Ashland Inc, the maker of Valvoline motor oil and specialty chemicals, has announced preliminary results for the fiscal first quarter ended Dec 31, 2005.
The company net income was $66 million, or $0.91 per share. As compared with the December 2004 quarter:
- Chemical Sector operating income reached $62 million, up 27 percent
- Ashland Specialty Chemical operating income grew to $27 million, up 69 percent
- Ashland Distribution operating income increased to $34 million, up 70 percent
- Valvoline recorded operating income of $1 million versus $13 million in the prior-year period
- Transportation Construction Sector operating income rose to $39 million versus $4 million for the prior-year period.
Net income for Ashland's fiscal first quarter, ended Dec 31, 2005, amounted to $66 million as compared with $94 million, in the prior-year quarter.
The 2005 quarter included $6 million, or $.08 per share, of net, after-tax interest income.
James O'Brien, Ashland Chairman and CEO, said, "We are pleased with the strong start we've had to fiscal 2006."
"Three of our four businesses performed well. The continued excellent performances of Ashland Specialty Chemical and Ashland Distribution drove results in the Chemical Sector. These businesses increased revenues and expanded their profit margins in an environment of rising costs. The quarter was disappointing for Valvoline, however, as declining demand in the motor oil market, rising raw materials costs and competitive price discounting adversely affected results.
marketing@alchempro.com
