Advanced Drainage Systems, Inc. (NYSE: WMS) (“ADS” or the
“Company”), a leading provider of innovative water management
solutions in the stormwater and onsite septic wastewater industries
today announced financial results for the fourth quarter and fiscal
year ended March 31, 2024.
Fourth Quarter Fiscal 2024
Results
- Net sales increased 5.9% to $653.8 million
- Net income increased 10.6% to $95.5 million
- Diluted net income per share increased 14.5% to
$1.21
- Adjusted EBITDA (Non-GAAP) increased 11.2% to $191.2
million
Fiscal 2024 Results
- Net sales decreased 6.4% to $2,874.5 million
- Net income increased 0.4% to $513.3 million
- Diluted net income per share increased 6.1% to
$6.45
- Adjusted EBITDA (Non-GAAP) increased 2.1% to $922.9
million
- Cash provided by operating activities increased $10.1
million to $717.9 million
- Free cash flow (Non-GAAP) decreased $6.8 million to $534.1
million
Scott Barbour, President and Chief Executive Officer of ADS
commented, "Fiscal 2024 was ADS' ninth consecutive year of record
profitability. Adjusted EBITDA increased 2% to $923 million due to
the effective management of price/cost and strong operational
execution. In addition, Adjusted EBITDA margin increased 270 basis
points to 32.1%, the highest annual profit margin in the Company’s
history. The profitability results for the year are especially
impressive given the weaker demand environment in the first half of
the year, which drove a 6% overall decrease in net sales to $2.9
billion. We are proud of this year’s results and remain committed
to driving above market performance as we advance the stormwater
and onsite septic wastewater industries. Our focus on highly
engineered solutions positions us as a pivotal player in
successfully managing water – the world’s most precious
resource."
"The fourth quarter net sales and Adjusted EBITDA results came
in above our guidance due to favorable volume growth in our core
construction and agriculture markets, as well as productivity
improvements from previous capital investments and continuous
improvement programs. Adjusted EBITDA margin increased to a
new fourth quarter record of 29.2%, 140 basis points above the
prior year."
"In Fiscal 2025, we expect to see favorable demand drive volume
growth in the residential and infrastructure markets, and stability
in the non-residential construction market. Improved fixed cost
absorption, increasing contributions from previous capital
investments as well as effective management of price/cost should
lead to healthy Adjusted EBITDA margins that at least equal Fiscal
2024 levels with potential for margin expansion."
Barbour concluded, "More broadly, our success will continue to
be driven by ADS’ position as a pure-play water company that
provides advanced sustainable water management solutions to protect
and manage water. In the face of changing climate patterns, ADS and
Infiltrator solutions play a critical role in protecting
communities. In 2023, there were 27 large-scale storm events that
inflicted an estimated $88 billion in damage in the U.S. These
events, ranging from severe storms and tropical cyclones to floods
and droughts, have devastating impacts on our communities and
highlight how existing stormwater infrastructure has not kept pace
with increasing climate challenges. The products and solutions that
we provide along with the expertise we have at the local level
across North America are key to solving these issues for
communities, providing ADS with a long runway of secular
growth."
Fourth Quarter Fiscal 2024
Results
Net sales increased $36.3 million, or 5.9%, to $653.8 million,
as compared to $617.6 million in the prior year quarter. Domestic
pipe sales increased $11.5 million, or 3.3%, to $358.7 million.
Domestic allied products & other sales increased $4.3 million,
or 2.9%, to $152.7 million. Infiltrator sales increased $18.4
million, or 21.0%, to $106.1 million. The overall increase in
domestic net sales was primarily driven by the continued
improvement in the U.S. residential, infrastructure construction
and agriculture end markets. International sales increased $2.0
million, or 5.8%, to $36.4 million.
Gross profit increased $29.5 million, or 13.3%, to $252.0
million as compared to $222.4 million in the prior year. The
increase in gross profit is primarily due to the favorable volume
growth as well as better fixed cost absorption and productivity
from capital investments.
Adjusted EBITDA (Non-GAAP) increased $19.2 million, or 11.2%, to
$191.2 million, as compared to $172.0 million in the prior year.
The increase is primarily due to the factors mentioned above. As a
percentage of net sales, Adjusted EBITDA was 29.2% as compared to
27.8% in the prior year.
