Core Insights - Ashland Inc. is facing a challenging macroeconomic environment, with expected earnings decline of 18.9% in fiscal 2025 [1][9] - The company has a market capitalization of $2.4 billion and operates in over 100 countries across various markets [1] Financial Performance - In fiscal Q3 2025, Ashland reported earnings of $1.04, missing the Zacks Consensus Estimate by $0.11 [2] - Sales fell 15% year-over-year to $463 million, impacted by portfolio optimization which reduced sales by approximately $53 million, or 10% [3] - Excluding optimization effects, sales declined by 5% [3] - All main segments experienced falling sales: Life Sciences down 17% to $162 million, Personal Care down 16% to $147 million, Specialty Additives down 13% to $131 million, and Intermediates down 8% to $33 million [4] Outlook and Estimates - Ashland updated its fiscal 2025 outlook, indicating a stable but subdued macroeconomic environment with mixed demand trends across segments [5] - Analysts have cut earnings estimates for fiscal 2025 from $3.77 to $3.61, reflecting an 18.9% decline from last year's earnings of $4.45 [7] - For fiscal 2026, estimates have also been reduced from $4.71 to $4.39 [7] Market Performance - Ashland's shares have declined 21.2% year-to-date, underperforming the S&P 500, which is up 12.5% [11] - The company trades with a forward P/E of 14.7, indicating potential value, but has a high PEG ratio of 3.8, suggesting it may not be cheap by growth metrics [13][15] Additional Insights - The company is benefiting from foreign exchange tailwinds and a $30 million restructuring program expected to generate $7.5 million in savings in Q4 [6]

Company Overview - Ashland Inc. (ASH) is currently experiencing significant activity in the options market, particularly with the Oct. 17, 2025 $40 Call option showing high implied volatility, indicating potential for a major price movement [1] - The company holds a Zacks Rank of 5 (Strong Sell) within the Chemical – Specialty industry, which is positioned in the bottom 37% of the Zacks Industry Rank [3] Analyst Insights - Over the past 60 days, there has been mixed sentiment among analysts regarding Ashland's earnings estimates; one analyst has increased the estimate for the current quarter, while two have decreased theirs, resulting in a slight increase in the Zacks Consensus Estimate from $1.28 to $1.32 per share [3] Options Market Dynamics - The high implied volatility surrounding Ashland's options suggests that traders are anticipating a significant price movement, which could be indicative of an upcoming event that may lead to either a rally or a sell-off [2][4] - Options traders often seek to capitalize on high implied volatility by selling premium, aiming for the underlying stock to not move as much as expected by expiration, which is a common strategy among seasoned traders [4]

Core Insights - Ashland Global Holdings Inc. reported a significant loss of $742 million or $16.21 per share in Q3 fiscal 2025, contrasting with a profit of $6 million or 12 cents in the same quarter last year [1][9] - Adjusted earnings were $1.04 per share, down from $1.49 year-over-year, and missed the Zacks Consensus Estimate of $1.15 [1][9] - Total sales decreased by 14.9% year-over-year to $463 million, falling short of the Zacks Consensus Estimate of $468.4 million [2][9] Sales Performance - Life Sciences segment sales fell 17% year-over-year to $162 million, missing the consensus estimate of $170 million, primarily due to the divestiture of the Neutraceuticals division [3] - Personal Care segment sales declined 16% year-over-year to $147 million, meeting the Zacks Consensus Estimate, mainly due to portfolio optimization and the divestiture of the Avoca business line [4] - Specialty Additives segment sales decreased 13% year-over-year to $131 million, surpassing the Zacks Consensus Estimate of $124 million, attributed to exiting the low-margin construction business [4] - Intermediates segment sales dropped 8% year-over-year to $33 million, missing the consensus estimate of $34.8 million, primarily due to lower prices [5] Financial Overview - Cash and cash equivalents at the end of the quarter were $207 million, reflecting a sequential increase of approximately 23.2% [6] - Long-term debt rose to $1,382 million, up roughly 3.4% from the previous quarter [6] Future Outlook - For the full fiscal year, Ashland expects sales to range between $1.825 billion and $1.85 billion, and adjusted EBITDA to be between $400 million and $410 million, narrowing from previous estimates [7][9] Stock Performance - Ashland's shares have declined by 42.5% over the past year, compared to a 1.3% decline in the industry [8]

| Metric | Q3 2025 | Q3 2025 Estimate | Q3 2024 | Y/Y Change | | --- | --- | --- | --- | --- | | EPS from Continuing Operations (Non-GAAP) | $1.04 | $1.20 | $1.49 | (30.2%) | | Revenue | $463 million | $476.58 million | $544 million | (14.9%) | | Adjusted EBITDA | $113 million | | $139 million | (18.7%) | | Ongoing Free Cash Flow | $108 million | | $112 million | (3.6%) | | Average Diluted Shares Outstanding | 46 million | | 51 million | (9.8%) | Business Overview and Strategic Focus Ashland operates as a s ...

