Ashland Reports 4th-quarter Profit

COVINGTON, Ky. (AP) — Chemical maker Ashland Inc. on Wednesday reported a fiscal fourth-quarter profit, as the company cut costs to offset a sales decline.

Profit for the quarter ended Sept. 30 totaled $93 million, or $1.22 per share, compared with a loss of $10 million, or 15 cents per share, last year. Adjusted to exclude one-time charges related to severance and retiring some loans, plus benefits from an insurance adjustment and the sale of a unit, net income from continuing operations totaled 96 cents per share.

Revenue fell 5 percent to $2.11 billion from $2.22 billion a year ago.

Analysts polled by Thomson Reuters, on average, predicted a profit of 90 cents per share on revenue of $2.07 billion. Analyst estimates typically exclude one-time items.

The company bought specialty chemical business Hercules Inc. in November 2008, which affects the comparability of the results with the prior year period, the company said. On a pro forma basis, assuming the transaction had occurred in 2007, Ashland said sales fell 25 percent while operating income rose 78 percent.