Advanced Drainage Systems Up 11% As Quarterly Earnings Beat The Street

(RTTNews) - Shares of Advanced Drainage Systems, Inc. (WMS) are rising more than 11% Thursday morning after reporting better-than-expected fourth-quarter results.

Net income for the fourth quarter increased to $85.89 million or $1.06 per share from $39.72 million or $0.54 per share last year. Analysts on average polled by Thomson-Reuters were looking for earnings of $0.77 per share.

Net sales, however, decreased 8.9% year-on-year to $617.56 million, but beat the consensus estimate at $562.75 million.

WMS is at $98.69 currently. It has traded in the range of $75.02 - $153.36 in the last 52 weeks.