primarily some impact impact QX, they'll QX. wouldn't timing. and People orders place but an some impact. have But was QX. were originally in in then less that place anticipating So the had that's we in could of It them

So opposite I wouldn't orders say we that anything SSG, had probably came the higher necessarily year Probably that in the certainly within than we expected weren't expecting. model with changeover. that there's

David Joseph Storms

you helpful. and it, everything your touched like seems Very Understood. but it M&A. one And on I in quick raises, dividend know buybacks, on just priorities. from CapEx cash XXXX you did then a deployment

to look would like? If what them XXXX, you for prioritize had that

Jennifer Sherman

growth Sure. three, share M&A; four, number investment Number one, initiatives; yield; competitive number buybacks. dividend two, opportunistic in number organic

Operator

back Ms. concludes our session. Sherman gentlemen, the any question-and-answer for floor you. turn Thank and I'll Ladies final to comments. this

Jennifer Sherman

continued sincere to us our for soon. dealers Thank would Thank you. distributors, today thanks their you talk and our to employees, joining like We support. customers express for to stockholders, we'll and you

Operator

conference concludes This you. today's Thank call.

participation. You for Thank this your time. may disconnect your you lines at

Federal Signal (FSS) 27 Feb 242023 Q4 Earnings call transcript