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Advanced Drainage Systems, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The company reported net sales of $782.6 million, a slight increase from $780.2 million in the same quarter of the previous year. Domestic pipe sales decreased by 1.3% to $410.5 million, while Infiltrator sales increased by 10.6% to $128.5 million.
International sales decreased by 14.5% to $56.6 million. The overall increase in domestic net sales was primarily driven by demand in residential and infrastructure end markets.
Gross profit for the quarter was $293.9 million, down from $302.7 million in the previous year, primarily due to unfavorable pricing and material costs.
Selling, general, and administrative expenses increased to $94.1 million from $91.7 million, representing 12.0% of net sales compared to 11.8% in the previous year.
Net income for the quarter was $131.2 million, down from $137.0 million in the previous year. Net income per diluted share decreased to $1.67 from $1.71.
Adjusted EBITDA was $245.6 million, a slight decrease from $246.3 million in the previous year. Adjusted EBITDA margin was 31.4%, compared to 31.6% in the previous year.
For the six months ended September 30, 2024, net sales increased by 2.5% to $1,597.9 million. Net income decreased by 5.6% to $293.5 million, and net income per diluted share decreased by 4.1% to $3.73.
The company reported cash provided by operating activities of $350.3 million, with capital expenditures totaling $112.2 million. Free cash flow for the period was $238.1 million.
The company declared a quarterly cash dividend of $0.16 per share of common stock, payable on December 13, 2024.
Advanced Drainage Systems, Inc. completed the acquisition of Orenco Systems, Inc. (WMS-2.02%) on October 1, 2024, for approximately $250 million, funded from cash on hand.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Advanced Drainage Systems Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.