Reconciliations of GAAP to Non-GAAP financial measures for
Adjusted EBITDA and Free Cash Flow have been provided in the
financial statement tables included in this press release. An
explanation of these measures is also included below under the
heading “Non-GAAP Financial Measures.”
Fiscal Year 2024 Results
Net sales decreased $196.6 million, or 6.4%, to $2,874.5
million, as compared to $3,071.1 million in the prior year.
Domestic pipe sales decreased $172.9 million, or 10.1%, to $1,544.3
million. Domestic allied products & other sales decreased $18.4
million, or 2.7%, to $673.4 million. Infiltrator sales increased
$6.7 million, or 1.5%, to $449.0 million. The decrease in overall
domestic net sales was driven by lower demand in the U.S.
construction and agriculture end markets during the first half of
the year. The increase in sales at Infiltrator was driven by
better-than-expected single-family housing construction and new
product introductions. International sales decreased $12.1 million,
or 5.5%, to $207.8 million.
Gross profit increased $27.5 million, or 2.5%, to $1,145.9
million as compared to $1,118.4 million in the prior year. The
increase in gross profit is primarily due to favorable material
cost, partially offset by the decrease in volume and unfavorable
fixed cost absorption.
Adjusted EBITDA (Non-GAAP) increased $19.0 million, or 2.1%, to
$922.9 million, as compared to $904.0 million in the prior year.
The increase is primarily due to the factors mentioned above. As a
percentage of net sales, Adjusted EBITDA was 32.1% as compared to
29.4% in the prior year.
Balance Sheet and
Liquidity
Net cash provided by operating activities was $717.9 million, as
compared to $707.8 million in the prior year. Free cash flow
(Non-GAAP) was $534.1 million, as compared to $540.9 million in the
prior year. Capital expenditures increased $16.9 million over the
prior year as we continue to invest in safety, capacity and
productivity. Net debt (total debt and finance lease obligations
net of cash) was $860.9 million as of March 31, 2024, a decrease of
$246.9 million from March 31, 2023.
ADS had total liquidity of $1,079 million, comprised of cash of
$490.2 million as of March 31, 2024 and $588.9 million of
availability under committed credit facilities. As of March 31,
2024, the Company’s leverage ratio was 0.9 times.
In the twelve months ended March 31, 2024, the Company
repurchased 1.8 million shares of its common stock for a total cost
of $207.3 million. Between common stock repurchased and dividends
paid, the Company returned $251.3 million to shareholders in the
year ended March 31, 2024. As of March 31, 2024, the Company has
$215.9 million remaining under its share repurchase
authorization.
Fiscal Year 2025 Outlook
Based on current visibility, backlog of existing orders and
business trends, the Company issued the following targets for
fiscal 2025. Net sales are expected to be in the range of $2.925
billion to $3.025 billion. Adjusted EBITDA is expected to be in the
range of $940 million to $980 million. Capital expenditures are
expected to be in the range of $250 million to $300 million.
Conference Call
Information
Webcast: Interested investors and other parties can
listen to a webcast of the live conference call by logging in
through the Investor Relations section of the Company's website at
https://investors.ads-pipe.com/events-and-presentations. An online
replay will be available on the same website following the
call.
Teleconference: To participate in the live
teleconference, participants may register at
https://registrations.events/direct/Q4I457863. After registering,
participants will receive a confirmation through email, including
dial in details and unique conference call codes for entry.
Registration is open through the live call. To ensure participants
are connected for the full call, please register at least 10
minutes before the start of the call.
About the Company
Advanced Drainage Systems is a leading manufacturer of
innovative stormwater and onsite septic wastewater solutions that
manages the world’s most precious resource: water. ADS provides
superior drainage solutions for use in a wide variety of markets
and applications including commercial, residential, infrastructure
and agriculture. ADS delivers tremendous service to its customers
with the industry’s largest company-owned fleet, an expansive sales
team, and a vast manufacturing network of approximately 70
manufacturing plants and 40 distribution centers. ADS is the
largest plastic recycling company in North America, ensuring over
half a billion pounds of plastic is kept out of landfills every
year. Founded in 1966, ADS’ water management solutions are designed
to last for decades. To learn more, visit the Company’s website at
www.adspipe.com.
