Ashland Inc. reported preliminary earnings results for the first quarter ended December 31, 2013. For the quarter, the company reported operating income of $179 million compared to $176 million a year ago. Adjusted operating income was $179 million compared to $163 million a year ago. Adjusted EBITDA was $289 million compared to $268 million a year ago. Income from continuing operations of $111 million, or $1.42 per diluted share, on sales of $1.9 billion compared to $102 million, or $1.27 per diluted share, on sales of $1.9 billion a year ago. Diluted earnings per share were $1.40 compared to $1.26 a year ago. Adjusted EPS from continuing operations were $1.42 compared to $1.12 a year ago. Cash flow from operating activities was $37 million compared to $81 million a year ago. Negative free cash flow was $15 million compared to free cash flow of $30 million a year ago. Capital spending was $52 million for the quarter.

For the year 2014, the company continues to expect its effective tax rate to be approximately 25%, the company continues to expect its capital expenditure $275 million.

For the second quarter, the company expects sales to increase, leading to a slight improvement in EBITDA margin.