Ashland Provides Update on its Fiscal 2020 Second Quarter and COVID-19 Impact
Ashland’s sales were approximately $610 million in its second 2020 fiscal quarter, down 9% vs. the prior-year period.
Ashland Global Holdings Inc. recently provided an update for its preliminary fiscal 2020 second quarter financial results and its response to the COVID-19 pandemic. According to Ashland, its portfolio performed well during the quarter, despite the global macroeconomic uncertainty brought on by the COVID-19 pandemic. Sales were approximately $610 million, down 9% vs. the prior-year period. The legacy Pharmachem business and previously communicated prior-year business losses in oral care represented approximately half of this decline.
Ashland expects a loss from continuing operations during the second fiscal quarter of approximately $580 million, driven primarily by a goodwill impairment charge following the business unit realignment during the quarter. The net loss (including discontinued operations) is expected to be approximately $587 million. Ashland’s adjusted EBITDA is expected to be approximately $142 million.