RTTNews | Jul 28, 2020 11:54PM EDT

23:54 Tuesday, July 28, 2020 (RTTNews.com) - Ashland Global Holdings Inc. (ASH) reported that its third-quarter Income from continuing operations rose to $50 million or $0.81 per share from $23 million or $0.37 per share in the prior-year quarter.

Adjusted income from continuing operations excluding intangibles amortization expense was $68 million or $1.12 per share, versus $64 million or $1.04 per share a year ago.

Net income declined to $37 million or $0.61 per share from $66 million or $1.05 per share last year, as the prior year included earnings from the Composites and Marl businesses.

Sales were $574 million, down 10% from $641 million a year earlier.

The company said that its cost-reduction plans remain on track to generate $40 million of run-rate savings by the end of the fiscal year.

In addition, the company plans to incur $20 million to $30 million of the previously-disclosed reduced fixed-cost absorption related to inventory-control measures during the fiscal-fourth quarter.

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