Ashland Half-Year Report 2024
Ashland Inc. announced financial results1 for the second quarter of fiscal year 2024, which ended March 31, 2024, and issued its outlook for third quarter and full-year fiscal 2024. The global additives and specialty ingredients company holds leadership positions in high-quality, consumer-focused markets including pharmaceuticals, personal care and architectural coatings.
Sales in the second quarter were $575 million, down five percent versus the prior-year quarter. Results during the quarter reflect market-demand dynamics and underlying business performance that were generally consistent with previously communicated expectations. Consolidated year-over-year quarterly volumes modestly increased for the first time since June 2022 as demand continues to normalize within the Personal Care and Specialty Additives segments, partially offset by unfavorable Life Sciences volumes. Overall pricing was softer in a moderately deflationary raw material environment, mainly within the Intermediates and Specialty Additives segments. Foreign currency unfavorably impacted sales by $1 million.
Highlights
- Sales of $575 million, down five percent from the prior-year quarter
- Net income (including discontinued operations) of $120 million, or $2.39 per diluted share
- Income from continuing operations of $121 million, or $2.40 per diluted share
- Adjusted income from continuing operations excluding intangibles amortization expense of $64 million, or $1.27 per diluted share
- Adjusted EBITDA of $126 million
- Cash flows provided by operating activities of $54 million; ongoing free cash flow of $4 million
