ASHLAND INC. [ASH] has reported $178 profit for Q4 2023 ended Q3.
The WILMINGTON, Delaware based company recorded net profit of $172M on operating income of 172. Earnings per share rose to 3.31.
According to the Balance Sheet data, the total assets of the company decreased from $6,213 million in September 2022 to $5,939 million in September 2023. This decline in total assets can be attributed to a decrease in both current and noncurrent assets. The total liabilities also decreased from $2,440 million to $2,386 million over the same period. This reduction in liabilities indicates improved financial health for the company. Additionally, the total stockholders' equity decreased from $3,220 million to $3,097 million, primarily due to a decrease in retained earnings and accumulated other comprehensive loss. Overall, the company's balance sheet shows a slight decline in both assets and liabilities, indicating potential changes in its financial position.
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Ashland: Fiscal Q4 Earnings SnapshotIn the 12 months ending September 30, 2023, the company's sales were $2,191 million, a decrease from $2,391 million in the same period in 2022. The cost of sales also decreased from $1,561 million to $1,523 million. As a result, the gross profit decreased from $830 million to $668 million. Selling, general, and administrative expenses were $365 million, slightly lower than the $393 million in the previous year. Research and development expenses remained relatively stable at $51 million. Intangibles amortization expense increased slightly from $94 million to $93 million.
Equity and other income increased from $3 million to $7 million, while income from acquisitions and divestitures decreased from $42 million in 2022 to $6 million in the current reporting period. Overall, operating income decreased from $333 million to $172 million. Net interest and other expenses also decreased significantly from $149 million to $6 million.
The company experienced a net periodic benefit loss of $22 million in the previous year, which turned into a net gain of $6 million in the current reporting period. Income from continuing operations before income taxes decreased from $206 million to $160 million. Income tax expense also decreased from a benefit of $25 million to $8 million. Consequently, income from continuing operations decreased from $181 million to $168 million.
The company reported income from discontinued operations of $746 million in the previous year compared to $10 million in the current reporting period. As a result, the company's net income decreased significantly from $927 million to $178 million.
Basic earnings per share from continuing operations decreased from $3.26 to $3.18, while earnings per share from discontinued operations decreased from $13.45 to $0.18. Overall, basic earnings per share decreased from $16.71 to $3.36.
Diluted earnings per share showed a similar trend, with earnings from continuing operations decreasing from $3.2 to $3.13, and earnings from discontinued operations decreasing from $13.21 to $0.18. Net income per diluted share decreased from $16.41 to $3.31.
The company reported a comprehensive income of $244 million, a decrease from $730 million in the previous year. Other comprehensive income (loss), which includes unrealized translation gain (loss), unrealized gain (loss) on commodity hedges, and pension and postretirement obligation adjustment, changed from a loss of $197 million to a gain of $66 million. Overall, the company's comprehensive income decreased from $730 million to $244 million.
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Ashland: Fiscal Q4 Earnings SnapshotWhen comparing the values in the Cash Flow Statement table from the current reporting period to the year over year values, several notable changes can be observed.
Firstly, net cash from investments decreased significantly from -$102 million in 2022 to -$109 million in 2023. This can be attributed to a decrease in proceeds from the sale of securities and additions to property, plant, and equipment.
Secondly, net cash from financing activities also decreased from -$896 million in 2022 to -$371 million in 2023. This can be attributed to a decrease in the repurchase of common stock and repayment of long-term debt.
Lastly, net cash from operating activities increased from $193 million in 2022 to $294 million in 2023. This was primarily driven by changes in operating assets and liabilities.
Overall, there was a net decrease in cash and cash equivalents from -$229 million in 2022 to -$244 million in 2023.
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