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FEDERAL SIGNAL Moves . Cleans . Protects . EXHIBIT 99.1 1415 West 22nd Street Oak Brook , Illinois 60523 630.954.2000 federalsignal.com FOR IMMEDIATE RELEASE Federal Signal Reports Record Orders and Backlog in Strong First Quarter Oak Brook , Illinois , May 4 , 2021 - 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 . 1