Forward Looking
Statements
Certain statements in this press release may be deemed to be
forward-looking statements. These statements are not historical
facts but rather are based on the Company’s current expectations,
estimates and projections regarding the Company’s business,
operations and other factors relating thereto. Words such as “may,”
“will,” “could,” “would,” “should,” “anticipate,” “predict,”
“potential,” “continue,” “expects,” “intends,” “plans,” “projects,”
“believes,” “estimates,” “confident” and similar expressions are
used to identify these forward-looking statements. Factors that
could cause actual results to differ from those reflected in
forward-looking statements relating to our operations and business
include: fluctuations in the price and availability of resins and
other raw materials and our ability to pass any increased costs of
raw materials on to our customers in a timely manner; disruption or
volatility in general business and economic conditions in the
markets in which we operate; cyclicality and seasonality of the
non-residential and residential construction markets and
infrastructure spending; the risks of increasing competition in our
existing and future markets; uncertainties surrounding the
integration and realization of anticipated benefits of
acquisitions; the effect of weather or seasonality; the loss of any
of our significant customers; the risks of doing business
internationally; the risks of conducting a portion of our
operations through joint ventures; our ability to expand into new
geographic or product markets; the risk associated with
manufacturing processes; the effect of global climate change;
cybersecurity risks; our ability to manage our supply purchasing
and customer credit policies; our ability to control labor costs
and to attract, train and retain highly-qualified employees and key
personnel; our ability to protect our intellectual property rights;
changes in laws and regulations, including environmental laws and
regulations; the risks associated with our current levels of
indebtedness, including borrowings under our existing credit
agreement and outstanding indebtedness under our existing senior
notes; and other risks and uncertainties described in the Company’s
filings with the SEC. New risks and uncertainties emerge from time
to time and it is not possible for the Company to predict all risks
and uncertainties that could have an impact on the forward-looking
statements contained in this press release. In light of the
significant uncertainties inherent in the forward-looking
information included herein, the inclusion of such information
should not be regarded as a representation by the Company or any
other person that the Company’s expectations, objectives or plans
will be achieved in the timeframe anticipated or at all. Investors
are cautioned not to place undue reliance on the Company’s
forward-looking statements and the Company undertakes no obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
Financial Statements
ADVANCED DRAINAGE SYSTEMS,
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
INCOME
(unaudited)
Three Months Ended March
31,
Fiscal Year Ended March
31,
(In thousands, except per share data)
2024
2023
2024
2023
Net sales
$
653,840
$
617,559
$
2,874,473
$
3,071,121
Cost of goods sold
401,877
395,138
1,728,524
1,952,713
Gross profit
251,963
222,421
1,145,949
1,118,408
Operating expenses:
Selling, general and administrative
101,189
78,409
370,714
339,504
(Gain) loss on disposal of assets and
costs from exit and disposal activities
2,304
4,544
(8,365
)
4,397
Intangible amortization
13,093
13,837
51,469
55,197
Income from operations
135,377
125,631
732,131
719,310
Other expense:
Interest expense
22,878
20,848
88,862
70,182
Interest income and other, net
(7,657
)
(2,340
)
(23,484
)
(7,972
)
Income before income taxes
120,156
107,123
666,753
657,100
Income tax expense
26,333
21,948
158,998
150,589
Equity in net income of unconsolidated
affiliates
(1,656
)
(1,137
)
(5,536
)
(4,842
)
Net income
95,479
86,312
513,291
511,353
Less: net income attributable to
noncontrolling interest
657
419
3,376
4,267
Net income attributable to ADS
$
94,822
$
85,893
$
509,915
$
507,086
Weighted average common shares
outstanding:
Basic
77,637
80,554
78,252
82,315
Diluted
78,491
81,379
79,017
83,336
Net income per share:
Basic
$
1.22
$
1.07
$
