Ashland (ASH) to Divest Nutraceuticals Business to Turnspire

09.05.24 17:03 Uhr

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Ashland Inc. ASH announced an agreement to sell its nutraceuticals business to Turnspire Capital Partners LLC. The deal is anticipated to close during the calendar third quarter of 2024, pending the fulfillment of standard closing conditions.Ashland's nutraceuticals business offers a wide range of active ingredients and formulation aids to nutrition product manufacturers. It also provides custom formulation and contract manufacturing services for the nutrition sector. The business operates from four production sites in New Jersey and Utah in the United States and Tamaulipas, Mexico.Ashland stated that its nutraceuticals business has a strong portfolio of proprietary ingredients, advanced formulation and manufacturing capabilities and a dedicated team that has worked tirelessly to drive growth.Citi is serving as Ashland's financial advisor for this transaction, with legal guidance provided by Cravath, Swaine & Moore LLP.Ashland’s shares have gained 10.5% in the past year against a 10.2% decline of the industry.Image Source: Zacks Investment ResearchAshland generated profits of $120 million or $2.39 per share in second-quarter fiscal 2024. Adjusted earnings per share, which exclude one-time items, dropped to $1.27 from $1.43 in the year-ago period. Sales in the quarter totaled $575 million, down 4.6% year over year. The downtick in sales was primarily due to lower pricing.Ashland projects sales for the fiscal third quarter to be between $560 and $580 million. The company also anticipates adjusted EBITDA for the same period to be in the range of $138-$148 million. For the fiscal year, Ashland forecasts sales in the range of $2,150-$2,225 million and expects adjusted EBITDA to be between $470 million and $500 million.Ashland Inc. Price and Consensus  Ashland Inc. price-consensus-chart | Ashland Inc. Quote Zacks Rank & Key PicksAshland currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the basic materials space include ATI Inc. ATI, Carpenter Technology Corporation CRS and Ecolab Inc. ECL. ATI sports a Zacks Rank #1 (Strong Buy). ATI’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 8.34%. The company’s shares have soared 58.5% in the past year.You can see the complete list of today’s Zacks #1 Rank stocks here.Carpenter Technology currently flaunts a Zacks Rank #1. CRS’ earnings beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 15.1%. The company’s shares have soared 101.6%% in the past year.The Zacks Consensus Estimate for Ecolab's current year earnings is pegged at $6.55 per share, indicating a year-over-year rise of 25.7%. The Zacks Consensus Estimate for ECL’s current-year earnings has been going up in the past 30 days. ECL, a Zacks Rank #2 (Buy) stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.3%. The company’s shares have rallied roughly 34.8% in the past year.Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.It’s an American AI company that’s riding low right now, but it has rounded up clients like BMW, GE, Dell Computer, and Bosch. It has prospects for not just doubling but quadrupling in the year to come. Of course, all our picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ecolab Inc. (ECL): Free Stock Analysis Report ATI Inc. (ATI): Free Stock Analysis Report Ashland Inc. (ASH): Free Stock Analysis Report Carpenter Technology Corporation (CRS): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks

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DatumRatingAnalyst
29.03.2018Ashland Global OutperformBMO Capital Markets
31.01.2018Ashland Global NeutralMonness, Crespi, Hardt & Co.
16.05.2017Ashland Global BuyMonness, Crespi, Hardt & Co.
28.11.2016Ashland BuyDeutsche Bank AG
27.01.2016Ashland BuyMonness, Crespi, Hardt & Co.
DatumRatingAnalyst
29.03.2018Ashland Global OutperformBMO Capital Markets
16.05.2017Ashland Global BuyMonness, Crespi, Hardt & Co.
28.11.2016Ashland BuyDeutsche Bank AG
27.01.2016Ashland BuyMonness, Crespi, Hardt & Co.
23.09.2015Ashland BuyDeutsche Bank AG
DatumRatingAnalyst
31.01.2018Ashland Global NeutralMonness, Crespi, Hardt & Co.
04.01.2007Update Ashland Inc.: HoldMatrix Research
03.01.2007Update Ashland Inc.: HoldKeyBanc Capital Markets / McDonald
05.12.2006Update Ashland Inc.: NeutralJP Morgan
15.11.2006Update Ashland Inc.: NeutralCredit Suisse
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