Published on 1 Feb 2023 on Zacks via Yahoo Finance
Ashland's (ASH) Earnings Beat Estimates in Q1, Revenues Lag
Ashland Global Holdings Inc. ASH recorded profits of $40 million or 73 cents per share in the first quarter of fiscal 2023 (ending Dec 31, 2022), down from $48 million or 83 cents in the prior-year quarter.Barring one-time items, adjusted earnings came in at 97 cents per share, up from the year-ago quarter’s figure of 88 cents. It topped the Zacks Consensus Estimate of 95 cents.Sales rose around 3% year over year to $525 million. It missed the Zacks Consensus Estimate of $525.9 million. The top line was driven mainly by disciplined pricing actions leading to a recovery in costs as well as strong demand for pharmaceutical ingredients, partly offset by demand weakness in China due COVID-19 restrictions and significant inventory destocking particularly in China and Europe.
Ashland Inc. Price, Consensus and EPS Surprise