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) The financial statements for Q2 2025 reveal a **$742 million net loss**, primarily due to a **$706 million goodwill impairment**, with sales declining **15%** to **$463 million** and total assets decreasing from **$5.6 billion** to **$4.6 billion** | Financial Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Sales | $463 million | $544 million | | Gross Profit | $132 million | $186 million | | Operating Loss | $(708) million | $(61) million | | Net Loss | $(742) million | $6 million (Net Income) | | Diluted Loss Per Share | $(16.21) | $0.12 (Diluted EPS) | | Balance Sheet Item | June 30, 2025 | September 30, 2024 | | :--- | :--- | :--- | | Total Current Assets | $1,124 million | $1,195 million | | Goodwill | $705 million | $1,381 million | | Total Assets | $4,621 million | $5,645 million | | Long-term Debt | $1,382 million | $1,349 million | | Total Stockholders' Equity | $1,889 million | $2,868 million | | Cash Flow Item | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :--- | :--- | :--- | | Cash from Operating Activities | $94 million | $382 million | | Cash from Investing Activities | $0 million | $(54) million | | Cash from Financing Activities | $(161) million | $(310) million | | Decrease in Cash | $(93) million | $(18) million | [Note B – Divestitures](index=6&type=section&id=Note%20B%20%E2%80%93%20Divestitures) The company completed the Avoca business sale in Q2 2025, incurring an impairment charge, following a similar divestiture of the Nutraceuticals business in the prior fiscal year - Completed the sale of the Avoca business in Q2 2025, recording an impairment charge of **$183 million** for the nine months ended June 30, 2025[20](index=20&type=chunk)[22](index=22&type=chunk) - In the prior year, the sale of the Nutraceuticals business resulted in a **$99 million impairment charge** for the three and nine months ended June 30, 2024[23](index=23&type=chunk)[25](index=25&type=chunk) [Note D – Restructuring Activities](index=8&type=section&id=Note%20D%20%E2%80%93%20Restructuring%20Activities) Ashland initiated a new restructuring plan in fiscal 2025 to mitigate divestiture impacts and optimize manufacturing, resulting in accelerated depreciation charges - A new restructuring plan was initiated in fiscal 2025 to offset the impact of the Nutraceuticals sale and other portfolio actions[33](index=33&type=chunk) Accelerated Depreciation Expense | Period | Accelerated Depreciation Expense | | :--- | :--- | | Three months ended June 30, 2025 | $27 million | | Nine months ended June 30, 2025 | $40 million | [Note G – Goodwill and Other Intangible Assets](index=13&type=section&id=Note%20G%20%E2%80%93%20Goodwill%20and%20Other%20Intangible%20Assets) A **$706 million** goodwill impairment was recorded in Q3 2025, impacting Life Sciences and Specialty Additives, driven by stock price decline and a weakening macroeconomic environment - Triggering events, including a decline in stock price and slowing growth, led to a quantitative goodwill impairment assessment during Q3 2025[55](index=55&type=chunk) Goodwill Impairment Charge | Reporting Unit | Goodwill Impairment Charge | | :--- | :--- | | Life Sciences | $375 million | | Specialty Additives | $331 million | | **Total** | **$706 million** | - The goodwill impairment charges are non-deductible for tax purposes[57](index=57&type=chunk) [Note H – Debt and Other Financing Activities](index=16&type=section&id=Note%20H%20%E2%80%93%20Debt%20and%20Other%20Financing%20Activities) As of June 30, 2025, total long-term debt was **$1.38 billion**, with **$596 million** available under the revolving credit facility, and the company complied with all debt covenants - Total long-term debt (less issuance costs) was **$1,382 million** at June 30, 2025[69](index=69&type=chunk) - Available borrowing capacity under the 2022 Credit Agreement was **$596 million** as of June 30, 2025[77](index=77&type=chunk) Debt Covenant Compliance | Debt Covenant | Requirement | Actual (June 30, 2025) | | :--- | :--- | :--- | | Max. Net Leverage Ratio | 4.0 | 2.9 | | Min. Interest Coverage Ratio | 3.0 | 6.5 | [Note L – Litigation, Claims and Contingencies](index=21&type=section&id=Note%20L%20%E2%80%93%20Litigation%2C%20Claims%20and%20Contingencies) As of June 30, 2025, the company held **$450 