Advanced Drainage Systems Q1 Net Income Declines; Net Sales Down 14.9%

(RTTNews) - Advanced Drainage Systems, Inc. (WMS) reported that its first-quarter net income decreased 7.7% year-over-year to $173.9 million. Net income per share decreased 1.7% to $2.18. The company noted that its results for the first quarter of fiscal 2024 included a $14.9 million gain on the sale of assets, which after considering the income tax impact of this gain impacted net income per share by $0.14.

On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $1.54, for the quarter. Analysts' estimates typically exclude special items.

First quarter net sales decreased 14.9% to $778.0 million. Analysts on average had estimated $747.71 million in revenue.

The company confirmed its financial targets for fiscal 2024.

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