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 fiscal second quarter
ended September 30, 2024.
Second Quarter Fiscal 2025
Results
- Net sales of $782.6 million, flat to prior year
- Net income decreased 4.3% to $131.2 million
- Net income per diluted share decreased 2.3% to
$1.67
- Adjusted EBITDA (Non-GAAP) of $245.6 million, flat to prior
year
- Adjusted Earnings per share (Non-GAAP) of $1.70, flat
to prior year
Year-to-Date Fiscal 2025
Results
- Net sales increased 2.5% to $1.6 billion
- Net income decreased 5.6% to $293.5 million
- Net income per diluted share decreased 4.1% to
$3.73
- Adjusted EBITDA (Non-GAAP) decreased 1.2% to $521.0
million
- Adjusted Earnings per share (Non-GAAP) decreased 0.5% to
$3.76
Scott Barbour, President and Chief Executive Officer of ADS
commented, "The second quarter results reflect strong demand at
Infiltrator as well as the ADS residential and infrastructure end
markets. Continued choppiness in the non-residential end market
impacted revenue from both pipe and allied products which, combined
with significant storm events, resulted in revenue flat to the
prior year. Importantly, we were able to manage through demand
fluctuations and unfavorable price/cost to maintain a robust
Adjusted EBITDA margin of 31.4%, underscoring the resiliency of the
ADS business model."
"Despite the near-term headwinds, demand for localized water
management solutions remains strong. During the 2024 hurricane
season, the United States experienced multiple significant storm
events, including five hurricanes that affected several states in
the Southern crescent, such as Florida, North Carolina, South
Carolina and Texas. Although the disruption in business activity
had a negative short-term impact in these states, these events
highlight the longer-term need to address the insufficient water
infrastructure investments in the United States. The Environmental
Protection Agency estimates $630 billion is needed over the next 20
years to achieve the goals of the Clean Water Act, highlighting the
continued opportunity for ADS and Infiltrator to support the
development of more resilient water infrastructure."
"Thoughtful capital allocation continues to be a key focus for
the management team and the Board, given the strong cash generation
of the business. We remain focused on organic capital investments,
up 36% in the first half of Fiscal 2025, as well as strategic
M&A. In turn, we announced the acquisition of Orenco Systems,
Inc in August. This acquisition closed in the fiscal third quarter
and will accelerate the Company’s growth in the highly attractive
advanced wastewater treatment space, opening new opportunities in a
highly fragmented and fast-growing segment of onsite septic
wastewater. We will continue to focus on both organic and inorganic
capital deployment, returning excess capital to shareholders
through dividends and share repurchases."
"Overall, we remain confident that we are well positioned in
attractive end markets with secular tailwinds from the increasing
need to manage and protect water, the world's most precious
resource, safeguarding our environment and communities. As we move
into the second half of the year, we updated our Fiscal 2025
guidance to reflect performance year-to-date, the impact from
weather, as well as recent and forward-looking trends in our
underlying core markets."
Second Quarter Fiscal 2025
Results
Net sales increased $2.4 million, or 0.3%, to $782.6 million, as
compared to $780.2 million in the prior year quarter. Domestic pipe
sales decreased $5.2 million, or 1.3%, to $410.5 million. Domestic
allied products & other sales increased $4.9 million, or 2.7%,
to $187.1 million. Infiltrator sales increased $12.3 million, or
10.6%, to $128.5 million. The overall increase in domestic net
sales was primarily driven by demand in the residential and
infrastructure end markets. International sales decreased $9.6
million, or 14.5%, to $56.6 million.
Gross profit decreased $8.7 million, or 2.9%, to $293.9 million
as compared to $302.7 million in the prior year. The decrease in
gross profit is primarily driven by unfavorable pricing and
material cost, partially offset by favorable manufacturing
costs.
Selling, general and administrative expenses increased $2.4
million, or 2.6% to $94.1 million, as compared to $91.7 million. As
a percentage of sales, selling, general and administrative expense
was largely flat at 12.0% as compared to 11.8% in the prior
year.
Net income per diluted share decreased $0.04, or 2.3%, to $1.67,
as compared to $1.71 per share in the prior year quarter, primarily
due to the factors mentioned above.
Adjusted EBITDA (Non-GAAP) decreased $0.7 million, or 0.3%, to
$245.6 million, as compared to $246.3 million in the prior year,
primarily due to the factors mentioned above. As a percentage of
net sales, Adjusted EBITDA was 31.4% as compared to 31.6% in the
prior year.
Segment sales results are based on Net sales to external
customers. Reconciliations of GAAP to Non-GAAP financial measures
for Adjusted EBITDA, Free Cash Flow and Adjusted Earnings per Share
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.”
