Ashland (ASH) FY2024 results: revenue $2.1 billion, down 3.6% on the year

Ashland Inc. (ASH) reported revenue of $2.1 billion for fiscal 2024, the year ended 30 September 2024, down 3.6% on the year before. Net income was $169 million, down 5.1%, and diluted earnings per share $3.36. The figures are the company's own, from the 10-K it filed with the SEC on 18 November 2024.

Revenue

$2.1 billion

-3.6% on the year

FY2017FY2024

Operating margin

-1.2%

7.9% a year earlier

FY2017FY2024

Net income

$169 million

-5.1% on the year

FY2017FY2024

Diluted EPS

$3.36

+1.5% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,113	2,191	2,391	-3.6%
Cost of revenue	1,495	1,523	1,561	-1.8%
Gross profit	618	668	830	-7.5%
Gross margin	29.2%	30.5%	34.7%
Research and development	55.0	51.0	55.0	+7.8%
Selling, general and administrative	404	365	393	+10.7%
Operating income	-26.0	172	333
Operating margin	-1.2%	7.9%	13.9%
Interest expense	53.0	54.0	62.0	-1.9%
Pre-tax income	-24.0	160	206
Income tax	-223	-8.0	25.0
Effective tax rate	n/a	-5.0%	12.1%
Net income	169	178	927	-5.1%
Net margin	8.0%	8.1%	38.8%
Diluted EPS	$3.36	$3.31	$16.41	+1.5%

$ million except per share.

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

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	411	243	-213	+69.1%
Capital expenditure	137	170	113	-19.4%
Free cash flow	274	73.0	-326	+275.3%
Free cash flow margin	13.0%	3.3%	-13.6%
Cash from investing	-51.0	-109	n/a
Cash from financing	-479	-371	-896
Depreciation and amortisation	274	243	241	+12.8%
Share-based compensation	15.0	22.0	18.0	-31.8%
Buybacks	380	300	200	+26.7%
Dividends paid	78.0	76.0	70.0	+2.6%
Dividend per share	$1.58	$1.44	$1.27	+9.7%
Diluted shares, weighted	50m	54m	56m	-7.4%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	2,868	3,097	3,220	-7.4%
Debt	1,349	1,330	1,270	+1.4%
Operating lease liabilities	99.0	106	94.0	-6.6%
Other liabilities	1,329	1,406	1,629	-5.5%
Total liabilities and equity	5,645	5,939	6,213	-5.0%
Fixed assets	1,303	1,373	1,338	-5.1%
Goodwill	1,381	1,362	1,312	+1.4%
Intangible assets	751	886	963	-15.2%
Cash and equivalents	300	417	646	-28.1%
Receivables	243	338	402	-28.1%
Inventory	545	626	629	-12.9%
Other assets	1,122	937	923	+19.7%
Total assets	5,645	5,939	6,213	-5.0%

10-K for the year ended 30 September 2024, filed 18 November 2024: the filing.