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Ashland sets date for fiscal 2024 first-quarter earnings release and conference call webcast
Globenewswire· 2024-01-16 22:00
WILMINGTON, Del., Jan. 16, 2024 (GLOBE NEWSWIRE) -- Ashland Inc. (NYSE: ASH) today announced plans to issue its first-quarter earnings release at approximately 5 p.m. ET on Tuesday, January 30, 2024. The company’s live webcast with securities analysts will include an executive summary and detailed remarks. The live webcast will take place at 9 a.m. ET on Wednesday, January 31, 2024. Simultaneously, the company will post a slide presentation in the Investor Relations section of its website at http://investor ...
Ashland sets date for fiscal 2024 first-quarter earnings release and conference call webcast
Newsfilter· 2024-01-16 22:00
WILMINGTON, Del., Jan. 16, 2024 (GLOBE NEWSWIRE) -- Ashland Inc. (NYSE:ASH) today announced plans to issue its first-quarter earnings release at approximately 5 p.m. ET on Tuesday, January 30, 2024. The company's live webcast with securities analysts will include an executive summary and detailed remarks. The live webcast will take place at 9 a.m. ET on Wednesday, January 31, 2024. Simultaneously, the company will post a slide presentation in the Investor Relations section of its website at http://investor. ...
Ashland announces organization changes to finance and strategy, M&A and portfolio teams
Newsfilter· 2024-01-09 12:00
WILMINGTON, Del., Jan. 09, 2024 (GLOBE NEWSWIRE) -- Ashland Inc. (NYSE:ASH), the global additives and specialty ingredients company today announced organization changes to its finance and strategy, mergers and acquisitions (M&A) and portfolio teams, effective immediately. Seth Mrozek, director of investor relations (IR), Ashland, becomes director, portfolio strategy, Ashland, reporting to Jim Minicucci, senior vice president strategy, M&A and portfolio management, Ashland.   William Whitaker, vice president ...
Ashland(ASH) - 2023 Q4 - Annual Report
2023-11-16 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to ___________ Commission file number 333-211719 ASHLAND INC. Delaware (State or other jurisdiction of incorporation or organization) 81-2587835 (I.R.S. Employer I ...
Ashland(ASH) - 2023 Q3 - Earnings Call Transcript
2023-11-09 19:25
Ashland Inc. (NYSE:ASH) Q3 2023 Earnings Conference Call November 9, 2023 8:00 AM ET Company Participants Seth Mrozek - Director, Investor Relations Guillermo Novo - Chair and Chief Executive Officer Kevin Willis - Senior Vice President and Chief Financial Officer Conference Call Participants David Begleiter - Deutsche Bank John McNulty - BMO Capital Markets Lucas Spector - UBS Group AG John Roberts - Mizuho Securities USA LLC Jeff Zekauskas - JPMorgan Chase & Co. Mike Harrison - Seaport Research Partners L ...
Ashland(ASH) - 2023 Q3 - Earnings Call Presentation
2023-08-10 08:42
earnings conference call third-quarter fiscal 2023 July 26, 2023 I 9:00 am ET Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Actof1934,asamended. Ashlandhasidentifiedsomeoftheseforward-lookingstatementswithwordssuchas“anticipates,”“believes,”“expects,”“estimates,” “islikely,”“predicts,”“projects,”“forecasts,”“objectives,”“may,”“will,”“should,”“plans”and“int ...
Ashland(ASH) - 2023 Q3 - Quarterly Report
2023-07-26 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 333-211719 ASHLAND INC. (a Delaware corporation) I.R.S. No. 81-2587835 8145 Blazer Drive Wilmington, Delaware 19808 Telephone Number ...
Ashland(ASH) - 2023 Q2 - Earnings Call Transcript
2023-05-03 15:48
Ashland Inc. (NYSE:ASH) Q2 2023 Earnings Conference Call May 3, 2023 9:00 AM ET Company Participants Seth Mrozek - Director, Investor Relations Guillermo Novo - Chair & Chief Executive Officer Kevin Willis - Senior Vice President & Chief Financial Officer Conference Call Participants Christopher Parkinson - Mizuho Securities Lucas Beaumont - UBS Michael Sison - Wells Fargo John McNulty - BMO Mike Harrison - Seaport Research Partners David Begleiter - Deutsche Bank John Roberts - Credit Suisse Laurence Alexa ...
Ashland(ASH) - 2023 Q2 - Earnings Call Presentation
2023-05-03 14:59
earnings conference call second-quarter fiscal 2023 May 3, 2023 I 9:00 am ET Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Ashland has identified some of these forward-looking statements with words such as "anticipates," "believes," "expects," "estimates," "is likely," "predicts," "projects," "forecasts," "objectives," "may," "will ...