Year-to-Date Fiscal 2025
Results
Net sales increased $39.7 million, or 2.5%, to $1,597.9 million,
as compared to $1,558.3 million in the prior year. Domestic pipe
sales increased $5.4 million, or 0.6%, to $841.9 million. Domestic
allied products & other sales increased $18.8 million, or 5.2%,
to $383.1 million. Infiltrator sales increased $19.6 million, or
8.2%, to $258.7 million. The overall increase in domestic net sales
was primarily driven by demand in the residential and
infrastructure end markets. International sales decreased $4.1
million, or 3.5%, to $114.3 million.
Gross profit decreased $7.7 million, or 1.2%, to $626.4 million
as compared to $634.1 million in the prior year. The decrease in
gross profit is primarily driven by unfavorable pricing and
material cost, partially offset by favorable manufacturing
costs.
Selling, general and administrative expenses increased $9.9
million, or 5.6% to $188.2 million, as compared to $178.2 million.
As a percentage of sales, selling, general and administrative
expense was largely flat at 11.8% as compared to 11.4% in the prior
year.
Net income per diluted share decreased $0.16, or 4.1%, to $3.73,
as compared to $3.89 per share in the prior year. Results for
fiscal 2024 include a $14.9 million gain on the sale of assets,
which after considering the income tax impact of this gain impacted
net income per diluted share by $0.14.
Adjusted EBITDA (Non-GAAP) decreased $6.5 million, or 1.2%, to
$521.0 million, as compared to $527.6 million in the prior year,
primarily due to the factors mentioned above. As a percentage of
net sales, Adjusted EBITDA was 32.6% as compared to 33.9% in the
prior year.
Balance Sheet and
Liquidity
Net cash provided by operating activities was $350.3 million, as
compared to $458.9 million in the prior year. Free cash flow
(Non-GAAP) was $238.1 million, as compared to $376.2 million in the
prior year. Net debt (total debt and finance lease obligations net
of cash) was $769.7 million as of September 30, 2024, a decrease of
$91.2 million from March 31, 2024.
ADS had total liquidity of $1,202.6 million, comprised of cash
of $613.0 million as of September 30, 2024 and $589.6 million of
availability under committed credit facilities. As of September 30,
2024, the Company’s trailing-twelve-month leverage ratio was 0.8
times Adjusted EBITDA.
In the six months ended September 30, 2024, the Company
repurchased 0.4 million shares of its common stock for a total cost
of $69.9 million. As of September 30, 2024, approximately $147.7
million of common stock may be repurchased under the Company's
existing share repurchase authorization.
Fiscal 2025 Outlook
Based on current visibility, backlog of existing orders and
business trends, the Company updated its financial targets for
fiscal 2025. Net sales are now expected to be in the range of
$2.900 billion to $2.975 billion. Adjusted EBITDA is expected to be
in the range of $880 million to $920 million. Capital expenditures
are expected to be approximately $250 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/Q4I4578677. 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 and its
subsidiary, Infiltrator Water Technologies, provide superior
stormwater drainage and onsite septic wastewater products used in a
wide variety of markets and applications including commercial,
residential, infrastructure and agriculture, while delivering
unparalleled customer service. ADS manages 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. The company is one of the largest plastic
recycling companies 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; our
ability to protect against cybersecurity incidents and disruptions
or failures of our IT systems; our ability to assess and monitor
the effects of artificial intelligence, machine learning, and
robotics on our business and operations; 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; our ability to
appropriately address any environmental, social or governance
concerns that may arise from our activities; 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
Six Months Ended
September 30,
September 30,
(In thousands, except per share data)
2024
2023
2024
2023
Net sales
$
782,610
$
780,220
$
1,597,946
$
1,558,266
Cost of goods sold
488,669
477,543
971,551
924,129
Gross profit
293,941
302,677
626,395
634,137
Operating expenses:
Selling, general and administrative
94,132
91,725
188,184
178,236
Loss (gain) on disposal of assets and
costs from exit and disposal activities
617
123
909
(13,181
)
Intangible amortization
11,816
12,792
23,711
25,594
Income from operations
187,376
