Ashland reports financial results1 for third quarter fiscal 2024, issues outlook for fourth quarter and full-year fiscal 2024
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 (NYSE: ASH) ha riportato i risultati finanziari del Q3 2024, terminato il 30 giugno. Le vendite hanno raggiunto $544 milioni, leggermente in calo rispetto ai $546 milioni dell'anno precedente. L'utile netto è crollato a $6 milioni, ovvero $0,12 per azione, rispetto ai $50 milioni dell'anno scorso. L'utile dalle operazioni continuative è stato di $31 milioni, in calo rispetto ai $42 milioni, mentre l'utile rettificato al netto dell'ammortamento delle immobilizzazioni immateriali è stato di $75 milioni, in aumento rispetto ai $65 milioni. L'EBITDA rettificato è cresciuto del 5%, raggiungendo i $139 milioni.
I flussi di cassa dalle attività operative sono ammontati a $128 milioni, con un flusso di cassa libero di $112 milioni. L'azienda ha riacquistato 1,3 milioni di azioni, lasciando un'autorizzazione per il riacquisto di $770 milioni. Ashland prevede vendite nel Q4 tra $530 e $540 milioni e una guida per l'intero anno di $2,1 miliardi in vendite e $465-$475 milioni in EBITDA rettificato.
I segmenti hanno mostrato performance miste: le vendite delle Scienze della Vita sono diminuite dell'11%, i prodotti per la cura personale sono aumentati del 20%, gli Additivi Speciali sono diminuiti dell'1% e gli Intermediari sono scesi del 16%. Si prevede che le iniziative di ottimizzazione dell'azienda influenzino i ricavi e le operazioni future.
Ashland (NYSE: ASH) informó los resultados financieros del Q3 2024, que finalizó el 30 de junio. Las ventas alcanzaron los $544 millones, ligeramente inferiores a los $546 millones del año anterior. La utilidad neta se desplomó a $6 millones, o $0.12 por acción, en comparación con los $50 millones del año pasado. La utilidad de las operaciones continuas fue de $31 millones, frente a $42 millones, mientras que la utilidad ajustada excluyendo la amortización de intangibles fue de $75 millones, aumentando desde $65 millones. El EBITDA ajustado creció un 5% hasta $139 millones.
Los flujos de efectivo de las actividades operativas totalizaron $128 millones, con un flujo de caja libre de $112 millones. La compañía recompró 1.3 millones de acciones, dejando $770 millones en autorización de recompra. Ashland prevé ventas en el Q4 de entre $530 y $540 millones y una guía para el año completo de $2.1 mil millones en ventas y $465-$475 millones en EBITDA ajustado.
Los segmentos mostraron un rendimiento mixto: las ventas de Ciencias de la Vida cayeron un 11%, Cuidado Personal aumentó un 20%, los Aditivos Especiales disminuyeron un 1% y los Intermediarios cayeron un 16%. Se espera que las iniciativas de optimización de la empresa impacten los ingresos y las operaciones futuras.
Ashland (NYSE: ASH)는 2024년 3분기 재무 결과를 발표했으며, 6월 30일에 끝났습니다. 매출은 5억 4400만 달러에 달하였으며, 전년 대비 5억 4600만 달러에서 약간 감소하였습니다. 순이익은 600만 달러, 즉 주당 0.12 달러로 급락했으며, 이는 작년 5000만 달러에 비해 큰 감소입니다. 계속 운영에서의 수익은 3100만 달러로, 4200만 달러에서 감소하였으며, 무형자산의 상각을 제외한 조정 수익은 7500만 달러로, 6500만 달러에서 증가하였습니다. 조정된 EBITDA는 5% 증가하여 1억 3900만 달러에 달했습니다.
운영 활동으로부터의 현금흐름은 1억 2800만 달러였으며, 자유 현금 흐름은 1억 1200만 달러입니다. 회사는 130만 주의 자사주 매입을 진행하였으며, 7억 7000만 달러의 자사주 매입 승인 잔여액이 남아 있습니다. Ashland는 4분기 매출이 5억 3000만 ~ 5억 4000만 달러가 될 것으로 예상하며, 연간 가이던스는 21억 달러의 매출과 4억 6500만 ~ 4억 7500만 달러의 조정 EBITDA를 예상합니다.
