Advanced Drainage Systems Q2 FY2024 revenue down 11.8% to $780M; raises guidance midpoint; dividend up 17% to $0.14

ADVANCED DRAINAGE SYSTEMS, INC.

2023-Q3 EPS reported $3.89 revenue$1,558,266,000

Net sales $780.2M (-11.8% YoY); diluted EPS $1.71 (-4.8%); Adjusted EBITDA $246.3M (-6.4%) with margin expansion to 31.6%.
FY2024 Adjusted EBITDA guidance mid-point increased; revenue target narrowed to upper end of prior range.
Quarterly cash dividend raised 17% to $0.14 per share, payable Dec 15 to holders of record Dec 1.
New manufacturing facility announced in Lake Wales, Florida to support growth in Southeast region.
Management cites demand headwinds from higher interest rates but confidence in margin performance and secular water management trends.

item 2.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.98

ADVANCED DRAINAGE SYSTEMS, INC. reported the fiscal second quarter ended September 30, 2023 results: revenue $780.2 million, net income $137.0 million, EPS $1.71. Guidance raised.

Period: the fiscal second quarter ended September 30, 2023
Revenue: $780.2 million
Net income: $137.0 million
EPS: $1.71
Guidance: raised
Result: reported results

Exact text from the filing

Net sales decreased 11.8% to $780.2 million • Net income decreased 10.7% to $137.0 million • Net income per diluted share decreased 4.8% to $1.71

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Source: SEC EDGAR

accession 0001604028-23-000047

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