Ashland reports financial results1 for first quarter fiscal 2024; issues outlook for second quarter and full-year fiscal 2024
WILMINGTON, Del., Jan. 30, 2024 (GLOBE NEWSWIRE) -- Ashland Inc. (NYSE: ASH) today announced financial results1 for the first quarter of fiscal year 2024, which ended December 31, 2023, and issued its outlook for second 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 first quarter were $473 million, down 10 percent versus the prior-year quarter.
- Ashland repurchased 1.2 million shares during the first quarter and now has $900 million remaining under the existing evergreen share repurchase authorization.
- The first quarter of fiscal year 2024 cash flows provided by operating activities includes the favorable impact of the new Foreign Accounts Receivable Sales Program.
- “Financial results in the December quarter yielded adjusted EBITDA above the outlook range we issued on November 8, 2023,” said Guillermo Novo, chair and chief executive officer, Ashland.