세그먼트 별로 성과가 혼재하였습니다: 생명과학 부문의 매출은 11% 감소하였고, 개인 케어는 20% 증가하였으며, 특수 첨가제는 1% 감소하였고, 중간재는 16% 감소하였습니다. 회사의 최적화 이니셔티브는 향후 매출과 운영에 영향을 미칠 것으로 예상됩니다.
Ashland (NYSE: ASH) a rapporté ses résultats financiers du T3 2024, se terminant le 30 juin. Les ventes ont atteint 544 millions de dollars, légèrement en baisse par rapport aux 546 millions de dollars de l'année précédente. Le résultat net a chuté à 6 millions de dollars, soit 0,12 dollar par action, contre 50 millions de dollars l'année précédente. Le revenu des opérations continues s'est établi à 31 millions de dollars, en baisse par rapport à 42 millions de dollars, tandis que le revenu ajusté, hors amortissement des actifs incorporels, était de 75 millions de dollars, en hausse par rapport à 65 millions de dollars. L'EBITDA ajusté a augmenté de 5 % pour atteindre 139 millions de dollars.
Les flux de trésorerie provenant des activités opérationnelles ont totalisé 128 millions de dollars, avec un flux de trésorerie libre de 112 millions de dollars. La société a racheté 1,3 million d'actions, laissant une autorisation de rachat de 770 millions de dollars. Ashland prévoit des ventes pour le T4 de 530 à 540 millions de dollars et une prévision de vente annuelle de 2,1 milliards de dollars et un EBITDA ajusté de 465 à 475 millions de dollars.
Les segments ont montré des performances mixtes : les ventes des Sciences de la Vie ont chuté de 11 %, les produits de soins personnels ont augmenté de 20 %, les additifs spéciaux ont diminué de 1 % et les intermédiaires ont chuté de 16 %. Les initiatives d'optimisation de l'entreprise devraient avoir un impact sur les revenus et les opérations futurs.
Ashland (NYSE: ASH) berichtete über die Finanzzahlen für das 3. Quartal 2024, das am 30. Juni endete. Der Umsatz erreichte 544 Millionen Dollar und lag damit leicht unter den 546 Millionen Dollar des Vorjahres. Der Nettogewinn brach auf 6 Millionen Dollar oder 0,12 Dollar pro Aktie ein, verglichen mit 50 Millionen Dollar im Vorjahr. Der Gewinn aus fortgeführten Aktivitäten betrug 31 Millionen Dollar, was einem Rückgang von 42 Millionen Dollar entspricht, während das um nicht abschreibbare immaterielle Vermögenswerte bereinigte Einkommen 75 Millionen Dollar betrug, im Vergleich zu 65 Millionen Dollar im Vorjahr. Das bereinigte EBITDA wuchs um 5% auf 139 Millionen Dollar.
Die Cashflows aus der operativen Tätigkeit beliefen sich auf 128 Millionen Dollar, der freie Cashflow betrug 112 Millionen Dollar. Das Unternehmen hat 1,3 Millionen Aktien zurückgekauft, was einen verbleibenden Rückkaufbetrag von 770 Millionen Dollar lässt. Ashland prognostiziert für das 4. Quartal einen Umsatz von 530 bis 540 Millionen Dollar und eine Gesamtjahresprognose von 2,1 Milliarden Dollar Umsatz und 465 bis 475 Millionen Dollar bereinigtem EBITDA.
Die Segmente zeigten eine gemischte Leistung: Die Verkäufe im Bereich Lebenswissenschaften sanken um 11%, die persönliche Pflege stiegen um 20%, die Spezialadditive gingen um 1% zurück und die Zwischenprodukte sanken um 16%. Man erwartet, dass die Optimierungsinitiativen des Unternehmens die zukünftigen Einnahmen und den Betrieb beeinflussen werden.
