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.