Ashland’s First-Quarter Income Falls

O’Brien: Poor building sector hurt results. Ashland reported income from continuing operations of $38 million (60 cts/share), a 28% decline over the year ago period, for its fiscal first quarter ended December 31, 2007. Ashland attributes the decline in part to a 21% increase in depreciation expenses and a 6 percentage point increase in the income tax rate. Operating income fell 21%, to $47 million. Sales rose 5%, to $1.9 billion. “The unfavorable conditions in the North American building and construction and transportation markets continued to...

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