** Shares of pipe manufacturer Advanced Drainage Systems fall 5% to $151 premarket

** Co reports Q2 net sales of $782.6 million vs analysts' avg est of $822.4 million - LSEG data

** However, WMS posts Q2 adj profit of $1.70 per share, above expectations of $1.47 per share

** WMS sees FY net sales in range of $2.90 bln to $2.97 bln vs expectations of $2.99 bln

** Co approved annual cash dividend of 16 cents/shr to its shareholders, 14% increase over the prior-year dividend amount

** YTD, WMS is up 13.5%

(Reporting by Khusbu Jena in Bengaluru)

((Khusbu.Jena@thomsonreuters.com;))