Ashland Q1 Report 2024
Ashland Inc announced financial results1 for the first quarter of fiscal year 2024, which ended December 31, 2023, and issued its outlook for second 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 first quarter were $473 million, down 10 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. Year-over-year volume declines during the quarter started to diminish as demand trends appear to have stabilized across most end markets. Pricing also remained favorable within the Life Sciences and Personal Care segments. Foreign currency favorably impacted sales by approximately one percent.
Net income was $26 million, down from $40 million in the prior-year quarter. Income from continuing operations was
- Sales of $473 million, down 10 percent from the prior-year quarter
- Net income (including discontinued operations) of $26 million, or $0.51 per diluted share
- Income from continuing operations of $28 million, or $0.54 per diluted share
- Adjusted income from continuing operations excluding intangibles amortization expense of $23 million, or $0.45 per diluted share
- Adjusted EBITDA of $70 million
- Cash flows provided by operating activities of $201 million; ongoing free cash flow2 of $66 million
