Ashland Q4 Report 2023
Ashland reports financial results’ for fourth-quarter fiscal 2023; issues outlook for first-quarter fiscal 2024
Sales of $518 million, down eighteen percent from the prior-year quarter
- Net loss (including discontinued operations) of $4 million, or $0.07 per diluted share
- Loss from continuing operations of $8 million, or $0.15 per diluted share
- Adjusted income from continuing operations excluding intangibles amortization expense of $21 million, or $0.41 per diluted share
- Adjusted EBITDA of $74 million
- Cash flows provided by operating activities of $130 million; ongoing free cash flow of $104 million
Sales were $518 million, down eighteen 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. Pricing remained favorable for all segments other than Intermediates. Volumes during the quarter continued to be negatively impacted by customer inventory destocking across most end markets. Foreign currency favorably impacted sales by approximately two percent.
Net loss was $4 million, down from $57 million of income in the prior-year quarter. Loss from continuing operations was $8 million, down from $60 million of income in the prior-year quarter, or a loss of $0.15 per diluted share, down from income of $1.09. Adjusted income from continuing operations excluding intangibles amortization expense was $21 million, down from $80 million in the prior-year quarter, or $0.41 per diluted share, down from $1.46. Adjusted EBITDA was $74 million, down fifty percent from $147 million in the prior-year quarter, driven primarily by continued customer inventory destocking across most end markets and additional inventory-reduction actions taken to better position the company for more conservative demand scenarios.
