Ashland’s Net Income Falls, but Pro Forma Ebitda Rises

Ashland reported preliminary net income of $50 million (66 cts/share) in its fiscal third quarter ended June 30, down 31% from the year-ago period, on sales down 7%, to $2 billion. The 2009 quarter included charges totaling $34 million. On an adjusted, pro forma basis, Ebitda rose 9%, to $248 million. “Our results benefited from all-time-record quarterly Ebitda from consumer markets, and reduced overall expenses of $87 million, both from integration and other cost-reduction initiatives,” says James O’Brien, chairman and CEO.  “Our...

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