million** in asbestos reserves and **$242 million** for environmental remediation Reserves | Reserve Type | Amount (June 30, 2025) | | :--- | :--- | | Ashland Asbestos Reserve | $265 million | | Hercules Asbestos Reserve | $185 million | | Environmental Remediation Reserve | $242 million | - The company estimates that the upper range of reasonably possible future costs for environmental remediation could be as high as approximately **$510 million**[124](index=124&type=chunk) [Note N – Equity Items](index=30&type=section&id=Note%20N%20%E2%80%93%20Equity%20Items) Ashland repurchased **$100 million** of common stock, with **$520 million** remaining under its **$1 billion** program, and increased its quarterly dividend by **2%** to **$0.415** per share - **$520 million** remained available for repurchase under the 2023 Stock Repurchase Program as of June 30, 2025[128](index=128&type=chunk) - For the nine months ended June 30, 2025, the company repurchased **1.5 million shares** for an aggregate price of **$100 million**[129](index=129&type=chunk) - The quarterly cash dividend was increased by **2%** to **$0.415 per share**, paid in Q3 2025[130](index=130&type=chunk) [Note Q – Reportable Segment Information](index=34&type=section&id=Note%20Q%20%E2%80%93%20Reportable%20Segment%20Information) Q3 2025 segment performance was severely impacted by goodwill impairments in Life Sciences and Specialty Additives, resulting in operating losses and sales declines across all segments Segment Performance | Segment | Sales (Q3 2025) | Sales (Q3 2024) | Operating Income (Loss) (Q3 2025) | | :--- | :--- | :--- | :--- | | Life Sciences | $162M | $195M | $(343)M | | Personal Care | $147M | $175M | $25M | | Specialty Additives | $131M | $150M | $(345)M | | Intermediates | $33M | $36M | $4M | - The operating loss in Life Sciences includes a **$375 million goodwill impairment**[152](index=152&type=chunk) - The operating loss in Specialty Additives includes a **$331 million goodwill impairment**[152](index=152&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q3 2025 sales declined **15%** due to divestitures and lower volumes, with a significant net loss driven by a **$706 million** goodwill impairment, while the full-year 2025 outlook projects sales of **$1.825-$1.850 billion** and Adjusted EBITDA of **$400-$410 million** - The company recorded a total non-cash goodwill impairment charge of **$706 million** (**$375 million** for Life Sciences and **$331 million** for Specialty Additives) in Q3 2025 due to a decline in stock price and a weakening macroeconomic environment[173](index=173&type=chunk) Drivers of Sales Change (Q3 2025 vs Q3 2024) | Driver of Sales Change | Impact (in millions) | | :--- | :--- | | Divestitures | $(42) | | Volume | $(35) | | Price/mix | $(11) | | Foreign currency exchange | $7 | | **Total Change** | **$(81)** | - Updated full-year fiscal 2025 outlook: Sales of approximately **$1.825 billion to $1.850 billion** and Adjusted EBITDA in the range of **$400 million to $410 million**[318](index=318&type=chunk) [Results of Operations – Reportable Segment Review](index=60&type=section&id=Results%20of%20Operations%20%E2%80%93%20Reportable%20Segment%20Review) Q3 2025 sales declined across all segments, with Life Sciences down **17%** and Personal Care down **16%** due to divestitures and lower volumes, while Adjusted EBITDA decreased for most segments Segment Performance (Q3'25 vs Q3'24) | Segment | Sales Change (Q3'25 vs Q3'24) | Adjusted EBITDA (Q3'25) | Adjusted EBITDA (Q3'24) | | :--- | :--- | :--- | :--- | | Life Sciences | -17% | $54M | $59M | | Personal Care | -16% | $41M | $51M | | Specialty Additives | -13% | $26M | $38M | | Intermediates | -8% | $7M | $9M | [Financial Position](index=72&type=section&id=Financial%20Position) As of June 30, 2025, the company maintained **$803 million** in available liquidity, with ongoing Free Cash Flow at **$75 million**, a decrease from the prior year, and total debt at **$1.38 billion** Cash Flow Metrics | Liquidity Metric | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :--- | :--- | :--- | | Free Cash Flow | $30 million | $283 million | | Ongoing Free Cash Flow | $75 million | $182 million | - Total available liquidity, including cash and the revolving credit facility, was **$803 million** at June 30, 2025[293](index=293&type=chunk) - Debt