Ashland Inc. announced unaudited consolidated earnings results for the first quarter ended December 31, 2016. For the quarter, the company reported sales were $1,193 million compared to $1,163 million a year ago. Operating income was $137 million compared to $151 million a year ago. Income from continuing operations before income taxes was $4 million compared to $111 million a year ago. Income from continuing operations was $10 million compared to $91 million a year ago. Net loss attributable to company was $1 million or $0.01 diluted per share compared to net income attributable to company of $89 million or $1.35 diluted per share a year ago. Total cash provided by operating activities from continuing operations was $12 million compared to $66 million a year ago. Additions to property, plant and equipment was $43 million compared to $53 million a year ago. EBITDA was $213 million compared to $232 million a year ago. Adjusted EBITDA was $215 million compared to $247 million a year ago. Adjusted EPS from continuing operations was $1.41 compared to $1.46 a year ago.

For the second quarter of fiscal 2017, on a consolidated basis and including Valvoline, the effective tax rate is expected to be approximately 28% to 29%.

For the fiscal 2017, excluding Valvoline, the company expects an adjusted effective tax rate of 10% to 15%, reflecting company's global footprint.