6.52
$
6.16
Diluted
$
1.21
$
1.06
$
6.45
$
6.08
Cash dividends declared per
share
$
0.14
$
0.12
$
0.56
$
0.48
ADVANCED DRAINAGE SYSTEMS,
INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS (unaudited)
As of
(Amounts in thousands)
March 31, 2024
March 31, 2023
ASSETS
Current assets:
Cash
$
490,163
$
217,128
Receivables, net
323,576
306,945
Inventories
464,200
463,994
Other current assets
22,028
29,422
Total current assets
1,299,967
1,017,489
Property, plant and equipment, net
876,351
733,059
Other assets:
Goodwill
617,183
620,193
Intangible assets, net
352,652
407,627
Other assets
122,760
122,757
Total assets
$
3,268,913
$
2,901,125
LIABILITIES, MEZZANINE EQUITY AND
STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of debt obligations
$
11,870
$
14,693
Current maturities of finance lease
obligations
18,015
8,541
Accounts payable
254,401
210,111
Other accrued liabilities
154,260
142,400
Accrued income taxes
1,076
3,057
Total current liabilities
439,622
378,802
Long-term debt obligations, net
1,259,522
1,269,391
Long-term finance lease obligations
61,661
32,272
Deferred tax liabilities
156,705
159,056
Other liabilities
70,704
66,744
Total liabilities
1,988,214
1,906,265
Mezzanine equity:
Redeemable convertible preferred stock
108,584
153,220
Total mezzanine equity
108,584
153,220
Stockholders’ equity:
Common stock
11,679
11,647
Paid-in capital
1,219,834
1,134,864
Common stock in treasury, at cost
(1,140,578
)
(920,999
)
Accumulated other comprehensive loss
(29,830
)
(27,580
)
Retained earnings
1,092,208
626,215
Total ADS stockholders’ equity
1,153,313
824,147
Noncontrolling interest in
subsidiaries
18,802
17,493
Total stockholders’ equity
1,172,115
841,640
Total liabilities, mezzanine equity and
stockholders’ equity
$
3,268,913
$
2,901,125
ADVANCED DRAINAGE SYSTEMS,
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(unaudited)
Fiscal Year Ended March
31,
(Amounts in thousands)
2024
2023
Cash Flow from Operating
Activities
Net income
$
513,291
$
511,353
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
154,903
145,149
Deferred income taxes
(2,280
)
(9,855
)
(Gain) loss on disposal of assets and
costs from exit and disposal activities
(8,365
)
4,397
Stock-based compensation
31,986
21,659
Amortization of deferred financing
charges
2,044
1,419
Fair market value adjustments to
derivatives
(972
)
3,639
Equity in net income of unconsolidated
affiliates
(5,536
)
(4,842
)
Other operating activities
6,697
1,513
Changes in working capital:
Receivables
(14,590
)
37,487
Inventories
594
30,224
Prepaid expenses and other current
assets
(275
)
(5,296
)
Accounts payable, accrued expenses and
other liabilities
40,431
(29,037
)
Net cash provided by operating
activities
717,928
707,810
Cash Flows from Investing
Activities
Capital expenditures
(183,812
)
(166,913
)
Proceeds from disposition of assets or
businesses
27,498
—
Acquisition, net of cash acquired
—
(48,010
)
Other investing activities
650
446
Net cash used in investing activities
(155,664
)
(214,477
)
Cash Flows from Financing
Activities
Payments on syndicated Term Loan
Facility
(7,000
)
(7,000
)
Proceeds from Revolving Credit
Agreement
—
26,200
Payments on Revolving Credit Agreement
—
(140,500
)
Proceeds from Amended Revolving Credit
Agreement
—
97,000
Payments on Amended Revolving Credit
Agreement
—
(97,000
)
Proceeds from Senior Notes due 2030
—
500,000
Debt issuance costs
—
(11,575
)
Payments on Equipment Financing
(7,738
)
(12,532
)
Payments on finance lease obligations
(12,145
)
(7,686
)
Repurchase of common stock
(207,308
)
(575,027
)
Cash dividends paid
(43,995
)
(39,612
)
Dividends paid to noncontrolling interest
holder
(3,747
)
(5,323
)
Proceeds from option exercises
6,454
5,700
Payment of withholding taxes on vesting of
restricted stock units
(8,864
)
(28,663
)
Other financing activities
—
(260
)
Net cash used in financing activities
(284,343
)
(296,278
)
Effect of exchange rate changes on
cash
799
(52
)
Net change in cash
278,720
197,003
Cash at beginning of year
217,128
20,125
Cash and restricted cash at end of
year
$
495,848
$
217,128
RECONCILIATION TO BALANCE SHEET
Cash
$
490,163
Restricted cash (included in Other assets
in the Consolidated Balance Sheets)
5,685
Total cash and restricted cash
$
495,848
Selected Financial Data
The following tables set forth net sales by reportable segment
for each of the periods indicated.
