Financial Performance - Sales for the three months ended March 31, 2024, were $575 million, a decrease of 4.6% compared to $603 million for the same period in 2023[5]. - Gross profit for the three months ended March 31, 2024, was $161 million, down 18.3% from $197 million in the prior year[5]. - Operating income decreased significantly to $21 million for the three months ended March 31, 2024, compared to $83 million for the same period in 2023, representing a decline of 74.7%[5]. - Net income for the three months ended March 31, 2024, was $120 million, an increase of 31.9% from $91 million in the same period last year[5]. - Basic earnings per share from continuing operations increased to $2.43 for the three months ended March 31, 2024, compared to $1.71 in the prior year, reflecting a growth of 42.3%[5]. - Net income for the six months ended March 31, 2024, was $147 million, an increase from $132 million in the same period of 2023, representing an increase of approximately 11.36%[9]. - Total revenue for the three months ended March 31, 2024, was $222 million, a decrease of 7.5% from $240 million in the same period of 2023[104]. - For the six months ending March 31, 2024, Ashland's total consolidated sales were $1,048 million, a decrease of 7.1% from $1,128 million in the same period of 2023[116]. Assets and Liabilities - Total current assets decreased to $1,427 million as of March 31, 2024, from $1,506 million as of September 30, 2023, a decline of 5.2%[6]. - Total assets remained relatively stable at $5,948 million as of March 31, 2024, compared to $5,939 million as of September 30, 2023[6]. - Long-term debt increased slightly to $1,328 million as of March 31, 2024, from $1,314 million as of September 30, 2023[6]. - Stockholders' equity rose to $3,134 million as of March 31, 2024, compared to $3,097 million as of September 30, 2023, indicating a growth of 1.2%[6]. - Total liabilities at fair value remained stable at $5 million as of both reporting dates[26]. Cash Flow - Total cash flows provided by operating activities from continuing operations amounted to $255 million, significantly up from $27 million in the prior year, indicating a substantial improvement in operational cash generation[9]. - Cash and cash equivalents at the end of the period increased to $439 million from $399 million, reflecting a growth of approximately 10.03%[9]. - The company reported a total cash flow provided by continuing operations of $47 million, a recovery from $(206) million in the same period last year[9]. - Free cash flow for the three months ended March 31, 2024, was $74 million, down from $140 million in the same period of 2023, indicating a decrease of 47.14%[178]. Expenses - Research and development expenses increased to $14 million for the three months ended March 31, 2024, compared to $12 million in the same period last year, reflecting a growth of 16.7%[5]. - Selling, general and administrative expenses increased by $27 million in the current quarter, totaling $106 million, with expenses as a percentage of sales rising to 18.4% from 13.1%[144]. - Year-to-date selling, general and administrative expenses increased by $17 million, totaling $189 million, with expenses as a percentage of sales increasing to 18.0% from 15.2%[145]. - The company incurred $27 million and $49 million in accelerated depreciation for product line optimization activities during the three and six months ended March 31, 2024, respectively[22]. Segment Performance - Life Sciences segment sales for the three months ended March 31, 2024, were $222 million, down from $240 million in the same period of 2023, representing a decline of 7.5%[116]. - North America sales in the Life Sciences segment increased to $73 million for the three months ended March 31, 2024, up from $61 million in the same period of 2023, representing a 19.7% increase[104]. - Personal Care segment sales increased to $169 million in Q1 2024 from $167 million in Q1 2023, showing a slight growth of 1.2%[116]. - Specialty Additives segment sales decreased to $157 million in Q1 2024 from $161 million in Q1 2023, reflecting a decline of 2.5%[116]. - Intermediates segment sales dropped to $40 million in Q1 2024 from $51 million in Q1 2023, a decrease of 21.6%[116]. Tax and Regulatory Matters - The effective tax rate for the three months ended March 31, 2024, was a benefit of 612%, influenced by a net $102 million from favorable tax discrete items, while the six-month rate was a benefit of 610% with a net $126 million from similar items[60]. - The company expects a decrease in the amount of accrual for uncertain tax positions of between $4 million and $5 million for continuing operations in the next twelve months[63]. Stock and Shareholder Returns - The company repurchased $100 million of common stock during the period, down from $142 million in the previous year, reflecting a reduction in share buyback activity[9]. - Ashland's board authorized a new $1 billion stock repurchase program in June 2023, with $900 million remaining available for repurchase as of March 31, 2024[92]. - Cash dividends declared per common share increased to $0.385 for the first and second quarters of fiscal 2024, compared to $0.335 for the same quarters in fiscal 2023, marking a 14.9% increase[95]. Environmental and Legal Matters - Ashland's asbestos reserve decreased to $263 million at March 31, 2024, from $281 million at September 30, 2023, reflecting a reserve adjustment of $9 million[71]. - The company recorded a total of 42 open asbestos claims at the end of the six months ended March 31, 2024, unchanged from the beginning of the year[70]. - Ashland has identified 53 sites under Superfund or similar laws requiring environmental remediation efforts[83].