198,037
413,591
443,488
Other expense:
Interest expense
23,156
21,941
45,980
43,653
Interest income and other, net
(6,956
)
(7,506
)
(14,072
)
(11,055
)
Income before income taxes
171,176
183,602
381,683
410,890
Income tax expense
40,920
47,476
90,806
102,534
Equity in net income of unconsolidated
affiliates
(918
)
(901
)
(2,619
)
(2,576
)
Net income
131,174
137,027
293,496
310,932
Less: net income attributable to
noncontrolling interest
792
1,225
1,712
1,478
Net income attributable to ADS
$
130,382
$
135,802
$
291,784
$
309,454
Weighted average common shares
outstanding:
Basic
77,542
78,606
77,541
78,756
Diluted
78,110
79,307
78,194
79,475
Net income per share:
Basic
$
1.68
$
1.73
$
3.76
$
3.93
Diluted
$
1.67
$
1.71
$
3.73
$
3.89
Cash dividends declared per
share
$
0.16
$
0.14
$
0.32
$
0.28
ADVANCED DRAINAGE SYSTEMS,
INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(unaudited)
As of
(Amounts in thousands)
September 30, 2024
March 31, 2024
ASSETS
Current assets:
Cash
$
613,020
$
490,163
Receivables, net
357,636
323,576
Inventories
487,232
464,200
Other current assets
34,032
22,028
Total current assets
1,491,920
1,299,967
Property, plant and equipment, net
955,434
876,351
Other assets:
Goodwill
617,147
617,183
Intangible assets, net
328,924
352,652
Other assets
142,325
122,760
Total assets
$
3,535,750
$
3,268,913
LIABILITIES, MEZZANINE EQUITY AND
STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of debt obligations
$
11,130
$
11,870
Current maturities of finance lease
obligations
26,233
18,015
Accounts payable
273,293
254,401
Other accrued liabilities
152,091
154,260
Accrued income taxes
4,590
1,076
Total current liabilities
467,337
439,622
Long-term debt obligations, net
1,255,118
1,259,522
Long-term finance lease obligations
90,272
61,661
Deferred tax liabilities
154,574
156,705
Other liabilities
76,183
70,704
Total liabilities
2,043,484
1,988,214
Mezzanine equity:
Redeemable common stock
98,231
108,584
Total mezzanine equity
98,231
108,584
Stockholders’ equity:
Common stock
11,690
11,679
Paid-in capital
1,255,794
1,219,834
Common stock in treasury, at cost
(1,219,438
)
(1,140,578
)
Accumulated other comprehensive loss
(30,689
)
(29,830
)
Retained earnings
1,359,100
1,092,208
Total ADS stockholders’ equity
1,376,457
1,153,313
Noncontrolling interest in
subsidiaries
17,578
18,802
Total stockholders’ equity
1,394,035
1,172,115
Total liabilities, mezzanine equity and
stockholders’ equity
$
3,535,750
$
3,268,913
ADVANCED DRAINAGE SYSTEMS,
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(unaudited)
Six Months Ended September
30,
(Amounts in thousands)
2024
2023
Cash Flow from Operating
Activities
Net income
$
293,496
$
310,932
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
85,905
73,961
Deferred income taxes
(2,270
)
519
Loss (gain) on disposal of assets and
costs from exit and disposal activities
909
(13,181
)
Stock-based compensation
13,960
16,234
Amortization of deferred financing
charges
1,022
1,022
Fair market value adjustments to
derivatives
1,024
(1,889
)
Equity in net income of unconsolidated
affiliates
(2,619
)
(2,576
)
Other operating activities
(6,124
)
756
Changes in working capital:
Receivables
(35,565
)
(43,530
)
Inventories
(24,750
)
79,215
Prepaid expenses and other current
assets
(4,804
)
(2,228
)
Accounts payable, accrued expenses, and
other liabilities
30,142
39,629
Net cash provided by operating
activities
350,326
458,864
Cash Flows from Investing
Activities
Capital expenditures
(112,182
)
(82,625
)
Proceeds from disposition of assets
—
19,979
Other investing activities
640
446
Net cash used in investing activities
(111,542
)
(62,200
)
Cash Flows from Financing
Activities
Payments on syndicated Term Loan
Facility
(3,500
)
(3,500
)
Payments on Equipment Financing
(2,665
)
(4,458
)
Payments on finance lease obligations
(11,756
)
(5,452
)
Repurchase of common stock
(69,922
)
(101,564
)
Cash dividends paid
(24,917
)
(22,224
)
Proceeds from exercise of stock
options
8,694
2,623
Payment of withholding taxes on vesting of
restricted stock units
(10,576
)
(8,811
)
Other financing activities
2
—
Net cash used in financing activities
(114,640
)
(143,386
)
Effect of exchange rate changes on
cash
(1,142
)
3
Net change in cash
123,002
253,281
Cash and restricted cash at beginning of
period
495,848
217,128
Cash and restricted cash at end of
period
$
618,850
$
470,409
RECONCILIATION TO BALANCE SHEET
Cash
$
613,020
Restricted cash
5,830
Total cash and restricted cash
$
618,850
Selected Financial Data
The following tables set forth net sales by reportable segment
for each of the periods indicated.
