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Ashland beats estimates but abandons 2014 targets

8:45 AM MDT | April 24, 2013 | Vincent Valk

Ashland today reported fiscal second-quarter net income down 39.8% year-on-year (YOY), to $53 million, or 68 cts/share, on sales down 5.3%, to $1.97 billion. The quarter, however, included a number of charges related to a restructuring of debt obligations. Excluding these charges, adjusted net income from continuing operations was up 17%, to $1.78/share, easily beating analysts’ consensus of $1.54/share, as reported by Thomson Reuters.   The company, however, has abandoned its 2014 earning guidance because of unexpectedly weak economic conditions...

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