Advanced Drainage Systems Reports Upbeat Results In Q3; Raises Full-year Outlook

(RTTNews) - Advanced Drainage Systems, Inc. (WMS) Thursday reported higher profit for the third quarter, primarily helped by growth in sales. Profit as well as sales surpass analysts' view. The company also raised its full-year outlook, better than the Street view.

Profit was $105.64 million or $1.34 per share for the third quarter, higher than $82.04 million or $0.99 per share in the same quarter a year ago.

Sales for the quarter increased to $662.37 million from $655.17 million last year.

Analysts onaverage, polled by Thomson-Reuters expected the company to report earnings of $1.02 per share on revenue of $629.29 million.

For the full year, the company now expects revenue in the range of $2.800 billion to $2.850 billion from the previous outlook of $2.700 billion to $2.800 billion. The consensus estimate stands at $2.78 billion.

Advanced Drainage Systems shares are up more than 4% in pre-market. The stock had closed at $138.08, up 2.87% on Wednesday. It has been trading in the range of $75.02 - $145.68 in the last 1 year.