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Ashland Inc. (ASH-0.02%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing details Ashland's financial performance, reporting a net income of $169 million, or $3.36 per diluted share, compared to $178 million, or $3.31 per diluted share, in the previous year.
Sales for the year were $2.113 billion, down from $2.191 billion in the prior year, primarily due to unfavorable pricing and volume declines.
Operating income decreased to a loss of $26 million from a profit of $172 million, impacted by restructuring costs and impairment charges related to the sale of the Nutraceuticals business.
The company reported an Adjusted EBITDA of $459 million, consistent with the previous year, as deflationary raw materials were offset by lower volumes and pricing.
Ashland completed the sale of its Nutraceuticals business to Turnspire Capital Partners LLC for approximately $26 million, recording a $107 million impairment charge and loss on sale.
The company repurchased $380 million of its common stock during the fiscal year, reducing the number of outstanding shares.
Ashland's cash and cash equivalents at the end of the fiscal year were $300 million, with total liquidity including credit facilities amounting to $896 million.
The company continues to focus on optimizing its portfolio, including potential strategic alternatives for its Avoca business line.
Ashland's financial outlook for fiscal year 2025 anticipates sales between $1.90 billion and $2.05 billion, with Adjusted EBITDA expected to range from $430 million to $470 million.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ashland Inc. annual 10-K report dated November 18, 2024. To report an error, please email earnings@qz.com.