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Ashland Q4 FY'13 sales fall 7%
Nov '13
Ashland Inc., a global leader in specialty chemical solutions for consumer and industrial markets, announced preliminary financial results for the quarter ended September 30, 2013, the fourth quarter of its 2013 fiscal year.


-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.

Click here to view results


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