For the quarter ended September 2024, Ashland (ASH) reported revenue of $522 million, up 0.8% over the same period last year. EPS came in at $1.26, compared to $0.41 in the year-ago quarter.The reported revenue represents a surprise of +0.63% over the Zacks Consensus Estimate of $518.74 million. With the consensus EPS estimate being $1.33, the EPS surprise was -5.26%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their n ...

Ashland (ASH) came out with quarterly earnings of $1.26 per share, missing the Zacks Consensus Estimate of $1.33 per share. This compares to earnings of $0.41 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -5.26%. A quarter ago, it was expected that this chemical company would post earnings of $1.47 per share when it actually produced earnings of $1.49, delivering a surprise of 1.36%.Over the last four quarters, the company h ...

[Financial Results and Outlook](index=1&type=section&id=Ashland%20reports%20financial%20results%20for%20fourth-quarter%20fiscal%202024) Ashland's financial performance for Q4 and full fiscal year 2024, segment results, portfolio optimization, and fiscal year 2025 outlook are detailed [Fourth-Quarter Fiscal 2024 Financial Highlights](index=1&type=section&id=Financial%20results%20for%20fourth-quarter%20fiscal%202024) Ashland reported a 1% sales increase to $522 million in Q4 FY2024, with Adjusted EBITDA up 68% to $124 million, despite portfolio optimization impacts and operational issues Q4 FY2024 Key Financial Metrics (in millions) | Metric | Q4 FY2024 | Q4 FY2023 | Change | | :--- | :--- | :--- | :--- | | Sales | $522 million | $518 million | +1% | | Income from Continuing Operations | $19 million | ($8 million) | N/A | | Adjusted EBITDA | $124 million | $74 million | +68% | | Diluted EPS from Continuing Operations | $0.39 | ($0.15) | N/A | | Adjusted Diluted EPS (excl. intangibles) | $1.26 | $0.41 | +207% | - Portfolio optimization initiatives, including the sale of the nutraceuticals business and curtailment of certain CMC and MC products, reduced overall sales by approximately **$24 million**, or **5%**, compared to the prior-year quarter[1](index=1&type=chunk)[2](index=2&type=chunk) - Adjusted EBITDA fell short of expectations, primarily due to HEC operating issues of about **$5 million** during the commissioning of productivity investments and weaker coatings demand in China[1](index=1&type=chunk) - The company repurchased **1.7 million shares** in Q4, with **$620 million** remaining under its evergreen share repurchase authorization[1](index=1&type=chunk)[4](index=4&type=chunk) - Cash flows from operating activities were **$80 million**, down from **$130 million** in the prior-year quarter. Ongoing free cash flow was **$88 million**[1](index=1&type=chunk)[5](index=5&type=chunk) [Reportable Segment Performance (Q4 2024)](index=2&type=section&id=Reportable%20Segment%20Performance) All business units achieved organic sales volume growth in Q4 2024, with varied sales performance across Life Sciences, Personal Care, Specialty Additives, and Intermediates segments [Life Sciences](index=2&type=section&id=Life%20Sciences) Pharma revenue grew 6%, but overall segment sales declined 5% to $192 million due to portfolio optimization - Pharma generated **6% revenue growth**, but overall segment sales were down **5%** to **$192 million**, primarily due to a **$15 million (7%)** reduction from CMC portfolio optimization and the nutraceuticals divestiture[8](index=8&type=chunk) Life Sciences Q4 Performance (in millions) | Metric | Q4 FY2024 | Q4 FY2023 | Change | | :--- | :--- | :--- | :--- | | Sales | $192 million | $203 million | -5% | | Adjusted EBITDA | $56 million | $48 million | +17% | [Personal Care](index=2&type=section&id=Personal%20Care) Sales grew 11% to $162 million, driven by strong demand in skin and hair care across most regions - Sales grew **11%** to **$162 million**, driven by higher sales volume in skin care and hair care, reflecting improved demand in most regions. Globalization initiatives for biofunctionals and microbial protection also delivered strong growth[10](index=10&type=chunk) Personal Care Q4 Performance (in millions) | Metric | Q4 FY2024 | Q4 FY2023 | Change | | :--- | :--- | :--- | :--- | | Sales | $162 million | $146 million | +11% | | Adjusted EBITDA | $47 million | $36 million | +31% | [Specialty Additives](index=2&type=section&id=Specialty%20Additives) Sales remained flat at $144 million, as volume growth was offset by portfolio optimization and lower pricing - Sales were flat at **$144 million**, as higher sales volumes in coatings and performance specialties were offset by portfolio optimization actions (reducing sales by **$6 million** or **4%**) and lower pricing, particularly in China[11](index=11&type=chunk) Specialty Additives Q4 Performance (in millions) | Metric | Q4 FY2024 | Q4 FY2023 | Change | | :--- | :--- | :--- | :--- | | Sales | $144 million | $144 million | 0% | | Adjusted EBITDA | $29 million | $8 million | +263% | [Intermediates](index=3&type=section&id=Intermediates) Sales decreased 3% to $36 million, primarily due to lower NMP pricing despite increased BDO volumes - Sales decreased **3%** to **$36 million**, driven by lower n-methyl-2-pyrrolidone (NMP) pricing, which was partially offset by increased butanediol (BDO) volumes[13](index=13&type=chunk) Intermediates Q4 Performance (in millions) | Metric | Q4 FY2024 | Q4 FY2023 | Change | | :--- | :--- | :--- | :--- | | Sales | $36 million | $37 million | -3% | | Adjusted EBITDA | $10 million | $3 million | +233% | [Unallocated & Other](index=3&type=section&id=Unallocated%20%26%20Other) Adjusted unallocated and other expense EBITDA was $18 million, a decrease from the prior-year quarter - Adjusted unallocated and other expense EBITDA was **$18 million**, compared to **$21 million** in the prior-year quarter[15](index=15&type=chunk) [Fiscal Year 2024 Results Summary](index=3&type=section&id=Fiscal%20Year%202024%20Results%20Summary) For fiscal year 2024, sales decreased 4% to $2.1 billion, while Adjusted EBITDA remained flat at $459 million, with margin expansion to 22% FY2024 Key Financial Metrics (in millions) | Metric | FY2024 | FY2023 | Change | | :--- | :--- | :--- | :--- | | Sales | $2.1 billion | $2.2 billion | -4% | | Income from Continuing Operations | $199 million | $168 million | +18% | | Adjusted EBITDA | $459 million | $459 million | 0% | | Diluted EPS from Continuing Operations | $3.95 | $3.13 | +26% | | Adjusted Diluted EPS (excl. intangibles) | $4.45 | $4.07 | +9% | - Adjusted EBITDA margin increased by **80 basis points** to **22%** compared to the prior year[18](index=18&type=chunk) - Ongoing free cash flow increased to **$270 million** from **$217 million** in the prior year[19](index=19&type=chunk) [Portfolio Optimization Actions](index=3&type=section&id=Portfolio%20Optimization%20Actions) Ashland is optimizing its portfolio through strategic reviews, a $150 million share buyback, and restructuring plans to generate $90 million in savings - The company is taking the following actions to strengthen its core and offset the impact of portfolio optimization[19](index=19&type=chunk) - Reviewing strategic alternatives for the Avoca business line - Completed a **$150 million** share buyback to offset the earnings impact from the nutraceuticals divestiture and future exit of Avoca - Initiated a **$30 million** restructuring plan, with savings realized over fiscal years **2025** and **2026** - Advancing a multi-year manufacturing optimization plan expected to generate **$60 million** in pre-tax savings, with **$5 million** expected in fiscal **2025**[19](index=19&type=chunk) [Fiscal Year 2025 Financial Outlook](index=4&type=section&id=Financial%20Outlook) Ashland projects FY2025 sales between $1.90 billion and $2.05 billion and Adjusted EBITDA between $430 million and $470 million, factoring in economic uncertainties and cost reductions FY2025 Guidance (in billions/millions) | Metric | FY2025 Outlook | | :--- | :--- | | Sales | $1.90 billion to $2.05 billion | | Adjusted EBITDA | $430 million to $470 million | - Key assumptions for the FY2025 outlook include: - Continued geopolitical and economic uncertainty, with lower overall growth - A challenged Chinese economy, especially the property market - Volume growth partially offset by price erosion from competitive intensity - A net negative impact from portfolio actions (nutraceuticals sale, Avoca exit) and price carryover, partially offset by improved absorption and cost reductions[20](index=20&type=chunk) - The company is increasing its focus on