Core Insights - Ashland reported revenue of $575 million for the quarter ended March 2024, a decrease of 4.6% year-over-year, with EPS at $1.27 compared to $1.43 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $574.25 million by 0.13%, while the EPS surpassed the consensus estimate of $1.19 by 6.72% [1] Revenue Performance by Segment - Revenue from Intermediates was $40 million, exceeding the average estimate of $38.99 million, but reflecting a year-over-year decline of 21.6% [2] - Life Sciences revenue was reported at $222 million, below the average estimate of $238.11 million, with a year-over-year decrease of 7.5% [2] - Personal Care revenue reached $169 million, surpassing the average estimate of $159.30 million, marking a year-over-year increase of 1.2% [2] - Specialty Additives revenue was $157 million, exceeding the average estimate of $149.50 million, but showing a decline of 2.5% year-over-year [2] - Intersegment sales were reported at -$13 million, better than the estimated -$14.50 million, with an 18.8% decline compared to the previous year [2] Adjusted EBITDA Performance - Adjusted EBITDA for Intermediates was $12 million, exceeding the average estimate of $9.59 million [2] - Personal Care adjusted EBITDA was $45 million, surpassing the average estimate of $35.85 million [2] - Life Sciences adjusted EBITDA was reported at $66 million, slightly above the average estimate of $65.27 million [2] - Unallocated and other adjusted EBITDA was -$45 million, worse than the average estimate of -$23 million [2] - Specialty Additives adjusted EBITDA was $27 million, below the average estimate of $30.50 million [2] Stock Performance - Ashland's shares returned -0.2% over the past month, compared to a -2.5% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Ashland (ASH) came out with quarterly earnings of $1.27 per share, beating the Zacks Consensus Estimate of $1.19 per share. This compares to earnings of $1.43 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 6.72%. A quarter ago, it was expected that this chemical company would post earnings of $0.21 per share when it actually produced earnings of $0.45, delivering a surprise of 114.29%.Over the last four quarters, the company ...

Exhibit 99.1 Ashland reports financial results1for second quarter fiscal 2024; issues outlook for third quarter and full-year fiscal 2024 • 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 ...

Sales of $575 million, down five percent from the prior-year quarterNet income (including discontinued operations) of $120 million, or $2.39 per diluted shareIncome from continuing operations of $121 million, or $2.40 per diluted shareAdjusted income from continuing operations excluding intangibles amortization expense of $64 million, or $1.27 per diluted shareAdjusted EBITDA of $126 millionCash flows provided by operating activities of $54 million; ongoing free cash flow2 of $4 million WILMINGTON, Del., Ap ...

WILMINGTON, Del., April 15, 2024 (GLOBE NEWSWIRE) -- Effective today, Ashland Inc. (NYSE:ASH) has announced the appointment of Scott A. Tozier, strategic advisor to the CEO and former executive vice president and chief financial officer of Albemarle Corporation to its Board of Directors. Tozier will serve on the Board's Audit Committee and Environmental, Health, Safety and Quality Committee, each also effective April 15, 2024. Prior to Albemarle, Tozier held several leadership positions at Honeywell Interna ...

WILMINGTON, Del. , April 03, 2024 (GLOBE NEWSWIRE) -- Ashland Inc. (NYSE:ASH), the global additives and specialty ingredients company today announced executive organization changes to its personal care and specialty additives businesses. Jim Minicucci, senior vice president strategy, mergers and acquisitions, and portfolio management, Ashland, becomes senior vice president and general manager, personal care, Ashland. Effective April 15, 2024, Dago Caceres, will become vice president and general manager, spe ...

WILMINGTON, Del., March 08, 2024 (GLOBE NEWSWIRE) -- In recognition of International Women's Day, Ashland Inc. (NYSE:ASH) is shining a spotlight on 30 inspirational female solvers from across the company to recognize their contributions, reinforce gender equity, drive parity, and help fuel inspiration for women in every corner of the world.  During the annual event, organized by the Ashland International Women's Network (AWIN), the company increased support for their ongoing partnership with greenlight4girl ...

It has been about a month since the last earnings report for Ashland (ASH) . Shares have added about 0.2% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Ashland due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Ashland's Q1 Earnings Beat Estimates, Revenues MissA ...

Ashland (ASH) could be a solid choice for investors given the company's remarkably improving earnings outlook. While the stock has been a strong performer lately, this trend might continue since analysts are still raising their earnings estimates for the company.The rising trend in estimate revisions, which is a result of growing analyst optimism on the earnings prospects of this chemical company, should get reflected in its stock price. After all, empirical research shows a strong correlation between trend ...