Advanced Drainage Systems Q1 Results Beat View; Ups Annual Sales Outlook Above Estimates

(RTTNews) - Advanced Drainage Systems, Inc. (WMS) Thursday reported higher profit in the first quarter, backed by revenue growth. Earnings as well as revenue beat analysts' estimates. The company also raised its full-year sales outlook, above consensus estimates.

Advanced Drainage Systems makes thermoplastic corrugated pipes and related water management products, and drainage solutions.

Net income in the first quarter increased to $187.15 million or $2.22 per share from $63.42 million or $0.87 per share a year ago.

Net sales increased 36.6% to $914.2 million from $669.3 million in the prior year quarter.

Analysts on average, polled by Thomson-Reuters expected the company to report earnings of $1.48 per share on revenue of $858.79 million for the quarter. Analysts' estimates typically exclude special items.

Looking forward, the company has raised its full-year sales outlook to the range of $3.250 billion-$3.350 billion from $3.100 billion-$3.200 billion provided earlier. The consensus estimate stands at $3.16 billion.

WMS shares are up 5% in pre-market. It closed at $120.45, up 1.55% on Wednesday.