|Bid||0.00 x 800|
|Ask||0.00 x 800|
|Day's Range||73.93 - 75.50|
|52 Week Range||38.88 - 81.82|
|Beta (5Y Monthly)||1.44|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jul 28, 2020|
|Forward Dividend & Yield||1.10 (1.46%)|
|Ex-Dividend Date||May 29, 2020|
|1y Target Est||86.78|
Ashland Global is looking like an interesting pick from a technical perspective, as the company is seeing favorable trends on the moving average crossover front.
My name is Seth Mrozek, Director, Ashland Investor Relations. Joining me on the call today are Guillermo Novo, Ashland's Chairman and Chief Executive Officer; and Kevin Willis, Senior Vice President and Chief Financial Officer.
Ashland (ASH) delivered earnings and revenue surprises of -1.18% and -0.01%, respectively, for the quarter ended June 2020. Do the numbers hold clues to what lies ahead for the stock?
Shares of Ashland Global Holdings (NYSE:ASH) were flat in after-market trading after the company reported Q3 results.Quarterly Results Earnings per share were up 9.09% over the past year to $0.84, which beat the estimate of $0.68.Revenue of $574,000,000 decreased by 10.45% year over year, which beat the estimate of $561,940,000.Outlook Earnings guidance hasn't been issued by the company for now.View more earnings on ASHAshland Global Holdings hasn't issued any revenue guidance for the time being.Recent Stock Performance Company's 52-week high was at $81.82Company's 52-week low was at $38.88Price action over last quarter: Up 32.81%Company Profile Ashland Global Holdings Inc manufactures and sells a variety of specialty chemicals. The company organizes itself into three segments based on product type. The Specialty Ingredients segment, which generates the most revenue of any segment, sells cellulose ethers, vinyl pyrrolidones, and biofunctionals. Segment customers include pharmaceutical companies and manufacturers of personal care products, food and beverages, paint, coatings, and construction materials. The Valvoline segment sells automotive lubricants and chemicals and operates a chain of repair shops and quick lube oil change stores under the Valvoline brand. The Performance Materials segment sells plastic resins to automotive suppliers and electronics producers. The majority of revenue comes from North America.See more from Benzinga * Earnings Scheduled For July 28, 2020(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
* Sales of $574 million, down 10% versus prior-year quarter * Net income of $37 million, or $0.61 per diluted share * Income from continuing operations of $50 million, or $0.81 per diluted share * Adjusted income from continuing operations excluding intangibles amortization expense of $68 million, or $1.12 per diluted share * Adjusted EBITDA of $143 millionWILMINGTON, Del., July 28, 2020 (GLOBE NEWSWIRE) -- Ashland Global Holdings Inc. (NYSE: ASH) today announced preliminary1 financial results for the third quarter of fiscal 2020 which ended June 30, 2020. The global specialty materials company serves customers in a wide range of consumer and industrial markets.As expected, the Ashland portfolio demonstrated resilience during the quarter, despite the global macroeconomic uncertainty brought on by the COVID-19 pandemic. Sales were $574 million, down 10% versus the prior-year quarter, with the previously communicated prior-year business losses representing approximately one percentage point of the decline. Unfavorable foreign currency contributed an additional one percentage point. Net income was $37 million compared to net income of $66 million in the prior-year quarter, as the prior year included earnings from the Composites and Marl businesses. Income from continuing operations was $50 million compared to income of $23 million in the prior-year quarter, or $0.81 per diluted share compared to $0.37 in the prior-year quarter. Adjusted income from continuing operations excluding intangibles amortization expense was $68 million compared to $64 million in the prior-year quarter, or $1.12 per diluted share, up from $1.04 in the prior-year quarter. Adjusted EBITDA was $143 million, up from $140 million in the prior-year quarter, as the impact of lower sales was offset by lower operating expenses and improved product mix.