Ashland Global Holdings reported preliminary fiscal Q1 results late Thursday, which beat expectations compiled by Capital IQ. The company also reaffirmed FY17 adjusted EBITDA guidance for two of its segments.
For fiscal Q1 ended Dec. 31, the specialty chemicals firm said adjusted EPS was $1.16 per share, down from $1.41 per share a year earlier but above the $1.06 per share consensus compiled by Capital IQ. Revenues rose to $1.19 billion from $1.16 billion and were above the $1.17 billion average estilmate.
Ashland noted it completed an initial public offering of Valvoline Inc. (VVV) in September and looking ahead, CEO William Wulfsohn said, “with the planned final separation of Valvoline just a few months away, our entire organization is squarely focused on delivering against Ashland’s 2017 plan and positioning the company for profitable growth as a pure-play specialty chemicals company.”