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Advanced Drainage Systems, Inc. (WMS) SEC Filing 10-Q Quarterly report for the period ending Thursday, December 31, 2020

Advanced Drainage Systems, Inc.

CIK: 1604028 Ticker: WMS

Exhibit 99.1

 

ADVANCED DRAINAGE SYSTEMS ANNOUNCES THIRD QUARTER FISCAL 2021 RESULTS

HILLIARD, Ohio – (February 4, 2021) – Advanced Drainage Systems, Inc. (NYSE: WMS) (“ADS” or the “Company”), a leading provider of innovative water management solutions in the stormwater and on-site septic waste water industries today announced financial results for the third quarter ended December 31, 2020.

 

Third Quarter Fiscal 2021 Results

 

Net sales increased 23.6% to $486.1 million

 

Net income increased 128.4% to $54.0 million

 

Adjusted EBITDA (Non-GAAP) increased 52.1% to $138.9 million

 

Year-to-Date Fiscal 2021 Results

 

Net sales increased 18.1% to $1.5 billion

 

Net income increased to $205.3 million, compared to a net loss of $195.3 million in the prior year

 

Adjusted EBITDA (Non-GAAP) increased 63.0% to $472.4 million

 

Cash provided by operating activities increased 51.5% to $448.8 million

 

Free cash flow (Non-GAAP) increased 56.4% to $391.1 million

 

Scott Barbour, President and Chief Executive Officer of ADS commented, “We delivered a record third quarter in fiscal 2021. Sales grew 24% year-over-year, driven by 17% non-residential sales growth and 36% residential sales growth as we continued to execute on our material conversion strategy in the favorable demand environment. We experienced strong demand in key growth states in the South and Southeast regions of the United States, as well as the return of demand in the Western and Northeast regions of the United States. In addition, sales in the agriculture market increased 33%, driven by the programs we put in place around organizational changes, new product introductions and improving execution in the strong fall selling season. Overall, we executed well this quarter to meet the growing demand for our products and solutions and continue to benefit from our national presence as well as our favorable geographic and end market exposure.”

 

Barbour continued, “We also achieved record profitability in the third quarter. Our Adjusted EBITDA margin expanded 540-basis points this quarter, our first full quarter of comparable results from the Infiltrator business. In addition to capturing the benefits of leverage from our strong sales growth, both companies successfully offset inflationary costs through favorable pricing, operational productivity initiatives and our synergy programs.”

 

Barbour concluded, “As we move toward the end of our fiscal year, we are optimistic about our business outlook as our order book, project tracking, book-to-bill ratio and backlog continue to be favorable on a year-over-year basis. We are well positioned to capitalize on growing residential development and horizontal construction, while continuing to generate above-market growth through the execution of our material conversion and water management solutions strategies. We remain focused on disciplined execution as we build on our strong year-to-date results.”

 

Third Quarter Fiscal 2021 Results

 

Net sales increased $92.7 million, or 23.6%, to $486.1 million, as compared to $393.4 million in the prior year. Domestic pipe sales increased $46.3 million, or 22.3%, to $254.2 million. Domestic allied products & other sales increased $20.7 million, or 23.3%, to $109.6 million. Infiltrator sales increased $26.3 million, or 36.5%, to $98.4 million. These increases were driven by double-digit sales growth in both the U.S. construction and agriculture end markets.

 

Gross profit increased $45.1 million, or 36.6%, to $168.5 million as compared to $123.4 million in the prior year. The increase is primarily due an increase in sales volume of pipe, on-site septic and allied products; favorable pricing and material cost; and operational improvements offsetting inflationary costs.

 

 

1

 


The following information was filed by Advanced Drainage Systems, Inc. (WMS) on Thursday, February 4, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Advanced Drainage Systems, Inc.'s 10-Q Quarterly Report:

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Advanced Drainage Systems, Inc. provided additional information to their SEC Filing as exhibits

Ticker: WMS
CIK: 1604028
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-004304
Submitted to the SEC: Thu Feb 04 2021 4:01:55 PM EST
Accepted by the SEC: Thu Feb 04 2021
Period: Thursday, December 31, 2020
Industry: Plastics Foam Products

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