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Ashland Global Holdings Inc. (ASH)

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Previous Close86.15
Open86.31
Bid86.72 x 900
Ask86.84 x 800
Day's Range86.43 - 87.14
52 Week Range50.91 - 92.15
Volume498,389
Avg. Volume567,235
Market Cap5.287B
Beta (5Y Monthly)1.31
PE Ratio (TTM)38.21
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield1.10 (1.27%)
Ex-Dividend DateFeb 25, 2021
1y Target EstN/A
  • Ashland completes acquisition of personal care business of Schülke & Mayr GmbH, a portfolio company of EQT
    GlobeNewswire

    Ashland completes acquisition of personal care business of Schülke & Mayr GmbH, a portfolio company of EQT

    WILMINGTON, Del., April 30, 2021 (GLOBE NEWSWIRE) -- Ashland Global Holdings Inc. (NYSE: ASH) today announced that it has completed the acquisition of the personal care business from Schülke & Mayr GmbH, a portfolio company of the global investment organization EQT. Under the terms of the agreement, Ashland agreed to a purchase price of €262.5 million in an all-cash transaction funded with bank financing and available cash, subject to customary purchase price adjustments. Ashland expects the acquisition to become immediately accretive to Ashland's earnings per share. The completion of the acquisition strengthens Ashland’s consumer business portfolio and enhances the company’s specialty additives position while expanding the company’s biotechnology and microbiology technical competencies. The move also advances Ashland’s environmental, social and governance (ESG) agenda by further aligning the company’s personal care and household portfolio with the ‘clean beauty’ trend and new generation of consumers seeking products with milder ingredients. “I am excited to welcome the Schülke and Mayr personal care employees to Ashland. They will help broaden our specialty additives solutions and expand our biotechnology and microbiology technical capabilities,” said Guillermo Novo, chairman and chief executive officer, Ashland. “We will continue driving our strategy and focusing on bolt-on acquisitions that create new sustainable solutions in broader fields of application to deliver value to our customers.” “Completing this acquisition supports our strategy to strengthen the profitable growth of our personal care and household business unit,” said Xiaolan Wang, senior vice president and general manager, personal care and household, Ashland. “It is my pleasure to welcome our new solvers to Ashland who will further help our customers’ brands differentiate and grow in a constantly changing market space.” Citi is acting as financial advisor to Ashland, and Squire Patton Boggs LLP is acting as legal advisor. About Ashland Ashland Global Holdings Inc. (NYSE: ASH) is a premier specialty materials company with a conscious and proactive mindset for sustainability. The company serves customers in a wide range of consumer and industrial markets, including adhesives, architectural coatings, automotive, construction, energy, food and beverage, nutraceuticals, personal care and pharmaceutical. Approximately 4,200 passionate, tenacious solvers – from renowned scientists and research chemists to talented engineers and plant operators – thrive on developing practical, innovative and elegant solutions to complex problems for customers in more than 100 countries. Visit www.ashland.com and www.ashland.com/sustainability to learn more. About Schülke & Mayr GmbH The company is a leader in the field of infection prevention and hygiene solutions for more than 130 years. Schülke & Mayr GmbH develops, produces and distributes antiseptics for wound care, disinfectants and medical and cosmetic skin care products and preservatives. The company offers its customers innovative products, solutions and services in the professional healthcare business, over the counter (OTC) and hygiene solutions for the pharma sector. schülke’s mission is to protect lives worldwide and thereby actively contributes to patient safety. Today schülke is represented by 20 subsidiaries and sells its products in more than 100 countries. The company is headquartered in Germany, employs more than 1,300 people worldwide and operates production sites in Germany (schülke), France (Bioxal) and Brazil (Vic Pharma). About EQTEQT is a purpose-driven global investment organization with more than EUR 75 billion in raised capital and currently more than EUR 46 billion in assets under management across 16 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership. Visit www.eqtgroup.com for more information. C-ASH Forward-Looking Statements This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Ashland has identified some of these forward-looking statements with words such as "anticipates," "believes," "expects," "estimates," "is likely," "predicts," "projects," "forecasts," "objectives," "may," "will," "should," "plans" and "intends" and the negative of these words or other comparable terminology. These forward-looking statements include, but are not limited to, statements relating to our expectation that the acquisition will become immediately accretive to earnings per share. In addition, Ashland may from time to time make forward-looking statements in its annual reports, quarterly reports and other filings with the SEC, news releases and other written and oral communications. These forward-looking statements are based on Ashland's expectations and assumptions, as of the date such statements are made, regarding Ashland's future operating performance and financial condition, the strategic and competitive advantages of the expected acquisition, as well as the economy and other future events or circumstances. Ashland's expectations and assumptions include, without limitation, internal forecasts and analyses of current and future market conditions and trends, management plans and strategies, operating efficiencies and economic conditions (such as prices, supply and demand, cost of raw materials, and the ability to recover raw-material cost increases through price increases), and risks and uncertainties associated with the following: Ashland's substantial indebtedness (including the possibility that such indebtedness and related restrictive covenants may adversely affect Ashland's future cash flows, results of operations, financial condition and its ability to repay debt); the impact of acquisitions and/or divestitures Ashland has made or may make, including the acquisition of Schülke & Mayr’s personal care business (including the possibility that Ashland may not realize the anticipated benefits from such transactions); and severe weather (including the recent U.S. Gulf Coast storm), natural disasters, public health crises (including the current COVID-19 pandemic) and legal proceedings and claims (including environmental and asbestos matters). Various risks and uncertainties may cause actual results to differ materially from those stated, projected or implied by any forward-looking statements, including, without limitation, risks and uncertainties affecting Ashland that are described in Ashland's most recent Form 10-K (including Item 1A Risk Factors) filed with the SEC, which is available on Ashland's website at http://investor.ashland.com or on the SEC's website at http://www.sec.gov. Ashland believes its expectations and assumptions are reasonable, but there can be no assurance that the expectations reflected herein will be achieved. Unless legally required, Ashland undertakes no obligation to update any forward-looking statements made in this news release whether as a result of new information, future events or otherwise. Information on the respective websites of Ashland, EQT and Schülke & Mayr is not incorporated into or a part of this news release. (TM) Trademark, Ashland or its subsidiaries, registered in various countries. FOR FURTHER INFORMATION: Investor Relations: Media Relations:Seth A. Mrozek Carolmarie C. Brown+1 (302) 594-5010 +1 (302) 995-3158 samrozek@ashland.com ccbrown@ashland.com Attachment Ashland completes acquisition of personal care business from EQT 20210430

