Ashland Inc. water earnings up 6%

Ashland Inc. reported net income of $161 million for the quarter ended June 30, the third quarter of the company's 2004 fiscal year. These results compared to net income of $70 million for the third quarter of 2003.

July 26, 2004

COVINGTON, Ky., July 26, 2004 (PRNewswire-FirstCall) -- Ashland Inc. reported net income of $161 million for the quarter ended June 30, the third quarter of the company's 2004 fiscal year. These results compared to net income of $70 million for the third quarter of 2003.

For the nine months ended June 30, Ashland reported net income of $179 million compared to a net loss of $61 million for the same period last year.

Performance from the Chemical Sector, which consists of the Ashland Distribution, Valvoline and Ashland Specialty Chemical divisions, improved compared to the June quarter in 2003. Operating income for the sector increased 97% to $75 million.

Sales revenues in the thermoset resins and water technologies businesses, which are part of the Ashland Specialty Chemicals division, grew 18% and 6%, respectively. Operating income from refining and marketing was $205 million compared to $100 million for the June 2003 quarter.

Ashland Inc. is a Fortune 500 transportation construction, chemical and petroleum company providing products, services and customer solutions throughout the world.