Sales Down 9% for Ashland in Fiscal 2020 Second Quarter
Ashland reports that its portfolio performed as expected during the quarter, despite the global macroeconomic uncertainty brought on by the COVID-19 pandemic.
Ashland Global Holdings Inc. recently announced preliminary financial results for the second quarter of its 2020 fiscal year, ended March 31, 2020. The company reports that its portfolio performed as expected during the quarter, despite the global macroeconomic uncertainty brought on by the COVID-19 pandemic. Sales were $610 million, down 9% vs. the 2019 quarter, with the legacy Pharmachem business and previously communicated prior year business losses in oral care representing approximately half of this decline. Unfavorable foreign currency contributed an additional 1% to the decline. Net loss was $582 million compared to net income of $76 million in the 2019 quarter, driven primarily by the previously disclosed non-cash goodwill impairment charge following the business unit realignment that occurred during the quarter.
“Results in the second quarter were consistent with the update we issued on April 16,” said Guillermo Novo, chairman and CEO. “I am pleased with the leadership demonstrated by our teams and the continued progress we have made transforming the company, particularly in light of the challenges that arose from the COVID-19 pandemic. Many of the important end markets we serve are demonstrating their resilience despite the global-economic uncertainly.