Last10K.com

Ashland Inc. (ASH) SEC Filing 10-K Annual Report for the fiscal year ending Friday, September 30, 2022

Ashland Global Holdings Inc

CIK: 1674862 Ticker: ASH

Exhibit 99.1

 

img77407535_0.jpg News Release

 

 

Ashland reports financial results1 for fourth-fiscal quarter; issues outlook for fiscal year 2023

 

Sales of $631 million, up 7 percent from the prior-year quarter
Net income (including discontinued operations) of $57 million, or $1.04 per diluted share
Income from continuing operations of $60 million, or $1.09 per diluted share
Adjusted income from continuing operations excluding intangibles amortization expense of $80 million, or $1.46 per diluted share
Adjusted EBITDA of $147 million
Cash flows provided by operating activities of $179 million; ongoing free cash flow2 of $93 million

 

WILMINGTON, Del., November 7, 2022 – Ashland Inc. (NYSE: ASH) today announced financial results

1 for the fourth quarter of fiscal year 2022, which ended September 30, 2022, together with its fiscal year 2022 results summary and fiscal year 2023 outlook. The global additives and specialty ingredients company holds leadership positions in high-quality, consumer-focused markets including pharmaceuticals, personal care and architectural coatings.

 

Sales were $631 million, up 7 percent versus the prior-year quarter. Each of the company’s reportable segments achieved sales growth compared to the prior-year quarter. The year-over-year sales growth was driven primarily by disciplined pricing leading to cost recovery in a high-inflation environment and improved product mix. Sales growth was partially offset by unfavorable foreign currency which negatively impacted sales by $33 million, or 6 percent.

 

Net income was $57 million, up from $43 million in the prior-year quarter. Income from continuing operations was $60 million, up from $33 million in the prior-year quarter, or $1.09 per diluted share, up from $0.55 in the prior-year quarter. Adjusted income from continuing operations excluding intangibles amortization expense was $80 million, up from $73 million in the prior-year quarter, or $1.46 per diluted share, up from $1.22 in the prior-year quarter. Adjusted EBITDA was $147 million, down 1 percent from $149 million in the prior-year quarter. Unfavorable foreign currency and the planned turnaround at the Lima, OH facility negatively impacted adjusted EBITDA by $15 million and $13 million, respectively, or 19 percent on a combined basis.

 

Average diluted shares outstanding totaled 55 million as of September 30, 2022, down from 61 million in the prior-year quarter, following the company’s share repurchase activities which began in August 2021. Earlier in fiscal year 2022, Ashland’s Board of Directors approved a new $500 million evergreen share repurchase authorization.

 

Cash flows provided by operating activities totaled $179 million, up from $151 million in the prior-year quarter. Ongoing free cash flow2 totaled $93 million compared to $122 million in the prior-year quarter.

 

“The September quarter concludes a very strong year for Ashland,” said Guillermo Novo, chair and chief executive officer, Ashland. “Our commercial, operations, research and development and corporate teams worked diligently throughout the year to drive meaningful sales and earnings growth despite numerous macroeconomic and geopolitical challenges. I am proud of our global team’s accomplishments this fiscal year.”

 

Reportable Segment Performance

To aid in the understanding of Ashland’s ongoing business performance, the results of Ashland’s reportable segments are described below on an adjusted basis. In addition, EBITDA and adjusted EBITDA are reconciled

1

 


The following information was filed by Ashland Global Holdings Inc (ASH) on Monday, November 7, 2022 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.

View differences made from one year to another to evaluate Ashland Global Holdings Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Ashland Global Holdings Inc.

