Advanced Drainage Q1 Results Miss Estimates; Reaffirms FY24 Outlook; Boosts Dividend 14% - Update
(RTTNews) - Water management solutions firm Advanced Drainage Systems Inc. (WMS) reported Thursday that net income available to common stockholders for the first quarter decreased to $161.40 million or $2.06 per share from $173.65 million or $2.18 per share in the prior-year quarter.
Net sales for the quarter grew 4.8 percent to $815.34 million from $778.05 million in the same quarter last year.
On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $2.08 per share on net sales of $830.30 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2025, the company continues to project net sales in the range of $2.925 billion to $3.025 billion and adjusted EBITDA in the range of $940 million to $980 million. The Street is looking for revenues of $3.01 billion for the year.
Capital expenditures for the year are also still expected to be in the range of $250 million to $300 million.
Separately, the company's Board of Directors has approved a quarterly cash dividend to its shareholders in the amount of $0.16 per share, a 14 percent increase over the prior year dividend amount. The quarterly cash dividend will be paid on September 13, 2024, to shareholders of record at the close of business on August 30, 2024.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Advanced Drainage Q4 Results Top Estimates; Guides FY23 Sales Below View; Boosts Dividend 17%
Rebound Anticipated For Thai Stock Market
Australian Market Notably Higher
Hang Seng Tipped To End Losing Streak
China Stock Market May Find Traction On Friday
Higher Open Called For Taiwan Stock Market
Singapore Shares May Crack Resistance At 4,300 Points
