Ashland, the additives and specialty ingredients company, has announced its guidance for the second quarter of fiscal year 2024. The company expects sales to be between $565 million and $585 million, showing an increase from the reported sales of $473 million in the first quarter. Although this is a slight decrease compared to the same period last year, analysts had predicted slightly lower sales at $562.2 million.
Ashland attributes this anticipated growth to stabilized and improved demand trends, along with the benefits from pricing initiatives. The company has noticed a reduction in year-over-year volume declines, indicating that demand has begun to stabilize across most end markets.
Looking ahead to the full fiscal year 2024, Ashland forecasts sales of $2.15 billion to $2.25 billion, higher than the reported sales of $2.19 billion in fiscal 2023. This projection surpasses Wall Street's expectations, which estimated sales of $2.16 billion.
In the first quarter of fiscal 2024, Ashland reported a net profit of $26 million, slightly lower than the previous year's $40 million.
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