Advanced Drainage Systems Revises FY17 Sales Target - Quick Facts

(RTTNews) - Advanced Drainage Systems, Inc. (WMS), a global manufacturer of water management products and solutions for commercial, residential, infrastructure and agricultural applications, announced its net sales for fiscal 2017 are now forecast to be in the range 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 the remainder of fiscal 2017. In June, the company projected its fiscal 2017 net sales to be in a range of $1.33 billion to $1.38 billion.

With the revised net sales guidance, the company also adjusted its adjusted EBITDA (Non-GAAP) expectations to $200 million to $225 million for the full fiscal year. Previously, the company expected its adjusted EBITDA (Non-GAAP) to be in a range of $205 million to $230 million.

Joe Chlapaty, Chairman and CEO, stated: "We anticipate that for the remainder of fiscal year 2017, we will continue to face headwinds in our agriculture end market and in Mexico. In addition, like many of our peers in the construction market, we are seeing domestic growth moderate slightly from previous expectations."

For the fiscal first quarter, the company reported adjusted EBITDA (Non-GAAP) of $71.8 million compared to $53.7 million in the prior fiscal year, an increase of 33.7%. Adjusted earnings per fully converted share was $0.37 compared to $0.20. Quarterly net sales increased 2.4% to $358 million.