Ashland's CEO Discusses F2Q2012 Results - Earnings Call Transcript

Ashland Inc. (ASH)

F2Q2012 Earnings Conference Call

April 24, 2012, 09:00 a.m. ET

Executives

David Neuberger - Director, IR

Jim O’Brien - Chairman and CEO

Lamar Chambers - SVP and CFO

Sam Mitchell Jr. - SVP and President, Ashland Consumer Markets

Analysts

David Begleiter - Deutsche Bank

Laurence Alexander - Jefferies

Mike Sison - Keybanc

Jeff Zekauskas - J.P. Morgan

John McNulty - Credit Suisse

Mike Harrison - First Analysis

Dmitry Silversteyn - Longbow Research

Presentation



Operator

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Good day ladies and gentlemen and welcome to the Ashland Inc. Second Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder this conference call is being recorded.

I would now like to turn the conference over to David Neuberger, Director of Investor Relations. Please begin.

David Neuberger

Thank you, Lithia. Good morning and welcome Ashland second quarter fiscal 2012 conference call and webcast. We released results for the quarter ended March 31, 2012 at approximately 6 a.m. Eastern Time today, and this presentation should be viewed in conjunction with the earnings release. These results are preliminary until we file our 10-Q in May.

On the call today are Ashland’s Chairman and Chief Executive Officer, Jim O’Brien; Lamar Chambers, Senior Vice President and Chief Financial Officer; and Sam Mitchell, President of Ashland Consumer Markets.

Before we get started, let me note that as shown on Slide 2, our remarks today will include forward-looking statements as that term is defined in securities laws. We believe any such statements are based on reasonable assumptions, but cannot assure that such expectations will be achieved. Please also note that during this presentation, we will be discussing adjusted and pro forma results. We believe these adjusted and pro forma results enhance understanding of our performance by more accurately reflecting our ongoing business. In addition, we are providing ISPs historical financial contribution representing Ashland’s best estimate of the appropriate cost allocation and shared resource cost. Reporting results in this manner has inherent limitations, and we do not represent that these financial results were calculated using the same methodology used by ISP.

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