Ashland (ASH) FY2020 results: revenue $2.0 billion, down 6.1% on the year
Ashland Inc. (ASH) reported revenue of $2.0 billion for fiscal 2020, the year ended 30 September 2020, down 6.1% on the year before. Net income was -$508 million, and diluted earnings per share $-8.39. The figures are the company's own, from the 10-K it filed with the SEC on 23 November 2020.
Revenue
$2.0 billion
-6.1% on the year
FY2014FY2020
Operating margin
-22.9%
4.0% a year earlier
FY2014FY2020
Net income
-$508 million
FY2014FY2020
Diluted EPS
-$8.39
FY2014FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,016
2,148
2,589
-6.1%
Cost of revenue
1,417
1,497
1,726
-5.3%
Gross profit
599
651
863
-8.0%
Gross margin
29.7%
30.3%
33.3%
Research and development
56.0
58.0
73.0
-3.4%
Selling, general and administrative
400
426
599
-6.1%
Operating income
-461
86.0
102
Operating margin
-22.9%
4.0%
3.9%
Interest expense
88.0
114
116
-22.8%
Pre-tax income
-577
-9.0
11.0
Income tax
-22.0
30.0
-8.0
Effective tax rate
n/a
n/a
-72.7%
Net income
-508
505
114
Net margin
-25.2%
23.5%
4.4%
Diluted EPS
-$8.39
$8.03
$1.79
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
203
241
297
-15.8%
Capital expenditure
133
147
157
-9.5%
Free cash flow
70.0
94.0
140
-25.5%
Free cash flow margin
3.5%
4.4%
5.4%
Cash from financing
9.0
-1,149
-368
Depreciation and amortisation
235
277
277
-15.2%
Share-based compensation
14.0
21.0
27.0
-33.3%
Buybacks
n/a
200
n/a
Dividends paid
66.0
64.0
60.0
+3.1%
Dividend per share
$1.10
$1.05
$0.95
+4.8%
Diluted shares, weighted
61m
63m
64m
-3.2%
Shares outstanding at period end
61m
60m
62m
+1.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
3,036
3,571
3,406
-15.0%
Debt
1,853
1,667
2,529
+11.2%
Operating lease liabilities
114
n/a
n/a
Other liabilities
1,874
2,013
2,317
-6.9%
Total liabilities and equity
6,877
7,251
8,252
-5.2%
Fixed assets
1,485
1,577
1,646
-5.8%
Goodwill
1,305
1,800
2,304
-27.5%
Intangible assets
1,013
1,088
1,185
-6.9%
Securities held for sale or to maturity
331
334
342
-0.9%
Cash and equivalents
454
232
294
+95.7%
Receivables
437
481
522
-9.1%
Inventory
506
597
596
-15.2%
Other assets
1,346
1,142
1,363
+17.9%
Total assets
6,877
7,251
8,252
-5.2%
10-K for the year ended 30 September 2020, filed 23 November 2020: the filing.