12.01.2017 12:48:39

Advanced Drainage Systems Cuts FY17 Net Sales View

(RTTNews) - Advanced Drainage Systems Inc. (WMS) said that it cut its net sales guidance for fiscal 2017.

Joe Chlapaty, Chairman and Chief Executive Officer of ADS said, "We anticipate that market headwinds will persist for the remainder of fiscal year 2017. However, the long-term underlying fundamentals of our business are strong and we remain confident that we will capitalize on our conversion opportunities that will enable us to continue outpacing market growth."

Based on current visibility, backlog of existing orders and business trends, the Company has revised its net sales and Adjusted EBITDA targets for fiscal 2017. Net sales are now expected to be in the range of $1.225 billion to $1.250 billion with Adjusted EBITDA between $190 and $210 million for fiscal year 2017. Previously, the company expected annual net sales of $1.27 billion to $1.31 billion.

The revised guidance is predicated on the belief that end market performance will be slightly lower than previously expected for fiscal year 2017.

Scott Cottrill, Executive Vice President and Chief Financial Officer of ADS, commented, "Our revised expectations reflect preliminary net sales performance for the fiscal third quarter, as well as a more conservative view on the fiscal fourth quarter due primarily to the uncertainty of weather trends. Additionally, our revised forecast has been calibrated to align with current end market performance including lower than anticipated growth in our domestic construction markets and continued weakness in our agriculture end market and Mexico."

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