Advanced Drainage Q4 Results Top Estimates; Guides FY23 Sales Below View; Boosts Dividend 17%

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Stocktwits
Advanced Drainage Q4 Results Top Estimates; Guides FY23 Sales Below View; Boosts Dividend 17%

(RTTNews) - Water management solutions firm Advanced Drainage Systems Inc. (WMS) reported Thursday that net income available to common stockholders surged to $85.89 million or $1.06 per share from $39.72 million or $0.54 per share in the prior-year quarter.

Net sales for the quarter declined 8.9 percent to $617.56 million from $678.19 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.77 per share on net sales of $562.75 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2023, the company now projects net sales in the range of $2.60 billion to $2.80 billion and adjusted EBITDA in the range of $725 million to $825 million. The Street is looking for revenues of $2.85 billion for the year.

Separately, the company's Board of Directors has approved a total annual cash dividend to its shareholders in the amount of $0.56 per share, a 17% increase over the prior year dividend amount. The quarterly cash dividend amount of $0.14 per share will be paid on June 15, 2023, to shareholders of record at the close of business on June 1, 2023.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Tags: WMS
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