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Ashland (ASH) FY2023 results: revenue $2.2 billion, down 8.4% on the year

Ashland Inc. (ASH) reported revenue of $2.2 billion for fiscal 2023, the year ended 30 September 2023, down 8.4% on the year before. Net income was $178 million, down 80.8%, and diluted earnings per share $3.31. The figures are the company's own, from the 10-K it filed with the SEC on 17 November 2023.

Revenue
$2.2 billion
-8.4% on the year
FY2016FY2023
Operating margin
7.9%
13.9% a year earlier
FY2016FY2023
Net income
$178 million
-80.8% on the year
FY2016FY2023
Diluted EPS
$3.31
-79.8% on the year
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue2,1912,3912,111-8.4%
Cost of revenue1,5231,5611,441-2.4%
Gross profit668830670-19.5%
Gross margin30.5%34.7%31.7%
Research and development51.055.050.0-7.3%
Selling, general and administrative365393358-7.1%
Operating income172333192-48.3%
Operating margin7.9%13.9%9.1%
Interest expense54.062.069.0-12.9%
Pre-tax income160206135-22.3%
Income tax-8.025.0-38.0
Effective tax rate-5.0%12.1%-28.1%
Net income178927220-80.8%
Net margin8.1%38.8%10.4%
Diluted EPS$3.31$16.41$3.59-79.8%
$ 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

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow243-213560
Capital expenditure170113105+50.4%
Free cash flow73.0-326455
Free cash flow margin3.3%-13.6%21.6%
Cash from investing-109n/an/a
Cash from financing-371-896-426
Depreciation and amortisation243241244+0.8%
Share-based compensation22.018.015.0+22.2%
Buybacks300200450+50.0%
Dividends paid76.070.070.0+8.6%
Dividend per share$1.44$1.27$1.15+13.4%
Diluted shares, weighted54m56m61m-3.6%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity3,0973,2202,752-3.8%
Debt1,3301,2701,970+4.7%
Operating lease liabilities10694.0110+12.8%
Other liabilities1,4061,6291,780-13.7%
Total liabilities and equity5,9396,2136,612-4.4%
Fixed assets1,3731,3381,427+2.6%
Goodwill1,3621,3121,430+3.8%
Intangible assets8869631,099-8.0%
Securities held for sale or to maturityn/an/a421
Cash and equivalents417646210-35.4%
Receivables338402369-15.9%
Inventory626629473-0.5%
Other assets9379231,183+1.5%
Total assets5,9396,2136,612-4.4%

10-K for the year ended 30 September 2023, filed 17 November 2023: the filing.