Advanced Drainage Systems announces executive resignation and reports annual meeting results

Advanced Drainage Systems, Inc. (NYSE:WMS), a company with a market capitalization of $8.8 billion and a strong financial health rating according to InvestingPro, announced several updates Thursday in a filing with the Securities and Exchange Commission. The stock has experienced a notable decline of 9% over the past week, though analysts maintain a bullish consensus with price targets ranging from $130 to $160.

On July 15, Darin Harvey, Executive Vice President of Supply Chain, provided notice of his resignation from the company, effective August 22. The company stated that Harvey’s resignation was not due to any dispute or disagreement related to company operations, policies, or practices.

The company also reported the results of its 2025 Annual Meeting of Stockholders, which was held via webcast Thursday at 10:00 a.m. Eastern Time. Stockholders considered three proposals during the meeting.

For the first proposal, all eleven director nominees were elected to serve one-year terms until the 2026 annual meeting. The elected directors are D. Scott Barbour, Anesa T. Chaibi, Michael B. Coleman, Robert M. Eversole, Alexander R. Fischer, Tanya D. Fratto, Kelly S. Gast, M.A. (Mark) Haney, Luther C. Kissam IV, Manuel Perez de la Mesa, and Anil Seetharam.

The second proposal, which sought ratification of Deloitte & Touche LLP as the company’s independent registered public accounting firm for fiscal year 2026, was approved by stockholders.

The third proposal, an advisory vote to approve the compensation of the company’s executive officers as disclosed in the proxy statement, also received stockholder approval.

These updates are based on statements made in a press release and information contained in the company’s SEC filing.

In other recent news, Advanced Drainage Systems reported its fourth-quarter earnings for fiscal year 2025, revealing a shortfall in both earnings per share (EPS) and revenue compared to analysts’ expectations. The company announced EPS of $1.03, missing the forecast of $1.08, and revenue of $615.8 million, below the expected $660.4 million. Despite the earnings miss, the company increased its annual dividend by 13% to $0.72 per share. For fiscal 2026, Advanced Drainage Systems projects revenue between $2.825 billion and $2.975 billion, with an adjusted EBITDA forecast of $850 million to $910 million.

KeyBanc Capital Markets raised its price target for Advanced Drainage Systems to $140, maintaining an Overweight rating, citing confidence in the company’s ability to navigate market conditions. Meanwhile, Loop Capital Markets adjusted its price target for the company to $133 from $143, maintaining a Buy rating despite noting a challenging macroeconomic environment. The firm’s analyst highlighted positive aspects such as market share gains and low debt levels, suggesting potential for increased shareholder returns.

Additionally, Western Metallica Resources Corp. announced the resignation of Peter Imhof from its Board of Directors. The company did not provide a reason for the departure or announce a replacement. Western Metallica focuses on mineral resource exploration, with primary assets located in Spain. These developments reflect ongoing changes and strategic adjustments within the companies.

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