Continue

Assess how Ashland Global Holdings Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Ashland Global Holdings Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Revenue
Financial
Legal
Other
Filter Subcategory:
All
Product
Earnings
Debt
Dividend
Income
Expense
Geography
Cash Flow
Shares
Other
Inside Ashland Global Holdings Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Fair Value Measurements - Summary Of Fair Values Of Outstanding Commodity Derivatives (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Statements Of Consolidated Cash Flows
Statements Of Consolidated Comprehensive Income (Loss)
Statements Of Consolidated Equity
Statements Of Consolidated Equity (Parenthetical)
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Details)
Acquisitions - Schedule Of Finite-Lived Intangible Assets As Part Of Business Combination (Details)
Acquisitions - Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed (Details)
Acquisitions - Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed (Parenthetical) (Details)
Debt
Debt (Tables)
Debt - Credit Agreement And Refinancing - Additional Information (Details)
Debt - Financing Activity And Covenants - Additional Information (Details)
Debt - Summary Of Current And Long-Term Debt (Details)
Debt - Summary Of Current And Long-Term Debt (Parenthetical) (Details)
Debt - Summary Of Current And Long-Term Debt - Additional Information (Details)
Debt - Summary Of Debt Issuance Cost Amortization (Details)
Debt - Summary Of Debt Issuance Cost Amortization (Parenthetical) (Details)
Debt - Summary Of Net Interest And Other Expense (Income) (Details)
Debt - Summary Of Net Interest And Other Expense (Income) (Parenthetical) (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Components Of Consolidated Comprehensive Income (Loss) Related To Discontinued Operations (Details)
Discontinued Operations - Reconciliation Of Consolidated Income (Loss) From Discontinued Operations (Details)
Divestitures
Divestitures (Tables)
Divestitures - Additional Information (Details)
Divestitures - Summary Of Assets And Liabilities Held For Sale (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Additional Information (Details)
Employee Benefit Plans - Cash Flows (Details)
Employee Benefit Plans - Components Of Net Periodic Benefit Loss (Income) (Details)
Employee Benefit Plans - Obligations And Funded Status (Details)
Employee Benefit Plans - Plan Assets (Details)
Employee Benefit Plans - Plan Assets Allocations (Details)
Employee Benefit Plans - Prior Service Credits Recognized In Accumulated Other Comprehensive Income (Details)
Employee Benefit Plans - Schedule Of Accumulated Benefit Obligations In Excess Of Fair Value Of Plan Assets (Details)
Equity Items
Equity Items (Tables)
Equity Items - Additional Information (Details)
Equity Items - Components Of Accumulated Other Comprehensive Income (Loss) (Details)
Equity Items - Summary Of Reconciliation Of Changes In Stockholders' Equity (Details)
Equity Items - Summary Of Reconciliation Of Changes In Stockholders' Equity (Parenthetical) (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Summary Of Fair Values Of Outstanding Foreign Currency Derivatives (Details)
Fair Value Measurements - Summary Of Financial Instruments Subject To Recurring Fair Value Measurements (Details)
Fair Value Measurements - Summary Of Financial Instruments Subject To Recurring Fair Value Measurements (Parenthetical) (Details)
Fair Value Measurements - Summary Of Gains And Losses On Commodity Derivatives (Details)
Fair Value Measurements - Summary Of Gains And Losses On Foreign Currency Derivatives (Details)
Fair Value Measurements - Summary Of Gains And Losses On Foreign Currency Derivatives (Parenthetical) (Details)
Fair Value Measurements - Summary Of Investment Income, Net Gains And Losses, Funds Restricted For Specific Transactions And Disbursements Related To Investments (Details)
Fair Value Measurements - Summary Of Restricted Securities Portfolio (Details)
Goodwill And Other Intangibles
Goodwill And Other Intangibles (Tables)
Goodwill And Other Intangibles - Additional Information (Details)
Goodwill And Other Intangibles - Summary Of Goodwill By Reportable Segment (Details)
Goodwill And Other Intangibles - Summary Of Goodwill By Reportable Segment (Parenthetical) (Details)
Goodwill And Other Intangibles - Summary Of Other Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Summary Of Changes In Unrecognized Tax Benefits (Details)
Income Taxes - Summary Of Changes In Unrecognized Tax Benefits (Parenthetical) (Details)
Income Taxes - Summary Of Income From Continuing Operations Before Income Taxes And Reconciliation Of Provision For Income Taxes (Details)
Income Taxes - Summary Of Income From Continuing Operations Before Income Taxes And Reconciliation Of Provision For Income Taxes (Parenthetical) (Details)
Income Taxes - Summary Of Provision For Income Taxes Related To Continuing Operations (Details)
Income Taxes - Summary Of Temporary Differences Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Summary Of Temporary Differences Of Deferred Tax Assets And Liabilities (Parenthetical) (Details)
Leasing Arrangements
