COVINGTON, Ky. (AP) _ Ashland Inc. (ASH) on Monday reported fiscal first-quarter net income of $32 million.
The Covington, Kentucky-based company said it had net income of 53 cents per share. Earnings, adjusted for one-time gains and costs, were 13 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 10 cents per share.
The chemical company posted revenue of $533 million in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $535.9 million.
Ashland shares have dropped 1% since the beginning of the year. In the final minutes of trading on Monday, shares hit $75.63, declining slightly in the last 12 months.