Advanced Drainage Systems (NYSE:WMS) has announced its unaudited financial results for the fourth quarter and fiscal year ended March 31, 2024.

The company reported a net sales increase of 5.9% to $653.8 million for the quarter, with net income rising by 10.6% to $95.5 million.

While fiscal year net sales fell 6.4% to $2.874 billion, net income increased slightly by 0.4% to $513.3 million.

Scott Barbour, President and CEO, praised the fiscal year as the company's ninth consecutive year of record profitability, citing strong operational execution and effective management of price/cost as primary factors.

In addition to financial performance, Advanced Drainage Systems declared a cash dividend of $0.16 per share, payable on June 14, 2024, to shareholders of record as of May 31, 2024.