Ashland reports 26% rise in Q4 op profit

24 January 2007 13:38  [Source: ICIS news]

TORONTO (ICIS news)--Ashland, a diversified US chemicals and distribution company, reported fourth quarter operating income of $58m (€45m) on Wednesday compared with $46m in 2005.


Revenues for the three months ended 31 December 2006 were $1.8bn, up from $1.7bn a year earlier.


Kentucky-based Ashland credited its Valvoline automotive lubricants, fluids and chemicals business, which benefited from price increases and more stable base oil costs.


Ashland’s water technologies business also performed well during the quarter with revenues up by 85% from 2005.


The company also noted softer US industrial production, which adversely affected its distribution business.


Ashland’s performance materials business was impacted by soft US automotive and housing markets, it added.


Net income was $49m, or 75 cents per share, compared with $66m, or 91 cents per share, in the year-ago period, which included $31m income from discontinued operations.


($1 = €0.77)

By: Stefan Baumgarten
+1 713 525 2653

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