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.
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