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Advanced Drainage Systems Inc. (WMS-2.02%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports a 4.3% increase in net sales to $690.5 million compared to the same quarter the previous year. This increase was driven by demand in the residential and infrastructure markets, with Infiltrator sales rising by 30.3% to $135.3 million.
Net income for the quarter decreased by 23.0% to $82.3 million, with net income per diluted share decreasing by 22.3% to $1.04. The decline in net income is attributed to unfavorable pricing and material costs.
Gross profit for the quarter was $241.6 million, down 7.0% from the previous year. The decrease was primarily due to unfavorable pricing and material costs, partially offset by favorable volume and mix.
Selling, general, and administrative expenses increased by 10.4% to $100.8 million, primarily due to transaction costs and operating expenses related to the acquisition of Orenco.
Adjusted EBITDA, a non-GAAP measure, decreased by 6.2% to $191.5 million, representing 27.7% of net sales compared to 30.8% in the previous year.
For the nine months ended December 31, 2024, net sales increased by 3.1% to $2,288.5 million, while net income decreased by 10.1% to $375.8 million.
The company reported a decrease in gross profit for the nine-month period by 2.9% to $868.0 million, with selling, general, and administrative expenses rising by 7.2% to $289.0 million.
Advanced Drainage Systems Inc. declared a quarterly cash dividend of $0.16 per share, payable on March 14, 2025, to stockholders of record as of February 28, 2025.
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 February 6, 2025. To report an error, please email earnings@qz.com.