- Adjusted EBITDA increased by 5% to $139 million.
- Adjusted income from continuing operations rose to $75 million, up from $65 million.
- Free cash flow improved to $112 million, up from $97 million YoY.
- Personal Care segment sales grew by 20% YoY.
- Ashland repurchased 1.3 million shares, leaving $770 million for future buybacks.
- Net income fell drastically to $6 million, down from $50 million YoY.
- Income from continuing operations declined to $31 million, from $42 million YoY.
- Life Sciences segment sales dropped by 11%, negatively impacting overall revenue.
- Specialty Additives sales and Intermediates revenue also saw declines of 1% and 16% respectively.
Insights
Ashland's Q3 FY2024 results show mixed performance. Sales remained relatively flat at
Key positives include strong free cash flow generation of
The outlook for Q4 and full-year FY2024 suggests continued challenges, with expected sales of
Ashland's performance reflects broader market trends in specialty chemicals. The Personal Care segment's
The company's focus on portfolio optimization, particularly in CMC and MC businesses, is a strategic move to improve profitability in a muted demand environment. This aligns with industry trends of streamlining operations and focusing on high-value segments.
The cautious outlook for Q4, citing "increasingly challenging market conditions," suggests potential headwinds for the specialty chemicals sector. Investors should monitor how Ashland's strategic initiatives, including the sale of its nutraceuticals business, position the company in this evolving landscape.
From a legal perspective, Ashland's announcement of the definitive agreement to sell its nutraceuticals business to Turnspire Capital Partners is significant. This transaction, expected to close in Q3 2024, will likely require regulatory approvals and due diligence.
The company's ongoing portfolio optimization initiatives, particularly in CMC and MC businesses, may have contractual implications with suppliers and customers. It's important to manage these changes while ensuring compliance with existing agreements.
Ashland's share repurchase program, with
- Sales of
$544 million - Net income (including discontinued operations) of
$6 million , or$0.12 per diluted share - Income from continuing operations of
$31 million , or$0.60 per diluted share - Adjusted income from continuing operations excluding intangibles amortization expense of
$75 million , or$1.49 per diluted share - Adjusted EBITDA of
$139 million , up five percent from the prior-year quarter - Cash flows provided by operating activities of
$128 million ; ongoing free cash flow2 of$112 million - Repurchased 1.3 million shares;
$770 million remaining under existing authorization
WILMINGTON, Del., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Ashland Inc. (NYSE: ASH) today announced financial results1 for the third quarter of fiscal year 2024, which ended June 30, 2024, and issued its outlook for fourth quarter and full-year fiscal 2024. The global additives and specialty ingredients company holds leadership positions in high-quality, consumer-focused markets including pharmaceuticals, personal care and architectural coatings.
Sales in the third quarter were
Net income was
Average diluted shares outstanding totaled 51 million in the third quarter, down from 53 million in the prior-year quarter following the company’s share repurchase activities over the past 12 months. Ashland repurchased 1.3 million shares during the third quarter and now has
Cash flows provided by operating activities totaled
“Ashland delivered another quarter of sequential year-on-year momentum for sales and Adjusted EBITDA. While improving sales trends continued during most of the quarter, June was weaker-than-expected in Life Sciences and, to a lesser extent, Specialty Additives,” said Guillermo Novo, chair and chief executive officer, Ashland.
“In a muted demand environment, Ashland was disciplined with pricing and production while delivering high-quality margins across the business units. The quarterly results also reflect progress in several key areas including a strong recovery for Personal Care, sustained margin momentum in Specialty Additives and increased plant loading with improved product mix, which was partially offset by lower VP&D sales volumes in Life Sciences. The combined effect yielded adjusted EBITDA at the lower end of the outlook range issued on April 30, 2024, with revenue below the range,” continued Novo.
