Ashland Inc., a global leader in specialty chemical solutions for consumer and industrial markets, announced preliminary financial results for the quarter ended March 31, 2014, the second quarter of its 2014 fiscal year.

 

Highlights: 

-Earnings from continuing operations total ($0.78) per diluted share

-Adjusted earnings from continuing operations total $1.53 per diluted share, which excludes $0.21 per diluted share from discontinued operations, where Ashland Water Technologies is now classified

-Company reports good progress on global restructuring

 

Ashland reported a loss from continuing operations of $61 million, or $0.78 per diluted share, on sales of $1.5 billion. These results included five key items that together reduced income from continuing operations by approximately $181 million, net of tax, or $2.31 per diluted share. 

 

Among the key items were two charges related to Ashland's global restructuring: a $70 million after-tax, non-cash charge related to pension plan re-measurements, and a $61 million after-tax charge related to cost restructuring efforts. 

 

During the quarter Ashland also incurred a $29 million after-tax, non-cash impairment charge related to the recently announced divestiture of the ASK Chemicals joint venture. Excluding the five key items, Ashland's adjusted income from continuing operations was $120 million, or $1.53 per diluted share.

 

For the year-ago quarter, Ashland reported income from continuing operations of $48 million, or $0.61 per diluted share, on sales of $1.5 billion. The year-ago results included five key items that together reduced income from continuing operations by approximately $74 million, net of tax, or $0.92 per diluted share. 

 

The two largest key items were related to debt refinancing. Excluding all key items, Ashland's adjusted income from continuing operations was $122 million, or $1.53 per diluted share.

 

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