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Advanced Drainage Systems, Inc. reports news on stormwater and onsite wastewater management products for commercial, residential, infrastructure and agricultural applications. Company updates commonly cover quarterly operating results, investor presentations, dividend declarations, stock repurchase authorizations and capital allocation.
Recurring developments also include product and portfolio expansion across water management, including ADS pipe products, Infiltrator septic systems and the completed addition of National Diversified Sales residential water management, access box and irrigation solutions. News may also cover partnerships and foundation activity tied to stormwater innovation, watershed management and water-quality initiatives.
Advanced Drainage Systems (WMS) announced a $65 million investment in Hilliard, Ohio, to develop a state-of-the-art Engineering & Technology Center. This facility will span nearly 110,000 square feet and is expected to create 200 new jobs. The center will focus on advanced stormwater engineering, materials science, and manufacturing technologies, emphasizing sustainability through the use of recycled plastics. The groundbreaking is scheduled for October, with completion anticipated in late 2023. This investment aims to consolidate ADS's product development operations and enhance its capabilities as a leading plastic recycler.
Advanced Drainage Systems (NYSE: WMS) has announced a quarterly cash dividend of $0.12 per share, marking a 9% increase from the previous year. This dividend reflects the company's strong balance sheet and robust cash generation. The payment is scheduled for September 15, 2022, for shareholders on record by September 1, 2022. CEO Scott Barbour stated that this increase underscores their commitment to returning capital to shareholders while continuing strategic investments in the business.
For the fiscal first quarter ended June 30, 2022, Advanced Drainage Systems (WMS) reported net sales growth of 36.6%, reaching $914.2 million, and a 144.4% increase in net income to $188.5 million. Adjusted EBITDA rose by 79.5% to $299.0 million. The growth was driven by favorable pricing and volume in construction end markets, despite inflationary pressures. The company has raised its fiscal 2023 revenue and EBITDA guidance, expecting net sales between $3.250 billion and $3.350 billion.
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Advanced Drainage Systems (WMS) hosted U.S. Congressman Larry Bucshon at its Brazil, Indiana plant to discuss the company's role in infrastructure and recycling initiatives. With $2.8 billion in net sales for FY 2022, ADS operates around 70 plants and employs 75 at the Brazil facility. The company is investing $2.5 million in the plant over 2022-2023 to enhance operations and is the largest plastic recycler in North America, processing over 600 million pounds of plastic annually. More than 50% of the plastic purchased in 2021 was recycled, underscoring ADS's commitment to sustainability.
Advanced Drainage Systems (NYSE: WMS) has elected Kelly Gast to its Board of Directors during the Annual Meeting of Stockholders. With extensive financial experience gained from her leadership roles at Bayer, Gast is expected to enhance the Board's capabilities. Previously, she served as CFO of Bayer's Crop Science division and held various senior financial positions since joining the company in 1995. Gast holds a B.A. in Economics from the University of Illinois at Champaign-Urbana, making her a valuable addition to ADS.
Advanced Drainage Systems (NYSE: WMS) will release its fiscal Q1 2023 unaudited financial results on August 4, 2022, before the market opens. The conference call will be hosted by President Scott Barbour and CFO Scott Cottrill at 10:00 a.m. ET on the same day, where they will discuss the results. Investors can access the call via the company's Investor Relations website or participate by registering for the teleconference.
Advanced Drainage Systems (NYSE: WMS) has announced a private offering of $500 million in senior unsecured notes due 2030 with a 6.375% interest rate. The offering is set to close on June 9, 2022, pending standard conditions. Proceeds will be used to repay outstanding borrowings under the company’s senior secured revolving credit facility, with any remaining funds allocated for general corporate purposes. The notes will not be registered under the Securities Act and can only be offered to qualified institutional buyers.
Advanced Drainage Systems, Inc. (NYSE: WMS) announced plans to offer up to $500 million in senior unsecured notes due 2030. The offering, which will be exempt from Securities Act registration, aims to repay outstanding borrowings under its senior secured revolving credit facility and for general corporate purposes. The notes will be guaranteed by its domestic subsidiaries, and they may only be sold to qualified institutional buyers. This strategic move highlights the company's effort to manage its debt efficiently while ensuring liquidity.
Advanced Drainage Systems (NYSE: WMS) has announced a quarterly cash dividend of $0.12 per share, marking a 9% increase from last year. The dividend is set to be paid on June 15, 2022, to shareholders on record as of June 1, 2022. President and CEO Scott Barbour stated that this increase reflects the company's strong balance sheet and cash generation, showcasing their commitment to returning capital to shareholders while continuing investments in the business.