The company had already repurchased around $300 million of its outstanding shares under the previous authorization since September 2022.

Share Repurchase AuthorizationĪshland's board has approved a new $1 billion evergreen share repurchase authorization, replacing the previous $500 million authorization. Ashland foresees ongoing free cash flow generation between $90 million and $110 million during the quarter. This decline is attributed to lower sales volumes and reduced cost absorption resulting from internal inventory-control measures. The projected adjusted EBITDA for the quarter is in the range of $130-$135 million, implying a decrease of approximately 22%-25% year over year. Each of the company's reportable segments is expected to report sales decreases. Lower volumes resulting from customer de-stocking are the primary driver of this decline, partly offset by favorable pricing. Projected Preliminary Q3 Financial ResultsĪshland anticipates sales for the third quarter to range between $545 million and $550 million, indicating a decline of approximately 15% compared to the prior-year period. In response, the company has implemented internal inventory-control measures and plans to take further cost-reducing actions while focusing on long-term growth opportunities. The company faces significant challenges due to customer de-stocking across multiple markets and ongoing macroeconomic uncertainty. Ashland Inc. ( ASH Quick Quote ASH - Free Report) has released its updates on preliminary fiscal 2023 third-quarter financial results and the outlook for the fiscal year.

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