Ashland Beats Estimates (ASH)

Ashland Inc. ASH announced on Tuesday morning that it beat consensus Wall Street estimates. Ashland Inc reported that its 1st quarter net income rose to $87 million, or $1.09, up from $86 million, or $1.10 per share, a year earlier. Excluding special items, the company's earnings from continuing operations came in at 79 cents per share. Ashland Inc reported revenue of $1.43 billion, up from $1.32 billion a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 65 cents per share, on revenue of $1.39 billion. Chairman and Chief Executive Officer James J. O'Brien said, "Ashland generated solid results for the December quarter in the face of continued escalation in our raw material costs. Both volumes and sales increased over the year-ago quarter, providing further evidence that the overall economy is improving and that our commercial units' efforts are producing results. I'm particularly pleased that despite this being our seasonally weakest quarter, Ashland achieved higher margins sequentially, a direct result of our ongoing pricing actions." Ashland Inc. (ASH) closed the previous trading day at $53.26 per share. Analysts covering the company's stock give it a consensus price target of $67.29 per share. Ashland Inc provides the specialty chemicals, technologies and insights to help customers create new and improved products for today and sustainable solutions for tomorrow. Read more from Benzinga's Company news.