  • Ashland reports preliminary financial results1 for second quarter of fiscal year 2021
    GlobeNewswire

    Ashland reports preliminary financial results1 for second quarter of fiscal year 2021

    Sales of $598 million, down two percent from the prior-year quarterNet income of $41 million, or $0.66 per diluted shareIncome from continuing operations of $43 million, or $0.69 per diluted shareAdjusted income from continuing operations excluding intangibles amortization expense of $64 million, or $1.05 per diluted shareAdjusted EBITDA of $134 millionCash flows provided by operating activities of $64 million; free cash flows of $40 million WILMINGTON, Del., April 28, 2021 (GLOBE NEWSWIRE) -- Ashland Global Holdings Inc. (NYSE: ASH) today announced preliminary1 financial results for the second quarter of fiscal year 2021, which ended March 31, 2021. The global specialty materials company serves customers in a wide range of consumer and industrial markets. Ashland’s financial results during the quarter reflected execution of the company’s strategy, the benefit of continued cost reduction and improving industrial demand. Results were negatively impacted by the weather-related events in the U.S. Gulf Coast and changing consumer habits as the global pandemic has persisted. Sales were approximately $598 million, down two percent compared to the prior-year period, reflecting the combined effect of these dynamics. Net income was $41 million compared to a net loss of $582 million in the prior-year quarter which included the impact of a non-cash goodwill impairment charge. Income from continuing operations was $43 million compared to a loss of $575 million in the prior-year quarter, or $0.69 per diluted share compared to a loss of $9.48 in the prior-year quarter. Adjusted income from continuing operations excluding intangibles amortization expense was $64 million compared to $69 million in the prior-year quarter, or $1.05 per diluted share, down from $1.12 in the prior-year quarter. Adjusted EBITDA was $134 million, down from $142 million in the prior-year quarter, driven primarily by weather-related impacts following the winter storms in the U.S. Gulf Coast and higher-than-expected environmental reserves. Ashland’s two Texas-based facilities were shut down during the quarter for a period following the winter storms in the U.S. Gulf Coast. Weather-related impacts during the quarter totaled approximately $11 million, comprised primarily of lost cost absorption, repair costs and increased freight costs. Unrelated to the winter storms, the company also incurred higher-than-expected environmental reserves of approximately $4 million. Cash flows provided by operating activities totaled $64 million compared to $47 million in the prior-year quarter. Free cash flows totaled $40 million compared to $10 million in the prior-year quarter. “Absent the weather-related impacts, all of Ashland’s business units performed as expected during the quarter,” said Guillermo Novo, chairman and chief executive officer, Ashland. “The industrial businesses continued to gain further momentum as demand in those end markets accelerated. The Life Sciences segment saw continued strength in demand in the pharma and nutraceutical end markets, while the Personal Care and Household segment continued to experience the same consumer-driven impacts that have persisted during the global pandemic.” “I am pleased with the progress our team has made executing our strategy, especially in the context of a difficult operating environment,” continued Novo. “The persistence of the global pandemic-impacted consumer behavior and the winter storms in the U.S. Gulf Coast are realities we faced during the quarter. For the full fiscal year, we expect to recover a portion of the lost cost absorption as the impacted plants work to make up for some of the lost production during the quarter. Overall, our expectations for Ashland’s full year results have not changed. I look forward to sharing additional thoughts on our plans and the progress we have made during our earnings call tomorrow morning.” Reportable Segment PerformanceTo aid in the understanding of Ashland’s ongoing business performance, the results of Ashland’s reportable segments are described below on an adjusted basis. In addition, EBITDA and adjusted EBITDA are reconciled to operating income in Table 4. Free cash flow and adjusted operating income are reconciled in Table 6 and adjusted income from continuing operations, adjusted diluted earnings per share and adjusted diluted earnings per share excluding intangible amortization expense are reconciled in Table 7 of this news release. These adjusted results are considered non-GAAP financial measures. For a full description of the non-GAAP financial measures used, see the “Use of Non-GAAP Measures” section that further describes these adjustments below. Consumer Specialties Sales were $322 million, down six percent from the prior-year quarter. Pharma sales were nearly flat with the strong prior-year period, while nutraceuticals sales reflected an improved demand environment. Sales in Personal Care and Household were down compared to the prior year due primarily to the exit of low-margin products and changing global consumer behavior for styling, grooming and oral-care during the global pandemic. Foreign currency favorably impacted sales by three percent. Operating income was $54 million, compared to a loss of $300 million