US-based Ashland, a leading global additives and specialty ingredients company, has reported sales of $603 million for the second quarter (Q2) of fiscal 2023 (FY23). The sales were consistent with the prior-year quarter. The net income for the quarter was $91 million, which was down from $786 million in the prior-year quarter. Income from continuing operations was $92 million, up from $38 million in the prior-year quarter.

The adjusted income from continuing operations in Q2 FY23 was $78 million, down from $86 million in the prior-year quarter. Adjusted EBITDA was $145 million, which is down 11 per cent from $163 million in the prior-year quarter, the company said in a press release.

Sales for the personal care segment were $167 million, down three per cent from the prior-year quarter. Adjusted operating income was $14 million, down from $28 million in Q2 FY22, and adjusted EBITDA was $35 million, down from $49 million in Q2 FY22.

Sales for specialty additives segment were $161 million, down 12 per cent from Q2 FY22. Adjusted operating income was $15 million, compared to $26 million in the prior-year quarter, and adjusted EBITDA was $34 million, compared to $48 million in Q2 FY22.

“Ashland’s financial results in the March quarter were consistent with our original expectations,” said Guillermo Novo, chair and chief executive officer, Ashland. “Our inflation-recovery actions taken last year and early this year continue to benefit overall results. However, we continue to operate in a challenging global environment with ongoing macroeconomic uncertainty and diminished demand visibility. The re-opening of China is progressing though at a slower pace than expected. And while the customer de-stocking dynamics we saw during the December quarter have slowed, they are still present in certain end markets and continued through the March quarter into April.”