Three Months Ended
March 31, 2024
March 31, 2023
(In thousands)
Net Sales
Intersegment Net Sales
Net Sales from External
Customers
Net Sales
Intersegment Net Sales
Net Sales from External
Customers
Pipe
$
369,316
$
(10,656
)
$
358,660
$
357,407
$
(10,289
)
$
347,118
Infiltrator Water Technologies
124,875
(18,804
)
106,071
102,723
(15,046
)
87,677
International
International - Pipe
30,143
(4,862
)
25,281
25,136
(706
)
24,430
International - Allied Products &
Other
11,283
(125
)
11,158
9,998
—
9,998
Total International
41,426
(4,987
)
36,439
35,134
(706
)
34,428
Allied Products & Other
156,026
(3,356
)
152,670
150,166
(1,830
)
148,336
Intersegment Eliminations
(37,803
)
37,803
—
(27,871
)
27,871
—
Total Consolidated
$
653,840
$
—
$
653,840
$
617,559
$
—
$
617,559
Fiscal Year Ended
March 31, 2024
March 31, 2023
(In thousands)
Net Sales
Intersegment Net Sales
Net Sales from External
Customers
Net Sales
Intersegment Net Sales
Net Sales from External
Customers
Pipe
$
1,586,618
$
(42,328
)
$
1,544,290
$
1,758,961
$
(41,772
)
$
1,717,189
Infiltrator Water Technologies
531,236
(82,209
)
449,027
523,643
(81,363
)
442,280
International
International - Pipe
163,930
(14,081
)
149,849
179,898
(19,215
)
160,683
International - Allied Products &
Other
58,072
(152
)
57,920
59,170
—
59,170
Total International
222,002
(14,233
)
207,769
239,068
(19,215
)
219,853
Allied Products & Other
684,329
(10,942
)
673,387
700,319
(8,520
)
691,799
Intersegment Eliminations
(149,712
)
149,712
—
(150,870
)
150,870
—
Total Consolidated
$
2,874,473
$
—
$
2,874,473
$
3,071,121
$
—
$
3,071,121
Non-GAAP Financial Measures
This press release contains financial information determined by
methods other than in accordance with accounting principles
generally accepted in the United States of America (“GAAP”). ADS
management uses non-GAAP measures in its analysis of the Company’s
performance. Investors are encouraged to review the reconciliation
of non-GAAP financial measures to the comparable GAAP results
available in the accompanying tables.
Reconciliation of Non-GAAP Financial Measures
This press release includes references to Adjusted EBITDA, Free
Cash Flow and Adjusted Earnings per Share, non-GAAP financial
measures. These non-GAAP financial measures are used in addition to
and in conjunction with results presented in accordance with GAAP.
These measures are not intended to be substitutes for those
reported in accordance with GAAP. Adjusted EBITDA and Free Cash
Flow may be different from non-GAAP financial measures used by
other companies, even when similar terms are used to identify such
measures.
EBITDA and Adjusted EBITDA are non-GAAP financial measures that
comprise net income before interest, income taxes, depreciation and
amortization, stock-based compensation, non-cash charges and
certain other expenses. The Company’s definition of Adjusted EBITDA
may differ from similar measures used by other companies, even when
similar terms are used to identify such measures. Adjusted EBITDA
is a key metric used by management and the Company’s board of
directors to assess financial performance and evaluate the
effectiveness of the Company’s business strategies. Accordingly,
management believes that Adjusted EBITDA provides useful
information to investors and others in understanding and evaluating
our operating results in the same manner as the Company’s
management and board of directors. In order to provide investors
with a meaningful reconciliation, the Company has provided below
reconciliations of Adjusted EBITDA to net income.
Free Cash Flow is a non-GAAP financial measure that comprises
cash flow from operating activities less capital expenditures. Free
Cash Flow is a measure used by management and the Company’s board
of directors to assess the Company’s ability to generate cash.
