Why Advanced Drainage Stock Is Floating Higher Today
Advanced Drainage Systems (NYSE: WMS) beat top- and bottom-line expectations for the quarter, and announced a dividend hike. Investment dollars are flowing into the stock, sending shares of the water management company up 13% as of noon ET Thursday.
Advanced Drainage manufactures equipment for stormwater management, septic systems, and other water uses. The company earned $1.37 per share on revenue of $662.4 million in its fiscal third quarter ending Dec. 31, easily surpassing Wall Street's $1.02 per share on revenue of $629 million consensus estimate.
Net sales were up 1.1% for the quarter but down 9.5% through the first nine months of the company's fiscal year, and net income is down slightly so far in fiscal 2024. But in a statement, CEO Scott Barbour said that he was pleased to see a return to year-over-year revenue growth in the most recent quarter, and said the business is performing well in tough conditions.
Source Fool.com
