Reports Q1 revenue $535M, consensus $533M. "Results in the December quarter were consistent with earnings update we issued last week on January 25," said Guillermo Novo, chair and CEO, Ashland. "We are operating in a dynamic and uncertain world, and results in the December quarter are evidence of these facts. The pricing discipline across segments and strong demand for pharmaceutical ingredients was partially offset by rapid inventory destocking from distributors in Europe and impacted demand due to COVID-19 policies in China. Despite these headwinds, we expect demand trends to stabilize, and we are taking actions to offset incremental costs incurred during the quarter. Although demand in the first quarter was below our expectations, our financial outlook for the fiscal year is still within our original guidance ranges and we expect to have greater visibility in March as we gain more clarity on the impact of China’s re-opening."
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on ASH:
- Ashland reports financial results1 for first quarter of fiscal year 2023 consistent with previous update
- Ashland price target lowered to $135 from $139 at BMO Capital
- Ashland price target lowered to $136 from $141 at Mizuho
- Ashland reaffirms FY23 revenue view $2.5B-$2.7B, consensus $2.53
- Ashland sees Q1 adjusted EPS 97c, consensus $1.1