“The Ashland team progressed our portfolio optimization activities which remain on track to deliver performance improvement. We continue to generate strong free cash flow and believe Ashland’s stock does not reflect the exciting growth opportunities which lie ahead. As part of our disciplined capital allocation approach, we repurchased an additional
Reportable Segment Performance
To aid in the understanding of Ashland’s ongoing business performance, the results of Ashland’s reportable segments are described below on an adjusted basis. In addition, EBITDA and adjusted EBITDA are reconciled to operating income in Table 4. Free cash flow, ongoing free cash flow and adjusted operating income are reconciled in Table 6 and adjusted income from continuing operations, adjusted diluted earnings per share and adjusted diluted earnings per share excluding intangible amortization expense are reconciled in Table 7 of this news release. These adjusted results are considered non-GAAP financial measures. For a full description of the non-GAAP financial measures used, see the “Use of Non-GAAP Measures” section that further describes these adjustments below.
Life Sciences
Sales were
Adjusted operating income was
Personal Care
Sales were
Adjusted operating income was
Specialty Additives
Sales were
Adjusted operating income was
Intermediates
Sales were
Adjusted operating income was
Unallocated & Other
Unallocated and other expense was
Financial Outlook
During the quarter, Ashland announced the signing of a definitive agreement to sell its nutraceuticals business to Turnspire Capital Partners LLC. The transaction is expected to close in the calendar third quarter 2024, subject to the satisfaction of customary closing conditions. In addition, Ashland continues to reduce its inventory and volume exposure to lower value, more cyclical business within MC and CMC. The CMC and MC portfolio optimization initiative is expected to reduce revenue versus the prior year by approximately
Diminished sales trends experienced in June have continued into July, reflecting increasingly challenging market conditions. Overall end market demand growth is estimated to be flat-to-low single digits. Ashland’s fiscal-fourth quarter year-over-year improvement is expected to be largely driven by the continuing convergence of our sales volume and customer end market demand with a commensurate increase in production at our manufacturing plants. Improved demand in Personal Care and Specialty Additives is expected to be partially offset by softer VP&D volumes within Life Sciences. Overall year-over-year sales volume growth, adjusted for portfolio optimization, is expected to be mid-single-digit in the fiscal-fourth quarter, partially offset by low-single-digit pricing declines.
Year-over-year fiscal-fourth quarter margin improvement is expected to be significant when compared against inventory corrective actions taken in fiscal year 2023. Adjusted EBITDA margin is forecasted to be in-line with Ashland’s mid-20s second-half target, supported by portfolio optimization actions.
Overall, for the fiscal-fourth quarter the company expects sales in the range of
“Although overall demand trends are improving, there is uncertainty around specific industry and regional dynamics. To be prudent we are planning for a choppy demand environment. Our strategic priorities remain clear, operate with discipline to maximize near-term performance while investing in the future to build our long-term organic growth catalysts. Ashland is focused on the controllables, strengthening our portfolio, leveraging commercial excellence and driving productivity to maximize financial results from the core. We have initiated a focused effort to strengthen and improve our competitive position in core technologies to drive share gains. In addition, we continue to advance our long-term profitable growth strategies within our globalize and innovate initiatives. We are confident in the quality of our business and its long-term prospects. I look forward to discussing our fiscal-third quarter financial results and outlook as well as an update on our strategic priorities during our earnings call and webcast tomorrow morning,” finished Novo.
Conference Call Webcast
The company’s live webcast with securities analysts will include an executive summary and detailed remarks. The live webcast will take place at 10 a.m. ET on Wednesday, August 7, 2024. Simultaneously, the company will post a slide presentation in the Investor Relations section of its website at http://investor.ashland.com.
To access the call by phone, please go to this registration link and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.
Following the live event, an archived version of the webcast and supporting materials will be available for 12 months on http://investor.ashland.com.
