Federal Signal Corporation Is Turning Acquisitions Into a Profit Engine — But Can Hog Technologies Keep Exceeding Expectations?

Federal Signal Corporation’s third-quarter results for 2025 demonstrated significant financial growth and strategic progress, balanced with certain challenges. The conglomerate reported a 17% year-over-year increase in net sales, reaching $555 million. This rise was driven by organic growth of 11% and contributions from recent acquisitions, namely Hog Technologies and Standard, which added a combined $30 million to the quarterly sales. Operating income showed a marked improvement, increasing by 24% to $94 million. Adjusted EBITDA also improved significantly, climbing 25% to $116.2 million. This translated into a healthy adjusted EBITDA margin of 20.9%, a 130 basis-point improvement compared to the previous year. Earnings per share (EPS) also saw strong growth, with GAAP diluted EPS rising 28% to $1.11, and adjusted EPS up 30% to $1.14.