Ashland reports prelim Q1 sales $525M (+3% YoY); maintains FY23 EBITDA range $600-$650M but below midpoint

ASHLAND INC.

2023-Q1 EPS reported $0.73 revenue$525,000,000

Prelim Q1 adjusted EPS $0.97; adjusted EBITDA $108M (+2% YoY, +15% constant-currency).
Life Sciences sales grew double-digits; Specialty Additives and Personal Care declined on China/Europe weakness.
Winter storm in U.S. caused $15M incremental repair costs expected in Q2; company plans offsets later.
Fiscal 2023 outlook reaffirmed: sales $2.5B-$2.7B, adjusted EBITDA $600M-$650M; current models below midpoint.
Demand from distributors in China and Europe weak due to COVID re-opening and destocking.

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