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Ashland (ASH) Q1 FY2024 earnings: revenue $473 million, down 9.9% on the year

Ashland Inc. (ASH) reported revenue of $473 million for Q1 FY2024, the quarter ended 31 December 2023, down 9.9% on the same quarter a year earlier. Net income was $26 million, down 35.0% on the year, and diluted earnings per share $0.51. The figures are the company's own, from the 10-Q it filed with the SEC on 31 January 2024.

Revenue$473 milliondown 9.9%
Net income$26 milliondown 35.0%
Diluted EPS$0.51
QuarterQ1 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Revenue473517n/an/a
Cost of revenue375389n/an/a
Gross profit98.0128n/an/a
Gross margin20.7%24.8%n/a
Research and development12.014.0n/an/a
Selling, general and administrative83.0109n/an/a
Operating income-18.0-10.0n/an/a
Operating margin-3.8%-1.9%n/a
Pre-tax income4.0-38.0n/an/a
Income tax-24.0-30.0n/an/a
Effective tax rate-600.0%n/an/a
Net income26.0-3.0n/an/a
Net margin5.5%-0.6%n/a
Diluted EPS$0.51-$0.07n/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free 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 and capital returned

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Capital expenditure36.069.0n/an/a
Cash from investing-26.0-52.0n/an/a
Cash from financing-139-5.0n/an/a
Depreciation and amortisation77.062.0n/an/a
Share-based compensation1.05.0n/an/a
Buybacks1000.0n/an/a
Dividends paid20.020.0n/an/a
Dividend per share$0.34$0.39n/an/a
Diluted shares, weighted51mn/an/an/a
Shares outstanding at period end50m51mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Shareholders' equity3,0533,097n/an/a
Debt1,3411,330n/an/a
Operating lease liabilities107106n/an/a
Other liabilities1,3651,406n/an/a
Total liabilities and equity5,8665,939n/an/a
Fixed assets1,3671,373n/an/a
Goodwill1,3961,362n/an/a
Intangible assets875886n/an/a
Cash and equivalents440417n/an/a
Receivables194338n/an/a
Inventory588626n/an/a
Other assets1,006937n/an/a
Total assets5,8665,939n/an/a

Quarterly results, the last 12 quarters

Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue517473575544521405479463477386482497
Cost of revenue389375414358348294332331318281335327
Gross profit12898.0161186173111147132159105147170
Gross margin25%21%28%34%33%27%31%29%33%27%30%34%
R&D14.012.014.015.014.013.014.013.014.013.014.015.0
SG&A10983.010611410178.085.010675.086.079.099.0
Operating income-10.0-18.021.0-61.032.0-17951.0-70861.0-6.039.043.0
Operating margin-2%-4%4%-11%6%-44%11%-153%13%-2%8%9%
Pre-tax income-38.04.017.0-70.025.0-20939.0-70465.0-15.020.056.0
Tax raten/a-600%-612%n/a24%n/a23%n/a49%n/a25%27%
Net income-3.026.01206.017.0-16531.0-74231.0-12.016.016.0
Net margin-1%5%21%1%3%-41%6%-160%6%-3%3%3%
Diluted EPS-$0.07$0.51$2.39$0.12$0.33-$3.50$0.65-$16.21$0.71-$0.26$0.34$0.35
Capital expenditure69.036.034.029.038.023.021.020.034.014.017.020.0
Buybacks0.01000.01301500.01000.00.0n/an/a0.0
Dividends paid20.020.019.020.019.019.019.019.019.019.019.019.0
Shares outstanding51m50m50m49m47m47m46m46m46m46m46m46m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2023, filed 31 January 2024, accession 0000950170-24-009280: the filing on EDGAR. All of Ashland Inc.'s filings: EDGAR company page.

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