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Ashland to sell water technologies, elastomers; earnings fall

9:20 AM MDT | July 25, 2013 | Vincent Valk

Ashland today reported fiscal third-quarter income from continuing operations down 26.9% year-on-year (YOY), to $117 million, on sales down 4%, to $2.1 billion. The declines were driven by a $17 million write-down of elastomers inventory due to sharply lower butadiene prices. Adjusted earnings, which include the elastomers write-down but exclude some environmental charges, totaled $1.66/share, well short of analysts’ consensus estimate of $1.84/share. Ashland’s fiscal third-quarter ended on 30 June. The company has also announced that intends to sell...

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