Advanced Drainage Systems Guides FY22 Well Below Estimates; Boosts Dividend 22% - Quick Facts

(RTTNews) - While reporting financial results for the fourth quarter on Thursday, water management solutions firm Advanced Drainage Systems Inc. (WMS) initiated its net sales and adjusted EBITDA guidance for the full year 2022, based on current visibility, backlog of existing orders and business trends.

For fiscal 2022, the company now projects net sales in the range of $2.22 billion to $2.30 billion and adjusted EBITDA in the range of $635 million to $665 million.

On average, 17 analysts polled by Thomson Reuters expect the company to report net sales of $4.73 billion for the year.

Separately, the company announced that its Board of Directors has approved a 22 percent higher quarterly cash dividend to its shareholders in the amount of $0.11 per share, payable on June 15, 2021 to shareholders of record at the close of business on June 1, 2021.

The Company also announced that its Board of Directors has approved a $250 million increase in the Company's existing stock repurchase program, with the Company now having authorization to repurchase up to $292 million.