in the prior-year quarter which included the impact of the non-cash goodwill impairment charge. Adjusted EBITDA was $88 million, down three percent from the prior-year quarter, reflecting the $11 million weather-related impact of the U.S. Gulf Coast winter storms. Industrial Specialties Sales were $246 million, up three percent from the prior-year quarter. Continued strong demand for architectural coatings and adhesives applications was partially offset by weak energy markets in the U.S. and lower construction additive sales following the labor strike at the Doel, Belgium facility. Foreign currency favorably impacted sales by three percent. Operating income was $38 million, compared to a loss of $145 million in the prior-year quarter which included the impact of the non-cash goodwill impairment charge. Adjusted EBITDA was $62 million, up 17% from the prior-year quarter, driven by favorable mix and SARD expenses. Intermediates & Solvents Sales were $37 million, consistent with the prior-year quarter, as higher merchant sales offset lower internal sales following the winter storms in the U.S. Gulf Coast. Operating income was $3 million, up from an operating loss of $2 million in the prior-year quarter. Adjusted EBITDA was $7 million, up from $5 million in the prior-year quarter. Unallocated & Other Unallocated and Other expense was $24 million, compared to $21 million in the prior-year quarter. Adjusted Unallocated and Other expense was $23 million, compared to an expense of $7 million in the prior-year quarter, primarily due to higher legacy environmental costs and favorable one-time income items recorded during the prior year. Conference Call WebcastAshland will host a live webcast of its first-quarter conference call with securities analysts at 10:00 a.m. ET on Thursday, April 29, 2021. The webcast will be accessible through Ashland’s website at http://investor.ashland.com and will include a slide presentation. Following the live event, an archived version of the webcast and supporting materials will be available for 12 months on http://investor.ashland.com. Use of Non-GAAP MeasuresAshland believes that by removing the impact of depreciation and amortization and excluding certain non-cash charges, amounts spent on interest and taxes and certain other charges that are highly variable from year to year, EBITDA, adjusted EBITDA, EBITDA margin and adjusted EBITDA margin provide Ashland’s investors with performance measures that reflect the impact to operations from trends in changes in sales, margin and operating expenses, providing a perspective not immediately apparent from net income, operating income, net income margin and operating income margin. The adjustments Ashland makes to derive the non-GAAP measures of EBITDA, adjusted EBITDA, EBITDA margin and adjusted EBITDA margin exclude items which may cause short-term fluctuations in net income and operating income and which Ashland does not consider to be the fundamental attributes or primary drivers of its business. EBITDA, adjusted EBITDA, EBITDA margin and adjusted EBITDA margin provide disclosure on the same basis as that used by Ashland’s management to evaluate financial performance on a consolidated and reportable segment basis and provide consistency in our financial reporting, facilitate internal and external comparisons of Ashland’s historical operating performance and its business units and provide continuity to investors for comparability purposes. EBITDA margin and adjusted EBITDA margin are defined as EBITDA and adjusted EBITDA divided by sales for the corresponding period. Key items, which are set forth on Table 7 of this release, are defined as financial effects from significant transactions that, either by their nature or amount, have caused short-term fluctuations in net income and/or operating income which Ashland does not consider to most accurately reflect Ashland’s underlying business performance and trends. Further, Ashland believes that providing supplemental information that excludes the financial effects of these items in the financial results will enhance the investor’s ability to compare financial performance between reporting periods. Tax-specific key items, which are set forth on Table 7 of this release, are defined as financial transactions, tax law changes or other matters that fall within the definition of key items as described above. These items relate solely to tax matters and would only be recorded within the income tax caption of the Statement of Consolidated Income. As with all key items, due to their nature, Ashland does not consider the financial effects of these tax-specific key items on net income to be the most accurate reflection of Ashland’s underlying business performance and trends. The free cash flow metric enables Ashland to provide a better indication of the ongoing cash being generated that is ultimately available for both debt and equity holders as well as other investment opportunities. Unlike cash flow provided by operating activities, free cash flow includes the impact of capital expenditures from continuing operations, providing a more complete picture of cash generation. Free cash flow has certain limitations, including that it does not reflect adjustment for certain non-discretionary cash flows such as mandatory debt repayments. The amount of mandatory versus discretionary expenditures can vary significantly between periods. Adjusted diluted earnings per share is