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● Ashland reports preliminary financial results for first quarter of fiscal year 2021 Sales of $ 552 million , up four percent from the prior - year quarter Net income of $ 56 million , or $ 0.91 per diluted share ● ● ● ● Ashland always solving ● News Release Income from continuing operations of $ 61 million , or $ 0.99 per diluted share Adjusted income from continuing operations excluding intangibles amortization expense of $ 58 million , or $ 0.94 per diluted share Adjusted EBITDA of $ 124 million Cash flows provided by operating activities of $ 106 million ; free cash flows of $ 76 million WILMINGTON , Del . , February 3 , 2021 - Ashland Global Holdings Inc. ( NYSE : ASH ) today announced preliminary¹ financial results for the first quarter of fiscal year 2021 , which ended December 31 , 2020 . The global specialty materials company serves customers in a wide range of consumer and industrial markets . Ashland's financial results during the quarter reflected execution of the company's strategy , solid overall demand and the benefit of continued cost reduction . The result was improved sales and earnings , margin growth and strong free cash flow generation . Sales were approximately $ 552 million , up four percent compared to the prior - year period , as growth was realized in all three of Ashland's business groups . Net income was $ 56 million compared to net income of $ 32 million in the prior - year quarter . Income from continuing operations was $ 61 million compared to income of $ 34 million in the prior - year quarter , or $ 0.99 per diluted share compared to $ 0.56 in the prior - year quarter . Adjusted income from continuing operations excluding intangibles amortization expense was $ 58 million compared to $ 25 million in the prior - year quarter , or $ 0.94 per diluted share , up from $ 0.41 in the prior - year quarter . Adjusted EBITDA was $ 124 million , up from $ 88 million in the prior - year quarter , driven primarily by lower operating expenses , favorable mix , improved sales in all three business groups and lower selling , general , administrative and research and development ( " SARD " ) expenses . Cash flows provided by operating activities totaled $ 106 million compared to a deficit of $ 34 million in the prior - year quarter . Free cash flows totaled $ 76 million compared to a deficit of $ 63 million in the prior - year quarter , driven primarily by increased earnings and disciplined working capital management . " Ashland's financial results in the first quarter reflect our progress toward demonstrating strategic discipline , consistent organic growth , margin expansion and improved free cash flow conversion , " said Guillermo Novo , chairman and chief executive officer , Ashland . " Our industrial businesses continue to see strong demand recovery , and excluding specific mix actions , our core consumer businesses continue to demonstrate top - line resilience and growth . All business groups expanded margins compared to the prior - year period . Also , Ashland's free cash flow improved dramatically when compared to the prior year , reflecting the broad - based efforts by our teams to grow earnings and continue to improve working capital . "