Use of Non-GAAP Measures
Ashland believes that by removing the impact of depreciation and amortization and excluding certain non-cash charges, amounts spent on interest and taxes and certain other charges that are highly variable from year to year, EBITDA, adjusted EBITDA, EBITDA margin and adjusted EBITDA margin provide Ashland’s investors with performance measures that reflect the impact to operations from trends in changes in sales, margin and operating expenses, providing a perspective not immediately apparent from net income, operating income, net income margin and operating income margin. The adjustments Ashland makes to derive the non-GAAP measures of EBITDA, adjusted EBITDA, EBITDA margin and adjusted EBITDA margin exclude items which may cause short-term fluctuations in net income and operating income and which Ashland does not consider to be the fundamental attributes or primary drivers of its business. EBITDA, adjusted EBITDA, EBITDA margin and adjusted EBITDA margin provide disclosure on the same basis as that used by Ashland’s management to evaluate financial performance on a consolidated and reportable segment basis and provide consistency in our financial reporting, facilitate internal and external comparisons of Ashland’s historical operating performance and its business units, and provide continuity to investors for comparability purposes. EBITDA margin and adjusted EBITDA margin are defined as EBITDA and adjusted EBITDA divided by sales for the corresponding period.
Key items, which are set forth on Table 7 of this release, are defined as financial effects from significant transactions that, either by their nature or amount, have caused short-term fluctuations in net income and/or operating income which Ashland does not consider to reflect Ashland’s underlying business performance and trends most accurately. Further, Ashland believes that providing supplemental information that excludes the financial effects of these items in the financial results will enhance the investor’s ability to compare financial performance between reporting periods.
Tax-specific key items, which are set forth on Table 7 of this release, are defined as financial transactions, tax law changes or other matters that fall within the definition of key items as described above. These items relate solely to tax matters and would only be recorded within the income tax caption of the Statement of Consolidated Income. As with all key items, due to their nature, Ashland does not consider the financial effects of these tax-specific key items on net income to be the most accurate reflection of Ashland’s underlying business performance and trends.
The free cash flow metrics enable Ashland to provide a better indication of the ongoing cash being generated that is ultimately available for both debt and equity holders as well as other investment opportunities. Unlike cash flow provided by operating activities, free cash flow and ongoing free cash flow include the impact of capital expenditures from continuing operations and other significant items impacting free cash flow, providing a more complete picture of current and future cash generation. Free cash flow, ongoing free cash flow, and free cash flow conversion are non-GAAP liquidity measures that Ashland believes provide useful information to management and investors about Ashland’s ability to convert Adjusted EBITDA to ongoing free cash flow. These liquidity measures are used regularly by Ashland’s stakeholders and industry peers to measure the efficiency at providing cash from regular business activity. Free cash flow, ongoing free cash flow, and free cash flow conversion have certain limitations, including that they do not reflect adjustments for certain non-discretionary cash flows such as mandatory debt repayments. The amount of mandatory versus discretionary expenditures can vary significantly between periods.
Adjusted diluted earnings per share is a performance measure used by Ashland and is defined by Ashland as earnings (loss) from continuing operations, adjusted for identified key items and divided by the number of outstanding diluted shares of common stock. Ashland believes this measure provides investors additional insights into operational performance by providing earnings and diluted earnings per share metrics that exclude the effect of the identified key items and tax specific key items.
The adjusted diluted earnings per share, excluding intangibles amortization expense metric enables Ashland to demonstrate the impact of non-cash intangibles amortization expense on earnings per share, in addition to key items previously mentioned. Ashland’s management believes this presentation is helpful to illustrate how previous acquisitions impact applicable period results.
Ashland does not quantitatively reconcile our guidance ranges for our non-GAAP measures to their most comparable GAAP measures in the Financial Outlook section of this press release. The guidance ranges for GAAP and non-GAAP financial measures reflect Ashland’s assessment of potential sources of variability in financial results and are informed by evaluation of multiple scenarios, many of which have interactive effects across several financial statement line items. Providing guidance for individual reconciling items between our non-GAAP financial measures and the comparable GAAP measures would imply a degree of precision and certainty in those reconciling items that is not a consistent reflection of our scenario-based process to prepare our guidance ranges. To the extent that a material change affecting the individual reconciling items between the Company’s forward-looking non-GAAP and comparable GAAP financial measures is anticipated, the Company has provided qualitative commentary in the Financial Outlook section of this press release for your consideration. However, as the impact of such factors cannot be predicted with a reasonable degree of certainty or precision, a quantitative reconciliation is not available without unreasonable effort.