Leasing Arrangements (Tables)
Leasing Arrangements - Additional Information (Details)
Leasing Arrangements - Components Of Lease Cost Recognized (Details)
Leasing Arrangements - Components Of Lease Cost Recognized (Parenthetical) - (Details)
Leasing Arrangements - Schedule Of Cash Paid For Amounts Included In The Measurement Of Operating Lease Liabilities (Details)
Leasing Arrangements - Schedule Of Maturities Analysis Of Lease Liabilities (Details)
Leasing Arrangements - Summary Of Lease Assets And Liabilities (Details)
Litigation, Claims And Contingencies
Litigation, Claims And Contingencies (Tables)
Litigation, Claims And Contingencies - Additional Information (Details)
Litigation, Claims And Contingencies - Schedule Of Progression Of Activity In The Asbestos Reserve (Details)
Litigation, Claims And Contingencies - Schedule Of Progression Of Activity In The Asbestos Reserve (Parenthetical) (Details)
Litigation, Claims And Contingencies - Summary Of Asbestos Claims Activity (Details)
Litigation, Claims And Contingencies - Summary Of Components Of Environmental Remediation Expense Included Within Selling, General And Administrative Expense (Details)
Litigation, Claims And Contingencies - Summary Of Components Of Environmental Remediation Expense Included Within Selling, General And Administrative Expense (Parenthetical) (Details)
Litigation, Claims And Contingencies - Summary Of Progression Of Insurance Receivable (Details)
Litigation, Claims And Contingencies - Summary Of Progression Of Insurance Receivable (Parenthetical) (Details)
Litigation, Claims And Contingencies - Summary Of Reconciliation Of Changes In Environmental Remediation Reserves (Details)
Other Noncurrent Assets And Liabilities
Other Noncurrent Assets And Liabilities (Tables)
Other Noncurrent Assets And Liabilities - Additional Information (Details)
Other Noncurrent Assets And Liabilities - Components Of Other Noncurrent Assets In Consolidated Balance Sheets (Details)
Other Noncurrent Assets And Liabilities - Components Of Other Noncurrent Liabilities In Consolidated Balance Sheets (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Components Of Property, Plant And Equipment In Consolidated Balance Sheets (Details)
Property, Plant And Equipment - Summary Of Property, Plant And Equipment Charges Included In Statements Of Consolidated Comprehensive Income (Details)
Reportable Segment Information
Reportable Segment Information (Tables)
Reportable Segment Information - Schedule Of Information About Domestic And International Operations (Details)
Reportable Segment Information - Summary Of Financial Information For Each Reportable Segment (Details)
Reportable Segment Information - Summary Of Financial Information For Each Reportable Segment (Parenthetical) (Details)
Restructuring Activities
Restructuring Activities (Tables)
Restructuring Activities - Additional Information (Details)
Restructuring Activities - Summary Of Severance Reserves And Facility Cost Reserves (Details)
Revenue
Revenue (Tables)
Revenue - Additional Information (Details)
Revenue - Disaggregation Of Revenue (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Additional Information (Details)
Significant Accounting Policies - Computation Of Basic And Diluted Earnings Per Share (Details)
Significant Accounting Policies - Computation Of Basic And Diluted Earnings Per Share (Parenthetical) (Details)
Significant Accounting Policies - Summary Of Activity In Allowance For Credit Losses (Details)
Significant Accounting Policies - Summary Of Activity In Inventory Reserves (Details)
Significant Accounting Policies - Summary Of Activity In Tax Valuation Allowances (Details)
Significant Accounting Policies - Summary Of Inventories (Details)
Stock Incentive Plans
Stock Incentive Plans (Tables)
Stock Incentive Plans - Additional Information (Details)
Stock Incentive Plans - Components Of Pretax Compensation Expense For Stock-Based Awards (Net Of Forfeitures) And Associated Income Tax Benefits (Details)
Stock Incentive Plans - Components Of Pretax Compensation Expense For Stock-Based Awards (Net Of Forfeitures) And Associated Income Tax Benefits (Parenthetical) (Details)
Stock Incentive Plans - Stock Appreciation Rights (Details)
Stock Incentive Plans - Stock Appreciation Rights (Parenthetical) (Details)
Stock Incentive Plans - Summary Of Fair Values Assumptions Using Monte Carlo Simulation Valuation Model (Details)
Stock Incentive Plans - Summary Of Nonvested Stock Awards And Performance Shares Activity (Details)
Stock Incentive Plans - Summary Of Performance Shares/Units Granted (Details)
Stock Incentive Plans - Summary Of Performance Shares/Units Granted (Parenthetical) (Details)
Stock Incentive Plans - Summary Of Progression Of Activity And Various Other Information Relative Nonvested Stock Awards (Details)
Ticker: ASH
CIK: 1674862
Form Type: 10-K Annual Report
Accession Number: 0000950170-22-025539
Submitted to the SEC: Mon Nov 21 2022 4:40:21 PM EST
Accepted by the SEC: Mon Nov 21 2022
Period: Friday, September 30, 2022
Industry: Wholesale Chemicals And Allied Products

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/ash/0000950170-22-025539.htm