Ashland Global Holdings Inc. recently announced financial results for the third quarter of fiscal year 2022. Sales for the quarter were $644 million, up 19% from the prior-year period. Ashland reports that each of the company’s reportable segments achieved double-digit sales growth compared to the prior year.
Net income was $36 million compared to $80 million in the prior-year quarter, and income from continuing operations was $51 million compared to $72 million in the prior-year quarter, or $0.93 per diluted share compared to $1.17 in the prior-year quarter. Adjusted income from continuing operations excluding intangibles amortization expense was $104 million compared to $60 million in the prior-year quarter, or $1.89 per diluted share, up from $0.98 in the prior-year quarter.
Sales in the Specialty Additives segment were $194 million, up 15% from the prior-year quarter, primarily reflecting broad-based enhancements in pricing and mix.
The Intermediates segment reported sales of $73 million for the quarter, up 49% from the prior-year period, driven by significantly higher pricing across all product lines and improved mix management.
“We expect underlying near-term demand to remain strong for our focused ingredients and additives product portfolio and to continue to build inventories to mitigate supply-chain and shipping challenges,” said Guillermo Novo, chair and chief executive officer, Ashland. “Pricing and mix-improvement actions should cover current cost inflation. The Ashland team is prepared to take further action to recover any additional cost inflation, both this year and beyond.”
For more information, visit www.ashland.com