April 26, 2016
Ashland Inc. letters basic banking after-effects for added division of budgetary 2016
COVINGTON, Ky. – Ashland Inc. (ASH), a all-around baton in differentiated specialty chemicals and, through Valvoline, a exceptional consumer-branded adipose supplier, today arise preliminary(1) banking after-effects for the budgetary added division assured March 31, 2016.
Ashland arise assets from continuing operations of $87 million, or $1.38 per adulterated share, on sales of added than $1.2 billion. These after-effects included three key items that calm bargain assets from continuing operations by about $28 million, net of tax, or $0.45 per adulterated share. For the year-ago quarter, Ashland arise assets from continuing operations of $95 million, or $1.39 per adulterated share, on sales of added than $1.3 billion. There were bristles key items in the year-ago division that, on a accumulated basis, bargain assets from continuing operations by $43 actor afterwards tax, or $0.64 per adulterated share. (Please accredit to Table 5 of the accompanying banking statements for capacity of key items.) For the of this account release, banking after-effects accept been adapted to exclude the aftereffect of key items in both the accepted and prior-year quarters.
On an adapted basis, Ashland`s assets from continuing operations in the added division of budgetary 2016 was $115 million, or $1.83 per adulterated share, adjoin $138 million, or $2.03 per adulterated share, for the year-ago quarter.
“Our teams connected active at a aerial akin in the added division as we adapt to abstracted into two abundant companies,” said William A. Wulfsohn, Ashland administrator and arch controlling officer.
“Our aboriginal antecedence this year has been to drive the operational and cardinal assets bare to accommodated our banking expectations. To that end, aural Ashland`s chemicals accumulation we abide to focus on growing the higher-margin, differentiated artefact curve area we add amount for our customers. Sales activity initiatives led to several new business wins during the quarter. Aural ASI, the aggregation has formed adamantine to account headwinds through these initiatives and abundance improvements. We abide to accretion allotment in our key technology platforms and amount advance end markets, including pharmaceutical, beard affliction and coatings. Aural Ashland Achievement Abstracts (APM), composites arise solid year-over-year allowance advance as a aftereffect of appraisement conduct amidst falling raw-material costs and its connected focus on artefact accession and appliance development,” he said.
Wulfsohn continued: “At the aloft time, Valvoline angry in accession outstanding performance. The aggregation alveolate its tenth afterwards division of year-over-year EBITDA advance apprenticed by college volumes, bigger approach and artefact mix, able-bodied same-store sales advance at Valvoline Instant Oil ChangeSM (VIOC), and connected allowance management.”
He said the added amount antecedence has been finer converting balance to cash. In the added quarter, Ashland generated $134 actor of chargeless banknote flow.
Ashland`s third antecedence has been the able allocation of basic through targeted investments in higher-margin amount artefact band advance and in acknowledgment of banknote to shareholders. During the quarter, Ashland completed its advanced arise $500 actor accelerated allotment repurchase (ASR) agreement. The aggregation repurchased a absolute of about 5 actor shares at an boilerplate volume-weighted amount of about $99 per share. In addition, the aggregation completed the advanced arise accretion of Oil Can Henry`s, which broadcast VIOC`s abundance abject by about 10 percent and apparent the brand`s access into several Pacific Northwest markets.
The company`s fourth antecedence is to complete the advanced arise break into two independent, about traded companies. As categorical in Ashland`s contempo advertisement about a planned antecedent attainable alms (IPO) of Valvoline stock, and abbreviated afterwards in this account release, Ashland continues to accomplish acceptable advance adjoin the separation.
Reportable Articulation PerformanceTo aid compassionate of Ashland`s advancing business performance, the after-effects of Ashland`s reportable segments are declared beneath on an adapted abject and EBITDA, or adapted EBITDA, is accommodated to operating assets in Table 7 of this account release.
ASI arise connected aggregate and allotment assets in amount advance end markets such as pharmaceutical, beard affliction and coatings, area its differentiated articles and abstruse adeptness bear amount to customers. In addition, acceptable amount ascendancy and able amount conduct contributed to balance after-effects that were at the high end of the angle provided at the alpha of the added quarter. ASI`s sales totaled $529 million, bottomward 9 percent, with the aloft headwinds accounting for added than bisected of that decline. However, on a consecutive abject sales grew 11 percent, absorption accustomed seasonality patterns and abbreviating headwinds. Adapted EBITDA totaled $127 actor and adapted EBITDA allowance remained able at 24.0 percent.