a performance measure used by Ashland and is defined by Ashland as earnings (loss) from continuing operations, adjusted for identified key items and divided by the number of outstanding diluted shares of common stock. Ashland believes this measure provides investors additional insights into operational performance by providing earnings and diluted earnings per share metrics that exclude the effect of the identified key items and tax specific key items. Adjusted diluted earnings per share, excluding intangibles amortization expense metric enables Ashland to demonstrate the impact of non-cash intangibles amortization expense on earnings per share, in addition to key items previously mentioned. Ashland’s management believes this presentation is helpful to illustrate how previous acquisitions impact applicable period results. About Ashland Ashland Global Holdings Inc. (NYSE: ASH) is a premier specialty materials company with a conscious and proactive mindset for sustainability. The company serves customers in a wide range of consumer and industrial markets, including adhesives, architectural coatings, automotive, construction, energy, food and beverage, nutraceuticals, personal care and pharmaceutical. Approximately 4,200 passionate, tenacious solvers – from renowned scientists and research chemists to talented engineers and plant operators – thrive on developing practical, innovative and elegant solutions to complex problems for customers in more than 100 countries. Visit ashland.com and ashland.com/sustainability to learn more. Forward-Looking Statements This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Ashland has identified some of these forward-looking statements with words such as “anticipates,” “believes,” “expects,” “estimates,” “is likely,” “predicts,” “projects,” “forecasts,” “objectives,” “may,” “will,” “should,” “plans” and “intends” and the negative of these words or other comparable terminology. Ashland may from time to time make forward-looking statements in its annual reports, quarterly reports and other filings with the U.S. Securities and Exchange Commission (SEC), news releases and other written and oral communications. These forward-looking statements are based on Ashland’s expectations and assumptions, as of the date such statements are made, regarding Ashland’s future operating performance, financial condition, and expected effects of the COVID-19 pandemic on Ashland’s business, as well as the economy and other future events or circumstances. These statements include but may not be limited to Ashland’s expectations regarding its ability to drive sales and earnings growth and realize further cost reductions. Ashland’s expectations and assumptions include, without limitation, internal forecasts and analyses of current and future market conditions and trends, management plans and strategies, operating efficiencies and economic conditions (such as prices, supply and demand, cost of raw materials, and the ability to recover raw-material cost increases through price increases), and risks and uncertainties associated with the following: the impact of acquisitions and/or divestitures Ashland has made or may make (including the possibility that Ashland may not realize the anticipated benefits from such transactions); Ashland’s substantial indebtedness (including the possibility that such indebtedness and related restrictive covenants may adversely affect Ashland’s future cash flows, results of operations, financial condition and its ability to repay debt); severe weather, natural disasters, public-health crises (including the current COVID-19 pandemic), cyber events and legal proceedings and claims (including product recalls, environmental and asbestos matters); the effects of the COVID-19 pandemic on the geographies in which we operate, the end markets we serve and on our supply chain and customers, and without limitation, risks and uncertainties affecting Ashland that are described in Ashland’s most recent Form 10-K (including Item 1A Risk Factors) filed with the SEC, which is available on Ashland’s website at http://investor.ashland.com or on the SEC’s website at http://www.sec.gov. Various risks and uncertainties may cause actual results to differ materially from those stated, projected or implied by any forward-looking statements. The extent and duration of the COVID-19 pandemic on our business and operations is uncertain. Factors that will influence the impact on our business and operations include the duration and extent of the pandemic, the extent of imposed or recommended containment and mitigation measures, and the general economic consequences of the pandemic. Ashland believes its expectations and assumptions are reasonable, but there can be no assurance that the expectations reflected herein will be achieved. Unless legally required, Ashland undertakes no obligation to update any forward-looking statements made in this news release whether as a result of new information, future events or otherwise. 1Financial results are preliminary until Ashland’s Form 10-Q is filed with the U.S. Securities and Exchange Commission. ™ Trademark, Ashland or its subsidiaries, registered in various countries. FOR FURTHER INFORMATION: Investor Relations: Media Relations:Seth A. Mrozek Carolmarie C. Brown+1 (302) 594-5010 +1 (302) 995-3158samrozek@ashland.com ccbrown@ashland.com Attachment Ashland Q2 2021 Earnings Release with Financial Tables - FINAL 20210428