as a percent of capital employed increased to **42%** at June 30, 2025, from **32%** at September 30, 2024[295](index=295&type=chunk) [Outlook](index=80&type=section&id=Outlook) Ashland updated its full-year fiscal 2025 outlook, projecting sales of **$1.825-$1.850 billion** and Adjusted EBITDA of **$400-$410 million**, reflecting a subdued macroeconomic environment - The company updated its full-year fiscal 2025 outlook due to a subdued macroeconomic environment and cautious customer channels[314](index=314&type=chunk) FY2025 Outlook | FY2025 Outlook | Range | | :--- | :--- | | Sales | $1.825 billion - $1.850 billion | | Adjusted EBITDA | $400 million - $410 million | - The company's **$30 million** restructuring program is expected to generate approximately **$7.5 million** in savings in the fourth quarter[317](index=317&type=chunk) [Item 4. Controls and Procedures](index=81&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no significant changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[321](index=321&type=chunk) - There were no significant changes in internal control over financial reporting during the nine months ended June 30, 2025[322](index=322&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=82&type=section&id=Item%201.%20Legal%20Proceedings) The company faces material legal proceedings, primarily asbestos litigation and environmental matters, stemming from historical operations of Ashland and Hercules - Ashland is subject to liabilities from personal injury claims caused by asbestos exposure, primarily from indemnification obligations for the sale of Riley Stoker Corporation and the acquisition of Hercules LLC[325](index=325&type=chunk)[326](index=326&type=chunk) - The company has been identified as a "potentially responsible party" (PRP) at **53 environmental cleanup sites** under CERCLA and similar state laws as of June 30, 2025[328](index=328&type=chunk) [Item 1A. Risk Factors](index=83&type=section&id=Item%201A.%20Risk%20Factors) No material changes were reported to the risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended September 30, 2024 - No material changes from the risk factors disclosed in the Annual Report on Form 10-K for the fiscal year ended September 30, 2024[332](index=332&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=83&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Ashland did not repurchase common stock in Q3 2025, with **$520 million** remaining available under its **$1 billion** share repurchase program - No shares were repurchased during the three months ended June 30, 2025[333](index=333&type=chunk) - As of June 30, 2025, **$520 million** remained available for repurchase under the 2023 Stock Repurchase Program[333](index=333&type=chunk)

Financial Data and Key Metrics Changes - Q3 sales were $463 million, down 15% year over year, including a $53 million impact from portfolio optimization, with organic sales declining 5% primarily due to lower volumes [14][8] - Adjusted EBITDA was $113 million, down 19% year over year or 10% excluding portfolio actions, with adjusted EBITDA margins at 24.4%, down 120 basis points [15][8] - Adjusted EPS, excluding acquisition amortization, was $1.04, down 30% from the prior year, with a noncash goodwill impairment of $6 million recorded [16][8] Business Line Data and Key Metrics Changes - Life Sciences sales were $162 million, down 17% year over year, primarily due to portfolio optimization initiatives, with organic sales declining just 1% [18][9] - Personal Care sales were $147 million, down 16% year over year, driven by portfolio optimization actions, with organic sales declining 6% [24][9] - Specialty Additives sales declined 13% to $131 million, with organic sales and volumes both down 11% [29][9] Market Data and Key Metrics Changes - Life Sciences maintained strong margins of 33% for the second consecutive quarter despite a mixed demand environment [9][10] - Intermediates faced a challenging supply-demand landscape, particularly in Europe, with sales down to $33 million from $36 million year over year [21][9] - Personal Care showed early signs of recovery, particularly in biofunctional actives, with sales up double digits supported by a robust commercial pipeline [25][9] Company Strategy and Development Direction - The company completed