Ashland Inc. (ASH: Quote) reported a significant plunge in its second-quarter net income to $88 million or $1.10 per share from last year's $485 million or $6.02 per share. However, excluding key items, Ashland's adjusted earnings from continuing operations rose 57 percent to $1.52 per share from $0.97 per share a year ago.
On average, 10 analysts polled by Thomson Reuters expected earnings per share of $1.39 for the quarter. Analysts' estimates typically exclude one-time items.
Sales for the second quarter improved to $2.08 billion from $1.56 billion in the prior-year quarter, whereas 8 analysts estimated revenues of $2.08 billion for the quarter.
The company stated, "We are well on track for the year and remain confident in our ability to deliver our fiscal 2014 financial targets for sales and earnings growth."
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by RTT Staff Writer
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