Accordingly, management believes that Free Cash Flow provides
useful information to investors and others in understanding and
evaluating our ability to generate cash flow from operations after
capital expenditures. In order to provide investors with a
meaningful reconciliation, the Company has provided below a
reconciliation of cash flow from operating activities to Free Cash
Flow.
Adjusted Earnings per Share excludes (gains) losses on disposals
of assets or business, restructuring expenses, impairment charges
and transaction costs. Adjusted Earnings per Share is a measure
used by management and may be useful for investors to evaluate the
Company's operational performance.
The following tables present a reconciliation of EBITDA and
Adjusted EBITDA to Net Income, Free Cash Flow to Cash Flow from
Operating Activities, and Adjusted Earnings per Share to Diluted
Earnings per Share, the most comparable GAAP measures, for each of
the periods indicated.
Reconciliation of Segment Adjusted Gross Profit to Gross
Profit
Three Months Ended March
31,
Fiscal Year Ended March
31,
(Amounts in thousands)
2024
2023
2024
2023
Segment adjusted gross profit
Pipe
$
113,318
$
111,540
$
515,444
$
532,551
Infiltrator Water Technologies
65,358
40,011
281,677
233,580
International
11,198
10,225
62,578
61,681
Allied Products & Other
91,192
82,827
391,766
376,299
Intersegment Eliminations
(126
)
595
(4,557
)
924
Total Segment Adjusted Gross Profit
280,940
245,198
1,246,908
1,205,035
Depreciation and amortization
27,742
22,373
96,251
84,048
Stock-based compensation expense
1,235
404
4,708
2,579
Total Gross Profit
$
251,963
$
222,421
$
1,145,949
$
1,118,408
Reconciliation of Adjusted EBITDA to Net Income
Three Months Ended March
31,
Fiscal Year Ended March
31,
(Amounts in thousands)
2024
2023
2024
2023
Net income
$
95,479
$
86,312
$
513,291
$
511,353
Depreciation and amortization
42,889
37,803
154,903
145,149
Interest expense
22,878
20,848
88,862
70,182
Income tax expense
26,333
21,948
158,998
150,589
EBITDA
187,579
166,911
916,054
877,273
(Gain) loss on disposal of assets and
costs from exit and disposal activities
2,304
4,544
(8,365
)
4,397
Stock-based compensation expense
8,350
1,747
31,986
21,659
Transaction costs (a)
390
486
3,444
3,903
Interest income
(6,906
)
(3,840
)
(22,047
)
(9,782
)
Other adjustments (b)
(539
)
2,132
1,875
6,512
Adjusted EBITDA
$
191,178
$
171,980
$
922,947
$
903,962
a.
Represents expenses recorded
related to legal, accounting and other professional fees incurred
in connection with business or asset acquisitions and
dispositions.
b.
Includes derivative fair value
adjustments, foreign currency transaction (gains) losses, the
proportionate share of interest, income taxes, depreciation and
amortization related to the South American Joint Venture, which is
accounted for under the equity method of accounting and executive
retirement expense (benefit).
Reconciliation of Free Cash Flow to Cash flow from Operating
Activities
Fiscal Year Ended March
31,
(Amounts in thousands)
2024
2023
Net cash flow from operating
activities
$
717,928
$
707,810
Capital expenditures
(183,812
)
(166,913
)
Free cash flow
$
534,116
$
540,897
Reconciliation of Diluted Earnings per Share to Adjusted
Earnings per Share
The following table diluted presents earnings per share on an
adjusted basis to supplement the Company's discussion of its
results of operations herein.
Three Months Ended March
31,
Fiscal Year Ended March
31,
2024
2023
2024
2023
Diluted Earnings Per Share
$
1.21
$
1.06
$
6.45
$
6.08
Loss (gain) on disposal of assets and
costs from exit and disposal activities
0.03
0.06
(0.11
)
0.05
Transaction costs
0.00
0.01
0.04
0.05
Income tax impact of adjustments (a)
(0.01
)
(0.01
)
0.01
(0.02
)
Adjusted Earnings per Share
$
1.23
$
1.12
$
6.39
$
6.16
a.
The income tax impact of
adjustments to each period is based on the statutory tax rate.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240516801707/en/
Michael Higgins VP, Corporate Strategy & Investor Relations
(614) 658-0050 Mike.Higgins@ads-pipe.com
Advanced Drainage Systems (NYSE:WMS)
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