Specialty chemicals firm Ashland Inc. (ASH) Tuesday reported a profit for the first quarter, helped by a rise in revenues and lower costs.
The Covington, Kentucky-based company reported net income of $86 million or $1.10 per share for the quarter, compared to a net loss of $119 million or $1.73 per share in the prior year.
In the latest quarter, discrete income tax effects resulted in a net benefit to earnings of $6 million, or $0.08 per share. In the year-ago quarter, key items negatively affected earnings by $1.98 per share.
The latest results also included non-cash intangible amortization expense of $0.15 per share, compared to $0.12 per share negative impact in the previous year.
Income from continuing operations for the quarter was $76 million or $0.97 per share, compared to a loss of $119 million or $1.73 per share in the year-ago period.
On average, 9 analysts polled by Thomson Reuters expected the company to earn $0.72 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter improved to $2.020 billion from $1.966 billion in the prior year. Pro forma sales declined 10% to $2.020 billion from $2.233 billion. Analysts estimated revenues of $2.00 billion for the quarter.
Segment-wise, Functional Ingredients generated $210 million during the period, up from last year's $119 million. Water Technologies' sales increased to $443 million from $318 million in the previous year. In Performance Materials, quarterly sales slipped to $271 million from last year's $324 million. Consumer Markets brought in $400 million to total revenues, compared to $388 million last year. In Distribution segment, quarterly revenues slipped to $729 million from $853 million. Operating income for the quarter was $146 million, in comparison with an operating loss of $7 million last year.
Costs and expenses for the quarter dropped to $1.888 billion from last year's $1.985 billion. ASH closed Monday's regular trade at $39.63, up from the previous close of $38.71, on 985,000 shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.