its portfolio optimization and restructuring program ahead of schedule, focusing on cost savings and operational efficiency [12][11] - The strategic imperative is to drive consistent operations at higher utilization rates while balancing cost actions with strategic reinvestment [33][12] - The company aims to expand its reach in underpenetrated markets and drive differentiation through innovation [12][11] Management's Comments on Operating Environment and Future Outlook - Management noted that while the external environment remains uncertain, the company is executing with discipline and focus, positioning for long-term resilient performance [12][11] - The company expects full-year fiscal 2025 sales of approximately $1.825 billion to $1.85 billion and adjusted EBITDA in the range of $400 million to $410 million [45][12] - Management highlighted that demand patterns remain mixed, with pharma steady and personal care showing encouraging signs of recovery [42][12] Other Important Information - The company generated nearly 100% free cash flow conversion in the quarter, demonstrating the strength of its underlying business [15][8] - Liquidity at quarter end was over $800 million, with net leverage at 2.9 times, providing flexibility for strategic investments [17][8] - The company is actively monitoring tariff-related uncertainties but does not anticipate a material direct impact on fiscal year 2025 results [43][12] Q&A Session Summary Question: Insights on fiscal year 2026 outlook and demand recovery - Management indicated that while they are not providing guidance for fiscal year 2026, they see stable demand in personal care and pharma, with potential upside in specialty additives depending on market conditions [50][51] Question: Clarification on cost savings from restructuring and network optimization - Management confirmed that incremental savings in fiscal year 2026 should be in the range of $55 million to $60 million year over year, with restructuring actions completed [74][75] Question: Stability in personal care markets and customer feedback - Management noted stability in mass brands and some variability in the prestige segment, with positive traction observed in Asia and Europe [66][67]

Financial Data and Key Metrics Changes - Adjusted EBITDA was $113 million, down 19% year over year, or 10% excluding portfolio actions, driven by lower organic sales and production volume [7][15] - Sales for Q3 were $463 million, down 15% year over year, including a $53 million impact from portfolio optimization [14] - Adjusted EPS, excluding acquisition amortization, was $1.04, down 30% from the prior year [16] - Adjusted EBITDA margin was 24.4%, down 120 basis points [15] Business Line Data and Key Metrics Changes - Life Sciences sales were $162 million, down 17% year over year, primarily due to portfolio optimization initiatives [19] - Personal Care sales were $147 million, down 16% year over year, driven by portfolio optimization actions [25] - Specialty Additives sales declined 13% to $131 million, with organic sales and volumes both down 11% [30] - Intermediates generated $33 million in sales, down from $36 million in the same period last year [22] Market Data and Key Metrics Changes - Demand patterns remain mixed across the portfolio, with pharma steady and recovering, while personal care shows encouraging signs [42] - Specialty additives and intermediates are still facing headwinds, particularly in China [43] - Approximately 85% of the portfolio is tied to consumer end markets, many of which are non-cyclical and more resilient [11] Company Strategy and Development Direction - The company has completed its portfolio optimization and restructuring program, which remains ahead of schedule [12] - Focus on cost savings and operational discipline to support strong margins [6] - The company aims to drive differentiation and margin-accretive growth through innovation [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term opportunities despite current mixed demand [42] - The company is monitoring regulatory developments and does not anticipate a material direct impact on fiscal year results from tariff-related uncertainties [44] - Management highlighted the importance of maintaining a disciplined capital allocation strategy while focusing on productivity and innovation [49] Other