Advanced Drainage Q3 Profit Surges, Results Beat View; Lifts FY21 Outlook - Quick Facts

(RTTNews) - Advanced Drainage Systems Inc. or ADS (WMS) reported Thursday that its net income available to common stockholders for the third quarter surged to $44.69 million or $0.62 per share from $19.13 million or $0.28 per share in the prior-year quarter.

Net sales for the quarter grew 23.6 percent to $486.1 million from $393.4 million in the prior year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share on revenues of $407.9 million for the quarter. Analysts' estimates typically exclude special items.

For fiscal 2021, ADS raised its outlook and now forecasts net sales in a range of $1.915 billion to $1.950 billion, and adjusted EBITDA in a range of $550 to $565 million. Earlier, the company forecast net sales in a range of $1.790 billion to $1.840 billion and adjusted EBITDA in a range of $495 to $515 million. The Street expects the company to report earnings of $2.55 per share for the year on revenues of $1.82 billion.

The company's board of directors has approved a quarterly cash dividend to its shareholders of $0.09 per share. The dividend will be paid on March 15, 2021 to shareholders of record at the close of business on March 1, 2021.