Advanced Drainage System Q2 Profit Drops; Lifts FY Revenue Outlook

(RTTNews) - Advanced Drainage Systems Inc. (WMS) reported that its net income available to common stockholders for the second quarter ended September 30, 2019 dropped to $6.20 million or $0.10 per share from $25.87 million or $0.45 per share last year.

Net sales increased 22.0% to $495.9 million, from $406.6 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.51 per share and revenues of $475.02 million. Analysts' estimates typically exclude special items.

The company raised its net sales outlook for fiscal year 2020 to a range of $1.600 billion to $1.650 billion from the prior estimation of $1.575 billion - $1.625 billion. Analysts expect revenue of $1.61 billion.