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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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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