Ashland (ASH) FY2019 results: revenue $2.1 billion, down 17.0% on the year
Ashland Inc. (ASH) reported revenue of $2.1 billion for fiscal 2019, the year ended 30 September 2019, down 17.0% on the year before. Net income was $505 million, up 343.0%, and diluted earnings per share $8.03. The figures are the company's own, from the 10-K it filed with the SEC on 25 November 2019.
Revenue
$2.1 billion
-17.0% on the year
FY2014FY2019
Operating margin
4.0%
3.9% a year earlier
FY2014FY2019
Net income
$505 million
+343.0% on the year
FY2014FY2019
Diluted EPS
$8.03
+348.6% on the year
FY2014FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,148
2,589
2,309
-17.0%
Cost of revenue
1,497
1,726
1,580
-13.3%
Gross profit
651
863
729
-24.6%
Gross margin
30.3%
33.3%
31.6%
Research and development
58.0
73.0
73.0
-20.5%
Selling, general and administrative
426
599
610
-28.9%
Operating income
86.0
102
49.0
-15.7%
Operating margin
4.0%
3.9%
2.1%
Interest expense
114
116
227
-1.7%
Pre-tax income
-9.0
11.0
-196
Income tax
30.0
-8.0
-16.0
Effective tax rate
n/a
-72.7%
n/a
Net income
505
114
1.0
+343.0%
Net margin
23.5%
4.4%
0.0%
Diluted EPS
$8.03
$1.79
$0.01
+348.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
241
297
n/a
-18.9%
Capital expenditure
147
157
168
-6.4%
Free cash flow
94.0
140
n/a
-32.9%
Free cash flow margin
4.4%
5.4%
n/a
Cash from financing
-1,149
-368
n/a
Depreciation and amortisation
277
277
265
0.0%
Share-based compensation
21.0
27.0
20.0
-22.2%
Buybacks
200
n/a
0.0
Dividends paid
64.0
60.0
77.0
+6.7%
Dividend per share
$1.05
$0.95
$1.23
+10.5%
Diluted shares, weighted
63m
64m
62m
-1.6%
Shares outstanding at period end
60m
62m
62m
-3.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
3,571
3,406
3,406
+4.8%
Non-controlling interest
n/a
n/a
0.0
Debt
1,667
2,529
2,819
-34.1%
Other liabilities
2,013
2,317
2,393
-13.1%
Total liabilities and equity
7,251
8,252
8,618
-12.1%
Fixed assets
1,577
1,646
1,970
-4.2%
Goodwill
1,800
2,304
2,315
-21.9%
Intangible assets
1,088
1,185
1,319
-8.2%
Securities held for sale or to maturity
334
342
n/a
-2.3%
Cash and equivalents
232
294
566
-21.1%
Receivables
481
522
612
-7.9%
Inventory
597
596
634
+0.2%
Other assets
1,142
1,363
1,202
-16.2%
Total assets
7,251
8,252
8,618
-12.1%
10-K for the year ended 30 September 2019, filed 25 November 2019: the filing.