Ashland Inc. - ASH STOCK NEWS

Ashland Inc. (NYSE: ASH) has announced that the FDA has accepted its Viatel^™ bioresorbable mPEG-PDLLA pharmaceutical excipient into the Novel Excipient Review Pilot Program. This program allows for the review of novel excipients before their use in drug formulations, aiming to enhance public health. The excipient serves as a polymeric carrier for targeted drug delivery. Ashland's participation underscores its commitment to innovation in pharmaceutical ingredients, facilitating the development of complex drug molecules for improved therapeutic outcomes.

Ashland Inc. (NYSE: ASH) announced its plans to issue fourth-quarter earnings on November 7, 2022, at 5 p.m. ET, followed by a live webcast for analysts on November 8, 2022, at 9 a.m. ET. The webcast will feature remarks from CEO Guillermo Novo and CFO Kevin Willis. Participants can join via phone by registering through an online link. Supporting materials, including a slide presentation, will be available on the Investor Relations section of Ashland's website. The archived version of the webcast will be accessible for 12 months.

Ashland Inc. (NYSE: ASH) has made notable advancements in its environmental, social, and governance (ESG) initiatives, as highlighted in its recent ESG report. The report aligns with the Paris Climate Accord's aims, reflecting a commitment to science-based emissions reduction targets. Ashland is part of the UN Global Compact and focuses on sustainable sourcing and operations. The company has achieved significant certifications, like the RSPO Supply Chain certification and EcoVadis Silver Status. CEO Guillermo Novo emphasized that these efforts integrate sustainability into the core of the business strategy, reinforcing the company's transformation.

Ashland Inc. (NYSE: ASH) announced that effective October 1, 2022, it will implement a price increase of up to 15% across all its products due to rising costs from inflation, energy, raw materials, freight, and labor. This increase applies to various markets including life sciences, personal care, and specialty additives. Ashland's proactive approach aims to align its pricing strategy with the ongoing economic pressures affecting production costs.

Ashland has announced a major expansion of its Viatel^™ bioresorbable polymer facility in Mullingar, Ireland, aimed at increasing manufacturing and lab space. This expansion will double the facility's size and workforce, enhancing Ashland's ability to meet customer demands for innovative polymer chemistry in chronic disease treatments. The project, which began in June 2022, is expected to be completed by 2024, highlighting Ashland's commitment to the growing market for long-acting injectables and custom polymer production.

Ashland, Inc. has completed the sale of about six acres of land in Ajax, Canada, to Sunray Group of Hotels for CAD 12.25 million, yielding net proceeds of CAD 9.2 million. The sale is part of Ashland's strategy to offload unutilized land to fund a newly created environmental trust. CEO Guillermo Novo emphasized that this trust aligns with the company's environmental, social, and governance (ESG) commitments.

Ashland Global Holdings Inc. (NYSE: ASH) reported third-quarter fiscal 2022 results showing sales of $644 million, a 19% increase year-over-year. Net income reached $36 million, or $0.65 per diluted share, down from $80 million the previous year. Adjusted income from continuing operations rose to $104 million, translating to $1.89 per share. Despite strong demand across segments, operational cash flow was negative at $(17) million. The company anticipates fiscal year sales between $2.35 billion and $2.40 billion, representing a 13% growth.

Ashland Global Holdings Inc. (NYSE: ASH) reported preliminary fiscal 2022 third-quarter results, with sales of approximately $644 million, up 19% year-over-year. Adjusted EBITDA is expected at $174 million, a 35% increase. Income from continuing operations is projected at $51 million ($0.93 per diluted share). The company raised its fiscal year 2022 sales outlook to $2.35-$2.40 billion. Key drivers include strong end-market demand and disciplined pricing, though foreign currency negatively impacted results. Free cash flow generation is anticipated to be below prior year due to increased working capital.