“Results in the third quarter were consistent with the update we issued on July 17,” said Guillermo Novo, chairman and chief executive officer, Ashland. “Our results in the quarter demonstrate the value of our leadership positions in high-quality end markets and the importance of the actions we are taking internally. Our priorities continue to be the health and safety of our employees and the continued supply of products to customers in the critical industries which we serve. Our consumer business units performed particularly well as we experienced significantly stronger demand for pharmaceutical excipients, biofunctional ingredients and additives for hand sanitizers. While our industrial businesses felt the impact of reduced global demand during April and May, the teams began to see signs of improving demand trends in June.”“Our internal actions are also driving improvements to our cost structure and profitability,” continued Novo. “The combined benefit of cost reductions, improved product mix and lower raw-material costs yielded Adjusted EBITDA growth of 2% during the quarter. Our cost-reduction plans remain on track to generate $40 million of run-rate savings by the end of the fiscal year. In addition, we plan to incur $20 million to $30 million of the previously-disclosed reduced fixed-cost absorption related to inventory-control measures during the fiscal-fourth quarter. I am confident that these continued internal actions mean we are well positioned for the upcoming fiscal year. I look forward to sharing additional thoughts on our plans and the progress we have made during the conference call with securities analysts tomorrow morning.”Reportable Segment Performance To 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 SpecialtiesSales were $344 million, down 1% from the prior-year quarter, driven by a 3 percentage-point decline associated with previously-communicated businesses losses and a 1 percentage-point decline as a result of unfavorable foreign currency. Excluding these items, the Life Sciences and Personal Care & Household business units performed well during the quarter with particular strength demonstrated by pharmaceutical excipients, biofunctional ingredients and additives for hand sanitizers.Operating income was $56 million, compared to $49 million in the prior-year quarter. Adjusted EBITDA was $90 million, up 7% from the prior-year quarter, as lower sales volumes were more than offset by favorable price/mix and lower selling, administrative, research and development (“SARD”) costs.Industrial SpecialtiesSales were $205 million, down 23% from the prior-year quarter, due primarily to lower industrial demand across the globe reflecting the impact of the COVID-19 pandemic. Unfavorable foreign currency also reduced sales by 1%.Operating income was $28 million, compared to $35 million in the prior-year quarter. Adjusted EBITDA was $54 million, down 13% from the prior-year quarter, driven primarily by lower volume and partially offset by favorable price/mix and lower operating costs.Intermediates & SolventsSales were $37 million, down 10% from the prior-year quarter, due primarily to lower pricing on intercompany sales of butanediol and merchant-derivative sales.Operating income was $7 million, down from $8 million in the prior-year quarter. Adjusted EBITDA was $11 million, consistent with the prior-year quarter, as unfavorable price/mix was offset by favorable operating costs.Unallocated & OtherUnallocated and Other expense was $43 million, compared to $49 million in the prior-year quarter, primarily due to lower restructuring-related expenses and the elimination of stranded costs. Adjusted Unallocated and Other expense was $12 million, compared to $17 million in the prior-year quarter, primarily due to the benefits of cost reductions achieved during the previous fiscal year.OutlookChairman and CEO Guillermo Novo will provide commentary on the outlook for Ashland during the conference call with securities analysts on Wednesday, July 29, 2020.Conference Call Webcast Ashland will host a live webcast of its third-quarter conference call with securities analysts at 9:00 a.m. ET Wednesday, July 29, 2020. 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. Use of Non-GAAP Measures Ashland 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 global specialty materials company serving 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. At Ashland, we are approximately 4,600 passionate, tenacious solvers – from renowned scientists and research chemists to talented engineers and plant operators – who thrive on developing practical, innovative and elegant solutions to complex problems for customers in more than 100 countries. Visit ashland.com 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 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 SEC™ 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 email@example.com firstname.lastname@example.org Attachments * Q3 2020 Earnings Release - FINAL * Q3 2020 ER Tables - FINAL
