Advanced Drainage Systems Turns To Profit In Q1

(RTTNews) - Advanced Drainage Systems Inc. (WMS) reported that its net income available to common stockholders for the first quarter ended June 30, 2020 was $57.86 million or $0.83 per share compared to net loss of $233.53 million or $4.06 per share in the prior year.

Net sales increased 22.9%, to $508.6 million, from $413.7 million in the prior year. Domestic pipe sales increased $11.5 million, or 4.4%, to $273.7 million. Domestic allied products & other sales increased $4.7 million, or 4.2%, to $116.9 million. The increases were driven by growth in both the U.S. construction and agriculture end markets. Infiltrator Water Technologies contributed an additional $102.2 million to net sales in the quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.68 per share and revenues of $494.94 million for the quarter. Analysts' estimates typically exclude special items.

The company announced that its board has approved a quarterly cash dividend to its shareholders in the amount of $0.09 per share. The quarterly cash dividend of $0.09 per share will be paid on September 15, 2020 to shareholders of record at the close of business on September 1, 2020.