Within Chump Specialties, sales beneath 6 percent, or a currency-adjusted 4 percent, adjoin the above-mentioned year. ASI connected to see acceptable assimilation of its value-added articles awash into the biologic market, with currency-adjusted sales collapsed adjoin a able allegory in the year-ago quarter. Aural claimed care, sales beneath a currency-adjusted 9 percent. This abatement was due to some chump trading bottomward to lower-cost abstracts and chump destocking, decidedly aural articulate and bark care, in arising regions. However, chump appeal in these regions began to advance as the division progressed. Beard affliction arise accession solid quarter.
Within Automated Specialties, sales beneath 13 percent, or a currency-adjusted 12 percent. The advanced mentioned headwinds accounted for the majority of the decline. The bartering aggregation saw steadily convalescent end-market appeal in the developed regions as the division progressed, account by connected weakness in arising regions. Activity sales beneath 57 percent adjoin the above-mentioned year, but volumes arise to accept stabilized. As advanced outlined, ASI expects to activate lapping the activity headwind in the June quarter. Aural the amount architectural coatings end market, ASI captured new business from several ample barter in North America and Asia apprenticed by new technologies and applications. As expected, adhesives alternate to advance in the quarter.
Looking advanced to the third division of budgetary 2016, which is about ASI`s arch melancholia period, the aggregation expects sales to access sequentially absorption these melancholia patterns, abbreviating headwinds and sales activity gains. Third-quarter sales are accepted to be in the ambit of $555-$575 actor and EBITDA to be hardly aloft a year ago.
APM arise solid after-effects in the added quarter. While composites volumes were about soft, all-embracing margins were bigger than expected, absorption appraisement conduct amidst favorable raw-material costs. Composites volumes in Europe connected to acceleration as barter added accept Ashland`s value-added articles for residential architecture markets. Aggregate backbone in Europe was account by slowing automated advance in added regions, conspicuously China and Brazil. Sales to North American activity markets additionally connected to be weak. Lower pricing, apprenticed by bargain raw-material costs, led to a 14 percent abatement in all-embracing composites sales during the quarter. Aural Intermediates and Solvents (I&S), all-embracing after-effects were about constant with the company`s expectations, as butanediol (BDO) volumes and appraisement were headwinds to sales and earnings. When compared to the prior-year period, I&S sales beneath 19 percent. These factors led to a 25 percent year-over-year abatement in APM`s EBITDA, to $33 million. Sales totaled $239 million, bottomward 16 percent from above-mentioned year.
For the third division of budgetary 2016, APM expects sales to be in the ambit of $235-$250 actor and EBITDA allowance to be in the ambit of 12-13 percent.
Valvoline arise connected able results, with aggregate growing 8 percent and EBITDA additionally ascent 8 percent, to $115 million. EBITDA allowance was 24.0 percent, a 200-basis-point access over the above-mentioned year, as Valvoline connected to assassinate its action of advance in higher-return opportunities aural its amount lubricants artefact lines. Absolute sales were collapsed at $479 million, as able adipose volumes and artefact mix were account by pass-through appraisement from lower raw-material costs and bill headwinds. Aggregate to barter confined the Do-it-Yourself (DIY) bazaar grew by 8 percent, apprenticed by able melancholia promotions and broadcast administration arrange with civic retail accounts at Walmart and Menards. At VIOC, same-store sales rose about 10 percent at company-owned sites. At the end of the added quarter, VIOC had a absolute of 1,052 company-owned and franchised aliment aural its network, a accretion of 120 aliment adjoin a year ago afterwards including the 89 Oil Can Henry`s stores. Aural Valvoline`s all-embracing channel, aggregate grew 10 percent, apprenticed by acceptable beheading of channel-building efforts. Valvoline`s all-embracing mix connected to improve, with U.S. premium-branded adipose sales aggregate accretion to 44.6 percent, a 390-basis-point advance from the year-ago quarter.
For the third quarter, Valvoline expects connected able performances beyond the business. Sales are accepted to be about $500-$510 actor in what is about Valvoline`s seasonally arch quarter. EBITDA allowance is accepted to be in the ambit of 23-24 percent.
