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EX - 99.1 2 ash - ex991_6.htm EX - 99.1 Ashland always solving Exhibit 99.1 News Release Ashland reports preliminary financial results¹ for third quarter of fiscal year 2021 Sales of $ 637 million , up eleven percent from the prior - year quarter Net income of $ 80 million , or $ 1.29 per diluted share Income from continuing operations of $ 87 million , or $ 1.40 per diluted share Adjusted income from continuing operations excluding intangibles amortization expense of $ 75 million , or $ 1.22 per diluted share Adjusted EBITDA of $ 148 million Cash flows provided by operating activities of $ 233 million ; free cash flows of $ 210 million WILMINGTON , Del . , July 27 , 2021 - Ashland Global Holdings Inc. ( NYSE : ASH ) today announced preliminary¹ financial results for the third quarter of fiscal year 2021 , which ended June 30 , 2021. The global specialty materials company serves customers in a wide range of consumer and industrial markets . Sales were $ 637 million , up eleven percent compared to the prior - year period . Strong demand was partially offset by continued weakness in hand - sanitizer ingredients and Avoca . Global supply - chain and logistics disruptions also limited the company's ability to meet all customer demand . Foreign currency favorably impacted sales by three percent . Net income was $ 80 million compared to $ 37 million in the prior - year quarter . Income from continuing operations was $ 87 million compared to $ 50 million in the prior - year quarter , or $ 1.40 per diluted share compared to $ 0.81 in the prior - year quarter . Adjusted income from continuing operations excluding intangibles amortization expense was $ 75 million compared to $ 68 million in the prior - year quarter , or $ 1.22 per diluted share , up from $ 1.12 in the prior - year quarter . Adjusted EBITDA was $ 148 million , up from $ 143 million in the prior - year quarter . Global supply - chain disruptions and raw - material cost escalation in Performance Adhesives contributed to higher - than - expected costs during the quarter . Cash flows provided by operating activities totaled $ 233 million compared to $ 140 million in the prior - year quarter . Free cash flows totaled $ 210 million compared to $ 112 million in the prior - year quarter . The current - year period included $ 90 million of cash inflows from the new U.S. Accounts Receivables Sales Program . " As we indicated during our earnings update on June 10 , overall demand during the quarter was strong , though global supply chain challenges continued to impact both sales and costs , ” said Guillermo Novo , chairman and chief executive officer , Ashland . " Sales for our industrial businesses reached pre - pandemic levels and the demand for core consumer products demonstrated continued resilience . " " I am pleased with the progress our team has made executing our strategy , especially in the context of a difficult operating environment , " continued Novo . " The persistence of