controllables, initiating restructuring to reduce costs and improve manufacturing productivity, especially in its HEC and VP&D businesses[22](index=22&type=chunk) [Upcoming Events](index=4&type=section&id=Conference%20Call%20Webcast) Ashland will host an earnings conference call on November 7, 2024, and a strategy update event on December 10, 2024, in New York City - An earnings conference call is scheduled for **9 a.m. ET** on Thursday, **November 7, 2024**[23](index=23&type=chunk) - A strategy update event will be held on Tuesday, **December 10, 2024**, in New York City, to review strategic priorities and key initiatives[25](index=25&type=chunk) [Financial Statements and Reconciliations](index=8&type=section&id=Financial%20Statements%20and%20Reconciliations) This section provides detailed consolidated financial statements, including income, balance sheets, cash flows, and reconciliations of non-GAAP financial measures [Statements of Consolidated Income (Loss)](index=8&type=section&id=Table%201) This table presents the consolidated income statement for fiscal years 2024 and 2023, highlighting sales, gross profit, and net income Fiscal Year Income Statement Highlights (in millions) | Line Item | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Sales | $2,113 | $2,191 | | Gross Profit | $618 | $668 | | Operating Income (Loss) | ($26) | $172 | | Income from Continuing Operations | $199 | $168 | | Net Income (Loss) | $169 | $178 | [Condensed Consolidated Balance Sheets](index=9&type=section&id=Table%202) This table details the company's consolidated balance sheets as of September 30, 2024 and 2023, showing assets, liabilities, and equity Balance Sheet Highlights (in millions) | Line Item | Sept 30, 2024 | Sept 30, 2023 | | :--- | :--- | :--- | | Total Current Assets | $1,195 | $1,506 | | Total Assets | $5,645 | $5,939 | | Total Current Liabilities | $490 | $456 | | Long-Term Debt | $1,349 | $1,314 | | Total Liabilities | $2,777 | $2,842 | | Stockholders' Equity | $2,868 | $3,097 | [Statements of Consolidated Cash Flows](index=9&type=section&id=Table%203) This table outlines the consolidated cash flows from operating, investing, and financing activities for fiscal years 2024 and 2023 Fiscal Year Cash Flow Highlights (in millions) | Line Item | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Cash from Operating Activities | $462 | $294 | | Cash from Investing Activities | ($51) | ($109) | | Cash from Financing Activities | ($479) | ($371) | | Decrease in Cash | ($117) | ($229) | | Cash at End of Period | $300 | $417 | [Reconciliation of Non-GAAP Data](index=10&type=section&id=Tables%204-8) These tables provide detailed reconciliations of GAAP measures to non-GAAP measures, including Adjusted EBITDA, Ongoing Free Cash Flow, and Adjusted Diluted EPS FY2024 Reconciliation of Net Income to Adjusted EBITDA (in millions) | Line Item | FY 2024 | | :--- | :--- | | Net Income | $169 | | Adjustments (Taxes, Interest, D&A, etc.) | +123 | | Key Items (Impairments, Restructuring, etc.) | +167 | | **Adjusted EBITDA** | **$459** | FY2024 Reconciliation of Operating Cash Flow to Ongoing Free Cash Flow (in millions) | Line Item | FY 2024 | | :--- | :--- | | Cash from Operating Activities | $462 | | Additions to property, plant and equipment | ($137) | | **Free Cash Flow** | **$325** | | Adjustments (A/R Programs, Restructuring, etc.) | ($55) | | **Ongoing Free Cash Flow** | **$270** | FY2024 Reconciliation of Diluted EPS to Adjusted Diluted EPS | Line Item | FY 2024 | | :--- | :--- | | Diluted EPS from continuing operations | $3.95 | | Total key items adjustment | ($0.75) | | **Adjusted Diluted EPS** | **$3.20** | | Amortization expense adjustment | $1.25 | | **Adjusted Diluted EPS (Excl. Intangibles)** | **$4.45** |

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In its upcoming report, Ashland (ASH) is predicted by Wall Street analysts to post quarterly earnings of $1.33 per share, reflecting an increase of 224.4% compared to the same period last year. Revenues are forecasted to be $518.74 million, representing a year-over-year increase of 0.1%.The consensus EPS estimate for the quarter has undergone a downward revision of 3.2% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial ...

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