Ashland(ASH) - 2023 Q2 - Quarterly Report
2023-05-02 16:00
Financial Performance - Ashland reported net income of $91 million for the three months ended March 31, 2023, compared to $786 million for the same period in 2022, reflecting a significant decrease in earnings per share from $13.69 to $1.67[136][145]. - Adjusted EBITDA for the current quarter was $145 million, down $18 million from the prior year, primarily due to increased manufacturing costs and lower sales volumes[136]. - Operating income decreased to $83 million for the three months ended March 31, 2023, from $100 million in the same period of 2022[147]. - Sales for the current quarter decreased by $1 million to $603 million compared to $604 million in the prior year quarter, a decline of 0.2%[155]. - Year-to-date sales increased by $13 million to $1,128 million, representing a growth of 1.2% compared to $1,115 million in the prior year[157]. - Adjusted EBITDA for the six months ended March 31, 2023, was $254 million, compared to $269 million for the same period in 2022[198]. - The company reported a diluted EPS from continuing operations of $1.68 for the three months ended March 31, 2023, up from $0.66 in the same period of 2022[201]. - Adjusted diluted EPS for the three months ended March 31, 2023, was $1.09, compared to $1.17 for the same period in 2022[201]. Sales and Segment Performance - Sales generated outside of North America accounted for 70% of total sales for the three months ended March 31, 2023, compared to 67% for the same period in 2022[131]. - The Life Sciences segment contributed 40% to total sales for the three months ended March 31, 2023, up from 34% in the prior year[134]. - Life Sciences sales increased by $36 million to $240 million in Q1 2023, driven by favorable pricing and higher volume[209]. - Operating income for Life Sciences rose by $15 million to $58 million in Q1 2023, with an EBITDA increase of $17 million to $75 million, resulting in an EBITDA margin of 31.3%[209]. - Personal Care sales decreased by $5 million to $167 million in Q1 2023, impacted by unfavorable volume and foreign currency exchange[216]. - Year-to-date sales for Life Sciences increased by $73 million to $447 million, with strong global demand for pharmaceutical ingredients[210]. - Year-to-date sales for Personal Care decreased by $13 million to $305 million, affected by unfavorable volume and foreign currency exchange[217]. - Specialty Additives sales decreased by $21 million to $161 million in Q1 2023, primarily due to lower volume and unfavorable foreign currency exchange[222]. Costs and Expenses - Cost of sales for the current quarter increased by $22 million to $406 million, resulting in a gross profit margin decrease to 32.7% from 36.4%[158]. - Selling, general and administrative expenses for the current quarter decreased by $11 million to $79 million, with expenses as a percentage of sales decreasing by 1.8 percentage points[162]. - Research and development expenses remained consistent at $12 million for the current quarter and $25 million year-to-date[165]. - Net interest and other expenses decreased by $53 million in the current quarter, primarily due to lower interest expense and higher interest income[170]. Taxation - The effective income tax rate for the current quarter was a benefit of 1%, compared to an expense of 34% in the prior year quarter[146]. - The effective tax rate for the six months ended March 31, 2023, was 5%, compared to 26% for the same period in 2022, reflecting a favorable adjustment of $23 million related to uncertain tax positions[175][176]. - The adjusted effective tax rate, excluding key items, was 21% for the three months ended March 31, 2023, compared to 23% for the same period in 2022[180]. Cash Flow and Liquidity - Cash and cash equivalents decreased by $247 million for the six months ended March 31, 2023, compared to a $754 million increase for the same period in 2022[238]. - Free cash flows for the current period were $(31) million, compared to $(6) million in the prior year[241]. - Working capital decreased by $56 million to $1,159 million as of March 31, 2023, primarily due to reductions in cash and cash equivalents[242]. - The company's available liquidity position was $1,089 million at March 31, 2023, down from $1,326 million at September 30, 2022[244]. Stock Repurchase and Equity - Ashland initiated a stock repurchase program in March 2023, repurchasing a total of $100 million worth of shares[254]. - Ashland repurchased a total of 1,488,251 shares during the three months ended March 31, 2023, with an average price per share of $99.08 to $104.13[276]. - As of March 31, 2023, Ashland has $348 million remaining available for repurchase under its $500 million stock repurchase program approved in May 2022[276]. - Total equity increased by $47 million to $3,267 million at March 31, 2023, driven by net income of $132 million[253]. Legal and Compliance - The company believes that adequate reserves have been recorded for pending legal proceedings, with losses recognized as immaterial as of March 31, 2023[272]. - The company is involved in various claims and lawsuits related to commercial matters and environmental issues, but potential losses are considered immaterial[272]. - Ashland's management remains confident in the adequacy of reserves for legal claims as of the reporting date[272]. - The company continues to monitor its risk factors and legal proceedings closely to mitigate potential impacts on its financial performance[274]. Outlook and Guidance - The updated fiscal year 2023 sales outlook is projected to be between $2.3 billion and $2.4 billion, down from the previous range of $2.5 billion to $2.7 billion[260]. - Adjusted EBITDA for fiscal year 2023 is now expected to be between $580 million and $610 million, revised from the prior range of $600 million to $650 million[260]. - The company is not reaffirming or providing forward-looking guidance for U.S. GAAP-reported financial measures due to uncertainties in economic conditions[193].