Ashland Inc. reported consolidated unaudited earnings results for the first quarter ended December 31, 2012. For the quarter, the company reported net sales of USD 1,869 million compared to USD 1,930 million a year ago. Operating income was USD 176 million compared to USD 144 million a year ago. Income from continuing operations before income taxes was USD 132 million compared to USD 83 million a year ago. Income from continuing operations was USD 102 million compared to USD 60 million a year ago. Net income was USD 101 million compared to USD 61 million a year ago. Diluted earnings from continuing operations per share were USD 1.27 compared to USD 0.76 a year ago. Diluted earnings per share were USD 1.26 compared to USD 0.77 a year ago. Cash flows provided by operating activities was USD 81 million compared to cash flows used in operating activities of USD 181 million a year ago. Additions to property, plant and equipment was USD 51 million compared to USD 44 million a year ago. Free cash flow was USD 30 million compared to negative free cash flow of USD 133 million a year ago. EBITDA was USD 280 million compared to USD 245 million a year ago. Adjusted EBITDA was USD 268 million compared to USD 301 million a year ago. Effective tax rate for the quarter was 24%, excluding the effects of key items. Adjusted EPS was USD 1.12.

The company expects the second quarter to be in line with last year's second quarter. EBITDA in the kind of USD 170 million to USD 180 million range.

Capital expenditures for 2013 forecast remains USD 385 million. The company expects to spend a little over half of this in Specialty Ingredients with most of the growth capital concentrated there. Effective tax rate for the quarter was 24%, excluding the effects of key items. This is slightly below the fiscal 2013 estimate of 26% to 28%, which remains unchanged for the full year.