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Ashland Net Income Declines on Charges

11:24 AM MST | January 24, 2012 | Robert Westervelt

Ashland reported net income of $61 million for its fiscal first quarter ended December 31, down 38% from the same year-ago quarter. Results include $53 million in pretax charges for inventory adjustments related to its acquisition of International Specialty Products (ISP) as well as severance costs. Adjusted earnings from continuing operations excluding significant items was $1.20/share, up 30% from the year-ago quarter, Ashland says. Sales increased 6%, to $1.93 billion....

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