Three Months Ended
September 30, 2024
September 30, 2023
(In thousands)
Net Sales
Intersegment Net Sales
Net Sales from External
Customers
Net Sales
Intersegment Net Sales
Net Sales from External
Customers
Pipe
$
425,099
$
(14,611
)
$
410,488
$
427,997
$
(12,284
)
$
415,713
Infiltrator
148,690
(20,198
)
128,492
133,731
(17,553
)
116,178
International
International - Pipe
44,445
(3,437
)
41,008
52,407
(3,284
)
49,123
International - Allied Products &
Other
15,613
(68
)
15,545
17,025
(14
)
17,011
Total International
60,058
(3,505
)
56,553
69,432
(3,298
)
66,134
Allied Products & Other
191,114
(4,037
)
187,077
185,696
(3,501
)
182,195
Intersegment Eliminations
(42,351
)
42,351
—
(36,636
)
36,636
—
Total Consolidated
$
782,610
$
—
$
782,610
$
780,220
$
—
$
780,220
Six Months Ended
September 30, 2024
September 30, 2023
(In thousands)
Net Sales
Intersegment Net Sales
Net Sales from External
Customers
Net Sales
Intersegment Net Sales
Net Sales from External
Customers
Pipe
$
871,278
$
(29,365
)
$
841,913
$
856,569
$
(20,043
)
$
836,526
Infiltrator
303,720
(45,010
)
258,710
275,217
(36,131
)
239,086
International
International - Pipe
88,372
(7,290
)
81,082
89,585
(3,799
)
85,786
International - Allied Products &
Other
33,292
(116
)
33,176
32,623
(26
)
32,597
Total International
121,664
(7,406
)
114,258
122,208
(3,825
)
118,383
Allied Products & Other
391,687
(8,622
)
383,065
369,141
(4,870
)
364,271
Intersegment Eliminations
(90,403
)
90,403
—
(64,869
)
64,869
—
Total Consolidated
$
1,597,946
$
—
$
1,597,946
$
1,558,266
$
—
$
1,558,266
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 a
reconciliation 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 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 Adjusted Gross Profit
to Gross Profit
Three Months Ended
Six Months Ended
September 30,
September 30,
(Amounts in thousands)
2024
2023
2024
2023
Segment Adjusted Gross Profit
Pipe
$
115,422
$
125,856
$
257,659
$
286,505
Infiltrator
86,135
73,663
172,550
147,927
International
17,445
21,339
37,108
37,368
Allied Products & Other
107,324
106,239
221,191
212,424
Intersegment Elimination
(394
)
(454
)
(1,569
)
(2,509
)
Total Segment Adjusted Gross Profit
325,932
326,643
686,939
681,715
Depreciation and amortization
30,536
22,622
57,748
45,421
Stock-based compensation expense
1,455
1,344
2,796
2,157
Total Gross Profit
$
293,941
$
302,677
$
626,395
$
634,137
Reconciliation of Adjusted EBITDA to
Net Income
Three Months Ended
Six Months Ended
September 30,
September 30,
(Amounts in thousands)
2024
2023
2024
2023
Net income
$
131,174
$
137,027
$
293,496
$
310,932
Depreciation and amortization
44,807
36,721
85,905
73,961
Interest expense
23,156
21,941
45,980
43,653
Income tax expense
40,920
47,476
90,806
102,534
EBITDA
240,057
243,165
516,187
531,080
Loss (gain) on disposal of assets and
costs from exit and disposal activities
617
123
909
(13,181
)
Stock-based compensation expense
6,983
9,331
13,960
16,234
Transaction costs
2,685
52
2,695
2,024
Interest income
(7,368
)
(5,137
)
(13,933
)
(8,626
)
Other adjustments(a)
2,576
(1,284
)
1,230
32
Adjusted EBITDA
$
245,550
$
246,250
$
521,048
$
527,563
(a)
Includes derivative fair value adjustments, foreign currency
transaction (gains) losses, legal settlements, 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.
Reconciliation of Free Cash Flow to Cash flow from Operating
Activities
Six Months Ended
September 30,
(Amounts in thousands)
2024
2023
Net cash flow from operating
activities
$
350,326
$
458,864
Capital expenditures
(112,182
)
(82,625
)
Free cash flow
$
238,144
$
376,239
Reconciliation of Diluted Earnings per Share to Adjusted
Earnings per Share
The following table presents diluted earnings per share on an
adjusted basis to supplement the Company's discussion of its
results of operations herein.
Three Months Ended
Six Months Ended
September 30,
September 30,
2024
2023
2024
2023
Diluted Earnings Per Share
$
1.67
$
1.71
$
3.73
$
3.89
Loss (gain) on disposal of assets and
costs from exit and disposal activities
0.01
—
0.01
(0.17
)
Transaction costs
0.03
—
0.03
0.03
Income tax impact of adjustments (a)
(0.01
)
—
(0.01
)
0.03
Adjusted Earnings per Share
$
1.70
$
1.71
$
3.76
$
3.78
(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/20241108382153/en/
Michael Higgins VP, Corporate Strategy & Investor Relations
(614) 658-0050 Michael.Higgins@adspipe.com
Advanced Drainage Systems (NYSE:WMS)
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