Ashland introduced Agrimer eco-disperse OD on Sept. 22, a vegetable-oil dispersant for non-aqueous crop-protection formulations. Ashland says its patented, microplastic-free formula is designed to stabilize water-insoluble active ingredients and improve spray coverage.
In its latest quarter, Ashland’s sales rose 7% year over year to $497 million as volume increased 6%; adjusted EBITDA fell 4% to $109 million, with earlier production problems, inflation and normalized incentive compensation offsetting gains. Life Sciences sales rose 11% to $180 million, with a 33% segment margin. Operating cash flow was $121 million, free-cash-flow conversion exceeded 90%, and net leverage stood at 2.4 times EBITDA.
Management cut its full-year adjusted EPS growth outlook to low-to-mid single digits from mid-to-high single digits, citing a higher effective tax rate due to unfavorable discrete items. Specialty Additives’ adjusted EBITDA fell to $20 million from $26 million amid continued weakness in Construction and Energy and Resources; Intermediates’ fell to $4 million from $7 million, mainly because of lower manufacturing tax-credit benefits. CEO Guillermo Novo said plant reliability still needs work.
