© 2024 WMKY
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Ashland Inc Earnings

Ashland Incorporated says a decline in sales of a polymer used in the oil and gas hydraulic fracturing industry was largely responsible for an overall drop in the company’s sales and profitability during the last quarter. The Covington-based firm today (Thursday) reported adjusted operating income for the quarter ending June 30th of 220-million dollars. That’s down 20 percent from the same period last year.

Chief Executive Officer James O’Brien says the Consumer Markets business, which includes Valvoline motor oil, turned in a strong quarter thanks to international growth and several successful promotions. If the price of crude oil rises during the next three months, O’ Brien says it’ll impact Valvoline’s price, too. However, he says, a lot depends on what else happens in the crude market…

O’Brien says the company is considering “strategic alternatives” for its Water Technologies segment, including possible sale of the business. He says the move is being explored to provide the best value for company shareholders.  Ashland has a service operation in Russell with research and development labs in Lexington.