Advanced Drainage Systems Shares Drop 17% on Q3 Miss
<p><a href='https://financialmodelingprep.com/financial-summary/WMS'>Advanced Drainage Systems (NYSE:WMS)</a> shares plunged nearly 17% on Thursday after the company reported its Q3 results, with EPS of $0.99 coming in worse than the Street estimate of $1.19. Revenue was $655.2 million, missing the Street estimate of $713.57 million.</p>
<p>ADS (pipe) was impacted by weaker non-residential and retail sales, and Infiltrator (on-site septic) saw continued destocking into October as expected, but experienced a further slowdown in residential sell-through demand as well. </p>
<p>The overall top-line slowdown has forced a reduction in guidance with just one quarter remaining in the fiscal year, with sales growth now expected to be in the range of 7-10% (vs. prior 12-16%) and adjusted EBITDA expected to be $850-890 million (vs. prior $900-940 million).</p>
<p>Full-year revenue is expected to be in the range of $2.975-3.05 billion, compared to the Street estimate of $3.05 billion.</p>

NYSE:WMS