WILMINGTON, Del., July 27, 2020 (GLOBE NEWSWIRE) -- Ashland Global Holdings Inc. (NYSE: ASH) today announced a definitive agreement to sell the company’s maleic anhydride business and manufacturing facility in Neal, West Virginia to AOC Materials LLC, for $100 million.Maleic anhydride is manufactured industrially on a large scale for applications in coatings and polymers. The maleic anhydride business was previously excluded from the sale of Ashland’s Composites business and the butanediol (BDO) manufacturing facility in Marl, Germany, to INEOS Enterprises. The transaction with AOC is expected to close prior to the end of calendar year 2020, contingent on customary regulatory approvals and standard closing conditions.“Today’s announcement furthers Ashland’s strategic focus to streamline our portfolio and to focus on specialty ingredients and improved margins,” said Guillermo Novo, chairman and chief executive officer, Ashland. “The Maleic business and its respective employees have made important contributions to Ashland, and AOC will take a strategic view of the business to drive growth and continue their success.” “We are delighted to have this business as a part of our company and welcome the employees who have made it successful to the AOC family,” remarked Joe Salley, chief executive officer, AOC. “We are excited about the growth prospects, not only as a source for our internal consumption but also for the merchant market as well.”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 global specialty materials company serving 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. At Ashland, we are approximately 4,600 passionate, tenacious solvers – from renowned scientists and research chemists to talented engineers and plant operators – who thrive on developing practical, innovative and elegant solutions to complex problems for customers in more than 100 countries. Visit ashland.com to learn more. About AOC AOC is the leading global supplier of resins and specialty materials that enable customers to create robust, durable, and versatile products and components. With strong capabilities around the world in both manufacturing and science, the company works closely with customers to deliver unrivaled quality, service, and reliability for today, and create innovative solutions for tomorrow. FOR FURTHER INFORMATION:Ashland Investor Relations: Media Relations: Seth A. Mrozek Carolmarie C. Brown +1 (302) 594-5010 +1 (302) 995-3158 email@example.com firstname.lastname@example.org AOC Media Relations: Thomas Wegman +31 38 4569565 email@example.comAttachment * Final Ashland sells maleic anhydride business 20200726
Ashland (ASH) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.
Ashland (ASH) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
WILMINGTON, Del., July 17, 2020 -- Ashland Global Holdings Inc. (NYSE: ASH) today provided an update for preliminary fiscal 2020 third-quarter financial results. Additional.
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WILMINGTON, Del., June 03, 2020 -- The American Chemistry Council (ACC) has recognized Ashland Global Holdings Inc. (NYSE: ASH) with a sustainability leadership award for.
Ashland Global Holdings Inc. (ASH) today announced that the board of directors has approved the appointment of Yvonne Winkler von Mohrenfels as general counsel and secretary effective Jan. 1, 2021. As part of the company’s ongoing transformation, Peter J. Ganz, senior vice president, general counsel and secretary, and chief legal and compliance officer has elected to retire from Ashland at the end of the calendar year.
WILMINGTON, Del., May 20, 2020 -- The board of directors of Ashland Global Holdings Inc. (NYSE: ASH) has declared a quarterly cash dividend of $0.275 per share on the company's.
It is not uncommon to see companies perform well in the years after insiders buy shares. The flip side of that is that...
Ashland Global Holdings Inc. (ASH) today announced preliminary1 financial results for the second quarter of fiscal 2020 ended March 31, 2020. As expected, the Ashland portfolio performed well during the quarter, despite the global macroeconomic uncertainty brought on by the COVID-19 pandemic.
WILMINGTON, DELAWARE, April 27, 2020 -- Ashland Global Holdings Inc. (NYSE: ASH) today announced that its second-quarter earnings conference call and webcast will now take.
Ashland Global Holdings (NYSE:ASH) has had a rough three months with its share price down 26%. It seems that the...