ADS Sales Down, Profit Up
Advanced Drainage Systems, Inc. (ADS) had net sales of $508.6 million for the first quarter of fiscal 2021, down 22.9 per cent compared to net sales of $413.7 million in the first quarter of fiscal 2020. Sales for the domestic allied products and other sales segment increased $4.7 million, or 4.2 per cent, to $116.9 million. These increases were driven by growth in both the U.S. construction and agriculture end markets. Gross profit for the quarter was $188.5 million compared to a loss of $62.2 million in the year-ago period. Adjusted EBITDA was $159.5 million, up 98.6 per cent compared to $80.3 million last year.