Advanced Drainage Systems surges on results, forecast beat

Advanced Drainage Systems

08/02/2024 14:41

** Shares of pipe manufacturer Advanced Drainage Systems
 WMS.N  rise 9.1% to $150.67 - highest level in nearly 18 months
    ** Co forecasts FY24 revenue between $2.80 bln and $2.85
bln; above Wall Street view of $2.78 bln - LSEG data
    ** Co posts Q3 net sales of $662.4 mln; higher than the
average analyst estimate of $629.3 mln
    ** Quarterly adj. EPS of $1.37 beats market view of $1.02   
    ** Volume increased in Q3, driven by stronger demand in
infrastructure, residential and agriculture markets - CEO Scott
Barbour
    ** Eight of nine brokerages rate the stock "buy" or higher,
one "hold"
    ** In 2023, WMS stock surged over 71%

 (Reporting by Khushi Singh in Bengaluru)
 ((Khushi.Singh@thomsonreuters.com;))