Exhibit 99.1

 

News Release

 

Ashland reports financial results1 for fourth quarter and fiscal year 2021; issues outlook for fiscal year 2022

 

 

Sales of $591 million, up twelve percent from the prior-year quarter

 

Net income of $43 million, or $0.72 per diluted share

 

Income from continuing operations of $33 million, or $0.55 per diluted share

 

Adjusted income from continuing operations excluding intangibles amortization expense of $73 million, or $1.22 per diluted share

 

Adjusted EBITDA of $149 million

 

Cash flows provided by operating activities of $151 million; free cash flows of $120 million

 

WILMINGTON, Del., November 9, 2021 – Ashland Global Holdings Inc. (NYSE: ASH) today announced financial results

1 for the fourth quarter of fiscal year 2021, which ended September 30, 2021, together with its fiscal year 2021 results summary and fiscal year 2022 outlook. The global additives and specialty ingredients company serves customers in a wide range of consumer and industrial markets.

 

Sales were $591 million, up twelve percent compared to the prior-year period. Strong demand continued across the company’s core, global end markets. Enhanced pricing and the addition of the Schülke & Mayr acquisition also contributed to the growth. These factors were partially offset by the exit of low-margin product lines and reduced sales of hand-sanitizer additives within Personal Care and Household. Global supply-chain and logistics disruptions also limited the company’s ability to meet all customer demand. Foreign currency favorably impacted sales by one percent.

 

Net income was $43 million compared to $5 million in the prior-year quarter. Income from continuing operations was $33 million compared to a loss of $14 million in the prior-year quarter, or $0.55 per diluted share compared to a loss of $0.22 in the prior-year quarter. Adjusted income from continuing operations excluding intangibles amortization expense was $73 million compared to $63 million in the prior-year quarter, or $1.22 per diluted share, up from $1.03 in the prior-year quarter. Adjusted EBITDA was $149 million, up from $131 million in the prior-year quarter.

 

Cash flows provided by operating activities totaled $151 million compared to $132 million in the prior-year quarter. Free cash flows totaled $120 million which includes a $16 million inflow associated with the U.S. Accounts Receivable Sales Program and $9 million of cash restructuring payments. Free cash flows in the prior-year quarter totaled $89 million which included $7 million in cash restructuring payments.

 

“As we indicated with our earnings update on November 1, overall demand during the quarter was strong and the team executed at a high level in the face of continued global supply-chain challenges,” said Guillermo Novo, chairman and chief executive officer, Ashland. “Because of these efforts, we were able to achieve sales and earnings results that were consistent with the outlook we had communicated earlier in the fiscal year.”

 

“I am pleased with the progress our team has made executing our strategy, especially in the context of a difficult operating environment,” continued Novo. “We experienced cost inflation for energy, freight and raw materials, while supply-chain logistics challenges remain with only slight improvements in on-time delivery achieved during the quarter. While demand is improving, the persistence of the global pandemic is still impacting consumer behavior. We are focused on capitalizing on the improving demand environment and satisfying incremental demand from our customers while also


The following information was filed by Ashland Global Holdings Inc (ASH) on Tuesday, November 9, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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