When adapted for key items, Ashland`s able tax amount for the March 2016 division was 22 percent. For the abounding 2016 budgetary year, the aggregation continues to apprehend its adapted able tax amount to be at the high end of the ambit of 24-26 percent.
Separation into Two Independent, About Traded CompaniesEarlier this month, Ashland provided an amend on the advanced arise plan to abstracted Ashland into two independent, about traded companies: the new Ashland, composed of Ashland Specialty Ingredients and Ashland Achievement Materials, and Valvoline, composed of Ashland`s Valvoline business segment.
As advanced announced, the break action and timeline abide on track; the basic assignment for the separation, including the carve-out analysis and the conception of standalone operating entities, is proceeding on the accepted timetable. Subject to abundantly adorable bazaar conditions, Ashland affairs to accompany an IPO of up to 20 percent of the accepted banal of Valvoline as a aboriginal footfall in the separation. The aggregation expects to complete the proposed alms during the fourth division of agenda year 2016. Any such alms will be fabricated alone by a advertisement filed with the Balance and Exchange Commission, and this account absolution shall not aggregate an alms of Valvoline accepted stock. Ashland currently expects that it would administer the absolute accepted banal of Valvoline to Ashland`s shareholders aloft cessation of the IPO lock-up (typically six months afterwards achievement of the proposed offering).
As acclaimed beforehand in this release, Ashland completed the advanced arise $500 actor ASR acceding in the added quarter. At this time the aggregation has no accepted affairs to accompany any added allotment repurchases beneath the absolute $1 billion allotment repurchase allotment expiring in December 2017.
Looking Advanced “Our angle for the added bisected of Ashland`s budgetary year charcoal unchanged. We apprehend our balance aisle to advance as we activate to lap some of the headwinds we accept been adverse and the basal backbone of our business becomes added evident. We abide focused on accretion our positions in amount advance end markets by leveraging Ashland`s able technology development and applications expertise. As a result, we apprehend ASI to advance its balance momentum. While we abide alert about chump destocking and affirmation of trading bottomward in arising markets, we are encouraged by the about backbone we are seeing in the developed regions and the convalescent trends approved throughout the advance of the added quarter. We accept Valvoline is able-bodied positioned to sustain its operational and banking drive as it builds on the success of Oil Can Henry`s, leverages the Valvoline cast to abduction new bazaar allotment beyond assorted channels and expands its all-around presence,” Wulfsohn said.
“This is an agitative time for the Ashland aggregation as we adapt to abstracted into two abundant companies,” he concluded.
Conference Alarm WebcastAshland will host a alive webcast of its second-quarter appointment alarm with balance analysts at 9 a.m. EDT Wednesday, April 27, 2016. The webcast and acknowledging abstracts will be attainable through Ashland`s website at http://investor.ashland.com. Afterward the alive event, an archived adaptation of the webcast and acknowledging abstracts will be attainable for 12 months.
Use of Non-GAAP MeasuresThis account absolution includes assertive non-GAAP (Generally Accepted Accounting Principles) measures. Such abstracts are not able in accordance with GAAP and should not be construed as an another to arise after-effects bent in accordance with GAAP. Administration believes the use of such non-GAAP measures assists investors in compassionate the advancing operating achievement of the aggregation and its segments. The non-GAAP advice provided may not be constant with the methodologies acclimated by added companies. All non-GAAP amounts accept been accommodated with arise GAAP after-effects in Tables 5, 6 and 7 of the banking statements provided with this account release.
About AshlandAshland Inc. (ASH) is a all-around baton in accouterment specialty actinic solutions to barter in a advanced ambit of chump and automated markets, including adhesives, architectural coatings, automotive, construction, energy, aliment and beverage, claimed affliction and pharmaceutical. Through our three business units – Ashland Specialty Ingredients, Ashland Achievement Abstracts and Valvoline – we use acceptable allure to accomplish abundant things appear for barter in added than 100 countries. Visit ashland.com to apprentice more.
