Ashland fiscal 1Q profit down |
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Wed, 24 Jan 2007 13:51
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DUBLIN, Ohio (AFX) - Chemicals company Ashland Inc. said Wednesday its fiscal first-quarter profit fell 26 percent on one-time charges and soft demand.For the quarter ended Dec. 31, Ashland earned $49 million, or 75 cents per share, compared with $66 million, or 91 cents per share, for the same quarter in 2005.Revenue rose to $1.8 billion from $1.69 billion in the year-ago period.The results fell slightly short of Wall Street predictions. Analysts polled by Thomson Financial had expected a profit of 76 cents per share on $1.89 billion in revenue.The 2005 quarter's results included $31 million, or 43 cents per share, of profit related to discontinued operations mainly related to the operations of Ashland Paving And Construction Inc., which was sold in August 2006.The 2006 quarter's profit included a loss from discontinued operations of $4 million, or 6 cents per share, primarily resulting from post-closing adjustments on the sale of Ashland Paving.Ashland officials said the results at its distribution business also were hurt by softness in U.S. industrial production, while the company's performance materials was hurt by soft automotive, marine and housing markets, but to a much lesser extent.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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