-Earnings from continuing operations total $5.13 per diluted share, which includes an actuarial gain on pension; adjusted earnings, excluding key items, equal $1.54 per diluted share
-Cash flow from operating activities in fiscal 2013 totals $791 million; Free cash flow for full year equals $529 million
- Sale process for Ashland Water Technologies underway
-Company announces expected $150-$200 million global restructuring program to improve competitiveness
Ashland's results as compared to the year-ago quarter were as follows:
- Volumes were flat;
- Sales declined 7 percent to $1.9 billion;
- Operating income declined 17 percent to $203 million;
- Earnings before interest, taxes, depreciation and amortization (EBITDA) decreased 11 percent to $310 million; and
- EBITDA as a percent of sales decreased 80 basis points to 16.2 percent.
Ashland reported income from continuing operations of $404 million, or $5.13 per diluted share, on sales of $1.9 billion. These results included five key items that together had a net favorable impact on continuing operations of approximately $283 million, net of tax, or $3.59 per diluted share.
The largest key item was a non-cash benefit of $3.98 per share related to an actuarial gain on pension as part of the company's standard year-end re-measurement. Excluding all key items, Ashland's adjusted earnings per share were $1.54.
For the year-ago quarter, Ashland reported a loss from continuing operations of $272 million, or $3.47 per diluted share, on sales of $2.1 billion. The year-ago results included five key items that together reduced income from continuing operations by approximately $422 million, net of tax, or $5.34 per diluted share.
The largest key items were a non-cash charge of $3.88 per share related to an actuarial loss on pension, and a charge of 80 cents per share related to debt refinancing during the quarter. Excluding all five key items, Ashland's adjusted income from continuing operations was $150 million, or $1.87 per diluted share.
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