About Ashland
Ashland Inc. (NYSE: ASH) is a global additives and specialty ingredients company with a conscious and proactive mindset for environmental, social and governance (ESG). The company serves customers in a wide range of consumer and industrial markets, including architectural coatings, construction, energy, food and beverage, nutraceuticals, personal care and pharmaceutical. Approximately 3,800 passionate, tenacious solvers – from renowned scientists and research chemists to talented engineers and plant operators – thrive on developing practical, innovative and elegant solutions to complex problems for customers in more than 100 countries. Visit ashland.com and ashland.com/ESG to learn more.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Ashland has identified some of these forward-looking statements with words such as “anticipates,” “believes,” “expects,” “estimates,” “is likely,” “predicts,” “projects,” “forecasts,” “objectives,” “may,” “will,” “should,” “plans” and “intends” and the negative of these words or other comparable terminology. Ashland may from time to time make forward-looking statements in its annual reports, quarterly reports and other filings with the SEC, news releases and other written and oral communications. These forward-looking statements are based on Ashland’s expectations and assumptions, as of the date such statements are made, regarding Ashland’s future operating performance, financial, operating cash flow and liquidity, as well as the economy and other future events or circumstances. These statements include but may not be limited to statements with respect to Ashland’s portfolio optimization activities; expectations regarding future growth opportunities; expectations regarding the closing of sale of the nutraceuticals business; and management’s expectations and beliefs regarding Ashland’s fiscal-fourth quarter results and outlook.
Ashland’s expectations and assumptions include, without limitation, internal forecasts and analyses of current and future market conditions and trends, management plans and strategies, operating efficiencies and economic conditions (such as prices, supply and demand, cost of raw materials, and the ability to recover raw-material cost increases through price increases), and risks and uncertainties associated with the following: the impact of acquisitions and/or divestitures Ashland has made or may make (including the possibility that Ashland may not realize the anticipated benefits from such transactions); Ashland’s substantial indebtedness (including the possibility that such indebtedness and related restrictive covenants may adversely affect Ashland’s future cash flows, results of operations, financial condition and its ability to repay debt); severe weather, natural disasters, public health crises, cyber events and legal proceedings and claims (including product recalls, environmental and asbestos matters); the effects of the ongoing Ukraine/Russia and Israel/Hamas conflicts on the geographies in which we operate, the end markets we serve and on our supply chain and customers, and without limitation, risks and uncertainties affecting Ashland that are described in Ashland’s most recent Form 10-K (including Item 1A Risk Factors) filed with the SEC, which is available on Ashland’s website at http://investor.ashland.com or on the SEC’s website at http://www.sec.gov. Various risks and uncertainties may cause actual results to differ materially from those stated, projected or implied by any forward-looking statements. Ashland believes its expectations and assumptions are reasonable, but there can be no assurance that the expectations reflected herein will be achieved. Unless legally required, Ashland undertakes no obligation to update any forward-looking statements made in this news release whether as a result of new information, future events or otherwise.
1Financial results are preliminary until Ashland’s Form 10-Q is filed with the U.S. Securities and Exchange Commission.
2The ongoing free cash flow metric excludes the impact of inflows and outflows from U.S. and Foreign Accounts Receivable Sales Program and payments related to restructuring and environmental and litigation-related matters in both the current-year and prior-year periods.
™ Trademark, Ashland or its subsidiaries, registered in various countries.
FOR FURTHER INFORMATION:
| Investor Relations: | Media Relations: |
| William C. Whitaker | Carolmarie C. Brown |
| +1 (614) 790-2095 | +1 (302) 995-3158 |
| wcwhitaker@ashland.com | ccbrown@ashland.com |
Attachments
- Ashland_Q3_ 2024_Earnings_ Release_FINAL_20240806
- Ashland_Q3_ 2024_Earnings_ Release_FINAL_With_Financial_Tables_20240806
- Ashland_Earnings_Release_Tables_Q3_FY24_FNL_20240806
FAQ
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