Ashland Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2015; Provides Earnings Guidance for the Second Quarter and Full Year of Fiscal 2016
January 26, 2016 at 04:02 am IST
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Ashland Inc. announced unaudited consolidated earnings results for the first quarter ended December 31, 2015. For the quarter, the company reported sales were $1,163 million compared to $1,391 million a year ago. Operating income was $151 million compared to $169 million a year ago. Income from continuing operations was $91 million compared to $40 million a year ago. Net income was $89 million or $1.35 diluted per share compared to $32 million or $0.46 diluted per share a year ago. Total cash provided by operating activities from continuing operations was $66 million compared to $50 million a year ago. Additions to property, plant and equipment was $53 million compared to $43 million a year ago. Free cash flows were $13 million compared to $7 million a year ago. EBITDA was $232 million compared to $161 million a year ago. Adjusted EBITDA was $247 million compared to $262 million a year ago. Adjusted EPS from continuing operations was $1.41 compared to $1.46 a year ago.
The company estimated second quarter sales to be in the range of $515 million to $535 million, and EBITDA margins are expected to be in the range of 23.5% to 24.5%.
For the fiscal year 2016, the company remain on track to generate approximately $325 million of free cash flow. The company continue to expect full year tax rate to be 24% to 26%, capital spending to be in the range of $320 million to $340 million. The company estimates free cash flow of approximately $325 million to $350 million during this fiscal year.
Ashland Inc. is a global specialty additives and materials company. The Company serves customers in a wide range of consumer and industrial markets, including architectural coatings, construction, energy, food and beverage, nutraceuticals, personal care, and pharmaceutical. The Company's segments include life sciences, personal care, specialty additives and intermediates. The life sciences segment is comprised of pharmaceuticals, nutrition, nutraceuticals, agricultural chemicals, diagnostic films and fine chemicals. The personal care segment is comprised of bio functionals, microbial protectants (preservatives), skin care, sun care, oral care, hair care and household solutions. The specialty additives segment is comprised of rheology and additives serving the architectural coatings, construction, energy, automotive and various industrial markets. Its Intermediates segment is comprised of the production of 1,4 butanediol (BDO) and related derivatives, including n-methyl pyrrolidone.
Ashland Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2015; Provides Earnings Guidance for the Second Quarter and Full Year of Fiscal 2016