Ashland Inc. reports developments for a global additives and specialty ingredients business serving pharmaceuticals, personal care, food and beverage, architectural coatings, construction, energy and other industrial markets. Company updates commonly cover quarterly results and outlook, segment demand across Life Sciences, Personal Care, Specialty Additives and Intermediates, pricing actions tied to raw-material and logistics conditions, and capital returns through common-stock dividends.
Other Ashland news includes product and regulatory developments for specialty ingredients such as agrimer™ eco-coat polymer seed coating from the Transformed Vegetable Oils technology platform, as well as distribution relationships for cellulose ethers and PVPP in food and beverage applications.
Ashland (NYSE: ASH) reported Q3 2024 financial results, ending June 30. Sales reached $544 million, slightly down from $546 million YoY. Net income plummeted to $6 million, or $0.12 per share, compared to $50 million the previous year. Income from continuing operations was $31 million, down from $42 million, while adjusted income excluding intangibles amortization was $75 million, up from $65 million. Adjusted EBITDA grew 5% to $139 million.
Cash flows from operating activities totaled $128 million, with free cash flow at $112 million. The company repurchased 1.3 million shares, leaving $770 million in buyback authorization. Ashland predicts Q4 sales of $530-$540 million and full-year guidance at $2.1 billion in sales and $465-$475 million in adjusted EBITDA.
Segments saw mixed performance: Life Sciences sales dropped 11%, Personal Care rose 20%, Specialty Additives decreased 1%, and Intermediates fell 16%. The company's optimization initiatives are expected to impact future revenue and operations.
Ashland Inc. (NYSE: ASH) has announced its schedule for the fiscal 2024 third-quarter earnings release and conference call webcast. The earnings release will be issued on Tuesday, August 6, 2024, at approximately 5 p.m. ET. The live webcast with securities analysts will take place on Wednesday, August 7, at 10 a.m. ET.
Key participants in the webcast presentation include Guillermo Novo (Chair and CEO), Kevin Willis (SVP and CFO), and William Whitaker (VP Finance and Director of Investor Relations). A slide presentation will be available in the Investor Relations section of Ashland's website. The webcast and supporting materials will be accessible for 12 months after the live event.
Ashland (NYSE: ASH) announced on June 24, 2024, that Omar Irani will join the company as Vice President of Strategy, Mergers and Acquisitions, and Portfolio Management starting July 22, 2024. Reporting directly to CEO Guillermo Novo, Irani brings extensive experience in strategy, profit improvement, and commercial excellence. His background includes leadership roles at SI Group, National Refrigerants, Honeywell, and ILC Dover, with a focus on rubber additives, life sciences, and industrial chemicals markets. Irani has a strong academic foundation with an MBA in Finance and a BA in Biological Sciences from Rutgers University.
Ashland (NYSE:ASH) has achieved certification as a Global Living Wage Employer by the Fair Wage Network (FWN). Through rigorous analysis and data review, Ashland assessed and remediated pay gaps among its 3,800 global employees, ensuring wages meet or exceed living wage standards. This certification underscores Ashland's commitment to equitable compensation and supports its environmental, social, and governance (ESG) goals. The process involved anonymous compensation data reviews and employee surveys across various regions. CEO Guillermo Novo emphasized the company's dedication to fair wages and equal pay.
Ashland (NYSE: ASH) announced the appointment of Alessandra Faccin as senior vice president and general manager of its Life Sciences division, effective June 10, 2024. Faccin brings over 20 years of experience in global industrial and manufacturing industries, having most recently served as president of Sealed Air , Asia Pacific. She has a broad financial background and has held leadership roles at Dow Chemical and Rohm & Haas. Faccin's educational background includes a Bachelor's in business administration from Fundação Getúlio Vargas and an Executive MBA from Universidade de São Paulo, along with certifications from The Wharton School and Villanova University.
Ashland Inc. (NYSE: ASH) appoints Ashish K. Kulkarni, CEO of Kebotix, to its Board of Directors. Kulkarni brings vast experience from leading companies, enhancing innovation, growth, and profitability. The Board expands to 11 members with his addition.
Ashland Inc. (ASH) board of directors has approved a quarterly dividend of $0.405 per share, marking a five percent increase from the prior quarter. The dividend will be paid on June 15, 2024, to stockholders on record as of June 1, 2024. As of April 30, 2024, there were 50,128,349 shares of Ashland common stock outstanding.
Turnspire Capital Partners has announced the acquisition of the nutraceuticals business of Ashland Inc. The acquisition includes Ashland Nutraceuticals, a leading provider of nutrition ingredients and custom formulation services for the nutrition market. Ashland Nutraceuticals has approximately 500 employees across four production facilities in the US and Mexico. The transaction is expected to be completed in the third quarter of 2024.
Ashland Inc. (NYSE: ASH) has signed a definitive agreement to sell its nutraceuticals business to Turnspire Capital Partners The transaction is set to close in the third quarter of 2024. Ashland's nutraceuticals business offers active ingredients and formulation aids to nutritional product companies, alongside custom formulation and contract manufacturing services. The deal highlights the business's strong portfolio and capabilities.
Ashland Inc. (NYSE: ASH) reported financial results for the second quarter of fiscal year 2024, with sales at $575 million, down five percent from the prior-year quarter. Net income reached $120 million, or $2.39 per diluted share. Adjusted EBITDA was $126 million, and cash flows from operating activities were $54 million. The company's outlook for the third quarter and full-year fiscal 2024 shows an optimistic perspective on the demand normalization in key segments like Personal Care and Specialty Additives.