  • Ashland to report financial results for second quarter fiscal 2021 after NYSE closes April 28, and host webcast with securities analysts and investors at 10 a.m. ET April 29
    GlobeNewswire

    Ashland to report financial results for second quarter fiscal 2021 after NYSE closes April 28, and host webcast with securities analysts and investors at 10 a.m. ET April 29

    WILMINGTON, Del., April 23, 2021 (GLOBE NEWSWIRE) -- Ashland Global Holdings Inc. (NYSE: ASH) will issue its second-quarter earnings release at approximately 5 p.m. ET on Wednesday, April 28, 2021. The company’s live webcast with securities analysts and investors will take place at 10 a.m. ET, Thursday, April 29, 2021 and include an executive summary and detailed remarks. Simultaneously, the company will post a slide presentation in the Investor Relations section of its website http://investor.ashland.com. Among those participating in the webcast presentation will be: Guillermo Novo, chairman and chief executive officer;Kevin Willis, senior vice president and chief financial officer; andSeth Mrozek, director of investor relations. The webcast and supporting materials will be accessible through the Investor Relations section of the Ashland website at http://investor.ashland.com. Following the live event, an archived version of the webcast and supporting materials will be available on the website for 12 months. About Ashland Ashland Global Holdings Inc. (NYSE: ASH) is a premier specialty materials company with a conscious and proactive mindset for sustainability. The company serves customers in a wide range of consumer and industrial markets, including adhesives, architectural coatings, automotive, construction, energy, food and beverage, nutraceuticals, personal care and pharmaceutical. Approximately 4,200 passionate, tenacious solvers – from renowned scientists and research chemists to talented engineers and plant operators – thrive on developing practical, innovative and elegant solutions to complex problems for customers in more than 100 countries. Visit www.ashland.com and www.ashland.com/sustainability to learn more. ™ Trademark, Ashland or its subsidiaries, registered in various countries. FOR FURTHER INFORMATION: Investor Relations: Media Relations:Seth A. Mrozek Carolmarie C. Brown+1 (302) 594-5010 +1 (302) 995-3158samrozek@ashland.com ccbrown@ashland.com Attachment Ashland to report financial results for second quarter fiscal 2021 2021422