Advanced Drainage Systems Q3 Profit Up, But Misses View; Cuts Sales Guidance

(RTTNews) - Water management solutions provider Advanced Drainage Systems, Inc. (WMS) Thursday reported profit of $82.04 million or $0.99 per share in the third quarter, higher than 62.86 million or $0.86 per share in the same quarter a year ago.

Analysts on average, polled by Thomson-Reuters expected the company to report earnings of $1.16 per share. Analysts' estimates typically exclude special items.

The company had a gain of $348000 on disposal of assets and costs from exit and disposal activities in the latest quarter compared with a loss of 3.47 million last year.

Quaretly sales declined 8.4% to $655.2 million from $715.4 million in the prior year. The consensus estimates stood at $714.26 million.

Looking forward to the full year, the company has lowered its sales outlook to the range of $2.975 billion-$3.050 billion from $3.100 billion-$3.200 billion provided earlier.

Analysts expect sales of $3.15 billion for the year.

The company's shares are trading more than 10% down in pre-market. The stock was trading in a range of $79.90-$153.36 in the last 52 weeks.