Ashland Global ( NYSE: ASH ) said on Monday its FQ3 revenues rose 19% Y/Y to $644M , above $598M analyst consensus, and expects FQ3 adjusted earnings of ~$1.89/share, higher than $1.40 consensus, as strong end-market demand drove double-digit sales growth in all segments compared to the prior year.
Ashland ( ASH ) expects adjusted EBITDA of ~$174M, up 35% Y/Y, driven by higher sales and expanded operating margins, but sees Q3 free cash flow generation below prior-year levels due mostly to an increase in working capital levels globally.
The company raised guidance for FY 2022 revenues to $2.35B-$2.4B, above $2.34B consensus and 3% higher than prior guidance, and now expects adjusted EBITDA of $580M-$590M, up 4% from previous expectations.
"We expect underlying near-term demand to remain strong and continue to take actions to build inventories to mitigate supply-chain and shipping challenges. Pricing and mix-improvement actions should cover current cost inflation and we are ready to take further action to recover any additional cost inflation," Chairman and CEO Guillermo Novo said.
Ashland ( ASH ) recently raised its dividend by 12% and announced a $500M stock buyback .
For further details see:
Ashland reports $644M quarterly revenues, raises full-year guidance