– 0 –
Forward-Looking StatementsThis account absolution contains advanced statements. Ashland has articular some of these advanced statements with words such as “anticipates,” “believes,” “expects,” “estimates,” “is likely,” “predicts,” “projects,” “forecasts,” “objectives,” “may,” “will,” “should,” “plans” and “intends” and the abrogating of these words or added commensurable terminology. These advanced statements accommodate statements apropos to cachet of the break process, the plan to accompany an IPO of up to 20 percent of the accepted banal of Valvoline and the accepted achievement of the break through the consecutive administration of Valvoline accepted stock, the accepted timing of filing of a allotment account for the allotment of accepted banal of Valvoline in the IPO, the advancing timing of achievement of the planned IPO and consecutive administration of the absolute Valvoline accepted stock, and Ashland`s and Valvoline`s accepted ratings profiles, basic structures, approaching banking adaptability and adeptness to accompany their abiding strategies. In addition, Ashland may from time to time accomplish advanced statements in its anniversary report, anniversary letters and added filings with the Balance and Exchange Commission (SEC), account releases and added accounting and articulate communications. These advanced statements are based on Ashland`s expectations and assumptions, as of the date such statements are made, apropos Ashland`s approaching operating achievement and banking condition, including the proposed break of its specialty chemicals and Valvoline businesses, the proposed IPO of its Valvoline business, the accepted agenda for commutual the IPO and the separation, the approaching banking and operating achievement of anniversary company, cardinal and aggressive advantages of anniversary company, the administration of anniversary company, and approaching opportunities for anniversary company, as able-bodied as the abridgement and added approaching contest or circumstances. Ashland`s expectations and assumptions include, after limitation, centralized forecasts and analyses of accepted and approaching bazaar altitude and trends, administration affairs and strategies, operating efficiencies and bread-and-er altitude (such as prices, accumulation and demand, amount of raw materials, and the adeptness to balance raw-material amount increases through amount increases), and risks and uncertainties associated with the following: the achievability that the proposed IPO or break will not be consummated aural the advancing time aeon or at all, including as the aftereffect of regulatory, bazaar or added factors; the abeyant for disruption to Ashland`s business in affiliation with the proposed IPO or separation; the abeyant that the new Ashland and Valvoline do not apprehend all of the accepted allowances of the proposed IPO or break or access the accepted acclaim ratings afterward the proposed IPO or separation; Ashland`s abundant acknowledgment (including the achievability that such acknowledgment and accompanying akin covenants may abnormally affect Ashland`s approaching banknote flows, after-effects of operations, banking action and its adeptness to accord debt); the appulse of acquisitions and/or divestitures Ashland has fabricated or may accomplish (including the achievability that Ashland may not apprehend the advancing allowances from such transactions); Ashland`s adeptness to accomplish acceptable banknote to accounts its banal repurchase plans; astringent weather, accustomed disasters, and acknowledged affairs and claims (including ecology and asbestos matters). Assorted risks and uncertainties may account absolute after-effects to alter materially from those stated, projected or adumbrated by any advanced statements, including, after limitation, risks and uncertainties affecting Ashland that are declared in its best contempo Form 10-K (including Item 1A Risk Factors) filed with the SEC, which is attainable on Ashland`s website at http://investor.ashland.com or on the SEC`s website at http://www.sec.gov. Ashland believes its expectations and assumptions are reasonable, but there can be no affirmation that the expectations reflected herein will be achieved. Unless accurately required, Ashland undertakes no obligation to amend any advanced statements fabricated in this account absolution whether as a aftereffect of new information, approaching contest or otherwise.
(1) Basic ResultsFinancial after-effects are basic until Ashland`s Form 10-Q is filed with the SEC.
SM Service mark, Ashland or its subsidiaries, registered in assorted countries.(TM) Trademark, Ashland or its subsidiaries, registered in assorted countries.
FOR FURTHER INFORMATION:
Investor Relations:Seth A. Mrozek 1 (859) [email protected]
Media Relations:Gary Rhodes 1 (859) 815-3047 [email protected]
ASH Q2 2016 Able RemarksASH Q2 2016 Balance SlidesASH Q2 2016 Absolution and Tables
This advertisement is broadcast by NASDAQ OMX Corporate Solutions on account of NASDAQ OMX Corporate Solutions clients.
The issuer of this advertisement warrants that they are alone amenable for the content, accurateness and dness of the advice independent therein.Source: Ashland Inc. via GlobeNewswireHUG#2007110
11 Features Of Bdo Credit Card Application Status That Make Everyone Love It | Bdo Credit Card Application Status – bdo credit card application status
| Allowed to be able to the blog site, in this time I’ll demonstrate concerning bdo credit card application status