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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 Third Quarter Results Including 32 % Increase in Orders and Record Backlog ; Signs Definitive Agreement to Acquire Deist Industries , Inc. Oak Brook , Illinois , November 9 , 2021 - Federal Signal Corporation ( NYSE : FSS ) ( the “ Company ” ) , a leader in environmental and safety solutions , today reported results for the third quarter ended September 30 , 2021 . Third Quarter Highlights • Net sales of $ 298 million , up $ 19 million , or 7 % , from last year • GAAP EPS of $ 0.47 , up $ 0.06 , or 15 % , from last year • Adjusted EPS of $ 0.48 , up $ 0.06 , or 14 % , from last year • Orders of $ 350 million , up $ 85 million , or 32 % , from last year • Record backlog of $ 487 million , up $ 183 million , or 60 % , from the end of last year • Recently completed Ground Force acquisition ; Announces signing of agreement to acquire Deist Industries , Inc. Consolidated net sales for the third quarter were $ 298 million , up $ 19 million , or 7 % , compared to the prior - year quarter . Net income for the third quarter was $ 29.2 million , equal to $ 0.47 per diluted share , compared to $ 25.3 million , equal to $ 0.41 per diluted share , in the prior - year quarter . Net income in the third quarter of this year included approximately $ 3.3 million more discrete tax benefits compared to the prior - year quarter , which represented approximately $ 0.05 per diluted share of the year- over - year earnings improvement . The Company also reported adjusted net income for the third quarter of $ 29.7 million , equal to $ 0.48 per diluted share , compared to $ 25.9 million , or $ 0.42 per diluted share , in the prior - year quarter . 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 . Meaningful Year - over - Year Improvement in Operational Performance Despite Ongoing Supply Chain Disruption " Our businesses were able to deliver meaningful year - over - year improvement in net sales and earnings , ” commented Jennifer L. Sherman , President and Chief Executive Officer . “ Despite the effects of higher material costs and widespread supply chain disruption , which impacted our ability to maximize production efficiencies and deliver products to our customers , we were able to deliver an adjusted EBITDA margin at the high end of our current target range . ” In the Environmental Solutions Group , net sales for the third quarter were $ 249 million , up $ 18 million , or 8 % , compared to the prior - year quarter . In the Safety and Security Systems Group , net sales were $ 49 million , up 1 % from the prior - year quarter . Consolidated operating income for the third quarter was $ 34.3 million , up $ 0.3 million , or 1 % , compared to the prior - year quarter . Consolidated operating margin for the third quarter was 11.5 % , compared to 12.2 % in the prior - year quarter . Consolidated adjusted earnings before interest , tax , depreciation and amortization ( “ adjusted EBITDA ” ) for the third quarter was $ 47.4 million , up $ 1.5 million , or 3 % , compared to the prior - year quarter , and consolidated adjusted EBITDA margin was 15.9 % , compared to 16.4 % in the prior - year quarter . In the Environmental Solutions Group , adjusted EBITDA for the third quarter was $ 42.7 million , compared to $ 43.9 million in the prior - year quarter , and its adjusted EBITDA margin was 17.1 % , compared to 19.0 % last year . In the Safety and Security Systems Group , adjusted EBITDA for the third quarter was $ 8.5 million , up from $ 8.2 million in the prior - year quarter , and its adjusted EBITDA margin was 17.3 % , up from 16.8 % last year . Consolidated orders for the third quarter were $ 350 million , up $ 85 million , or 32 % , compared to the prior - year quarter . Consolidated backlog at September 30 , 2021 was $ 487 million , a new record for the Company , and up $ 183 million , or 60 % , from the end of last year . 1