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Ashland reports $644M quarterly Q3 revenues, raises full-year guidance (NYSE:ASH)

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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.

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