Important Information - The company generated nearly 100% free cash flow conversion in the quarter, demonstrating the strength of its underlying business [8] - Liquidity at quarter end was over $800 million, providing flexibility for strategic investments [17] Q&A Session Summary Question: Insights on fiscal year 2026 and market recovery - Management discussed the cleaner portfolio and stable demand expected in personal care and pharma, with potential upside in specialty additives depending on market conditions [54][56] Question: Clarification on cost savings and restructuring - Management confirmed that restructuring and network optimization actions are complete, with expected savings flowing through to the P&L [78][80] Question: Stability in personal care markets - Management noted stability in mass brands, while the prestige segment has shown variability, particularly in biofunctional actives [70][72] Question: Near-term sales guidance and segment performance - Management indicated expectations for a sales increase in Q4 driven by specific portfolio activities, particularly in personal care and pharma [95][98]

earnings conference call third quarter fiscal 2025 July 30, 2025 O Regulation G: Adjusted Results the information presented herein regarding certain uncudited adjusted results does not conform to generally accepted accounting principles in the United Srates (U.S. GAAP) should not be construed as an affernative to the reported results determined in accordance with U.S. GAAP. Ashland has included this non-GAAP information to assis in understranding the operating performance of the company ond its reportable s ...

Core Insights - Ashland (ASH) reported a revenue of $463 million for the quarter ended June 2025, reflecting a year-over-year decline of 14.9% and an EPS of $1.04 compared to $1.49 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $468.37 million by 1.15%, and the EPS was also below the consensus estimate of $1.15, resulting in a surprise of -9.57% [1] Revenue Breakdown - Revenue from Intermediates was $33 million, slightly below the average estimate of $34.81 million, marking a year-over-year decline of 8.3% [4] - Revenue from Specialty Additives reached $131 million, exceeding the estimated $123.73 million, but still represented a decline of 12.7% year-over-year [4] - Personal Care revenue was reported at $147 million, slightly above the estimate of $146.57 million, with a year-over-year decrease of 16% [4] - Life Sciences revenue was $162 million, below the average estimate of $169.65 million, showing a year-over-year decline of 16.9% [4] Adjusted EBITDA Performance - Adjusted EBITDA for Life Sciences was $54 million, slightly below the average estimate of $55.16 million [4] - Adjusted EBITDA for Intermediates was reported at $7 million, exceeding the average estimate of $3.48 million [4] - Adjusted EBITDA for Specialty Additives was $26 million, close to the average estimate of $26.25 million [4] - Adjusted EBITDA for Personal Care was $41 million, below the average estimate of $43.05 million [4] Stock Performance - Ashland's shares have returned +1.3% over the past month, underperforming the Zacks S&P 500 composite's +3.6% change [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance in the near term [3]

Company Performance - Ashland reported quarterly earnings of $1.04 per share, missing the Zacks Consensus Estimate of $1.15 per share, and down from $1.49 per share a year ago, representing an earnings surprise of -9.57% [1] - The company posted revenues of $463 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 1.15%, and down from $544 million year-over-year [2] - Over the last four quarters, Ashland has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2] Stock Outlook - Ashland shares have declined approximately 28.7% since the beginning of the year, contrasting with the S&P 500's gain of 8.6% [3] - The current consensus EPS estimate for the upcoming quarter is $1.25 on revenues of $489.59 million, and for the current fiscal year, it is $3.67 on revenues of $1.85 billion [7] Industry Context - The Chemical - Specialty industry, to which Ashland belongs, is currently ranked in the bottom 40% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that the outlook for the industry can significantly impact stock performance [5][8]