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Ashland Wraps Up Nutraceuticals Business Sale to Turnspire Affiliate
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Ashland Inc. (ASH - Free Report) has announced that it completed the sale of its nutraceuticals business to an affiliate of Turnspire Capital Partners LLC on Aug. 30, 2024. The transaction includes custom formulation and contract manufacturing capabilities for the nutrition market from production facilities in New Jersey and Utah, the United States, as well as Tamaulipas, Mexico. The financial terms of the deal were not disclosed.
The nutraceuticals business has a wide range of proprietary ingredients, formulations and manufacturing capabilities. The business provides nutrition product producers with a diverse selection of active ingredients and formulation aids. It also offers custom formulation and contract manufacturing services for the nutrition industry.
Ashland noted that its nutraceuticals business has a robust portfolio of proprietary ingredients, advanced formulation and production capabilities, and a devoted staff that has worked diligently to drive growth.
Citi served as Ashland's financial advisor for this transaction, with legal guidance provided by Cravath, Swaine & Moore LLP.
Shares of Ashland have gained 3.5% over the past year against a 7.5% decline of its industry.
Image Source: Zacks Investment Research
For the fiscal fourth quarter, ASH expects sales in the range of $530-$540 million and adjusted EBITDA to be in the band of $130-$140 million.
The company expects adjusted EBITDA for the fiscal year to be in the range of $465-$475 million. It projects sales for fiscal 2024 to be around $2.1 billion.
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , Eldorado Gold Corporation (EGO - Free Report) and Newmont Corporation (NEM - Free Report) .
Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.9%. The company's shares have soared 108.4% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Eldorado’s current-year earnings is pegged at $1.35 per share, indicating a year-over-year rise of 136.8%. EGO, a Zacks Rank #1 stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 430.3%. The company's shares have rallied roughly 71% in the past year.
The Zacks Consensus Estimate for Newmont’s current-year earnings is pegged at $2.82, indicating a rise of 75% from the year-ago levels. The consensus mark for NEM’s earnings has increased 14% in the past 60 days. NEM, a Zacks Rank #1 stock, has gained nearly 32.9% in the past year.
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Ashland Wraps Up Nutraceuticals Business Sale to Turnspire Affiliate
Ashland Inc. (ASH - Free Report) has announced that it completed the sale of its nutraceuticals business to an affiliate of Turnspire Capital Partners LLC on Aug. 30, 2024. The transaction includes custom formulation and contract manufacturing capabilities for the nutrition market from production facilities in New Jersey and Utah, the United States, as well as Tamaulipas, Mexico. The financial terms of the deal were not disclosed.
The nutraceuticals business has a wide range of proprietary ingredients, formulations and manufacturing capabilities. The business provides nutrition product producers with a diverse selection of active ingredients and formulation aids. It also offers custom formulation and contract manufacturing services for the nutrition industry.
Ashland noted that its nutraceuticals business has a robust portfolio of proprietary ingredients, advanced formulation and production capabilities, and a devoted staff that has worked diligently to drive growth.
Citi served as Ashland's financial advisor for this transaction, with legal guidance provided by Cravath, Swaine & Moore LLP.
Shares of Ashland have gained 3.5% over the past year against a 7.5% decline of its industry.
Image Source: Zacks Investment Research
For the fiscal fourth quarter, ASH expects sales in the range of $530-$540 million and adjusted EBITDA to be in the band of $130-$140 million.
The company expects adjusted EBITDA for the fiscal year to be in the range of $465-$475 million. It projects sales for fiscal 2024 to be around $2.1 billion.
Ashland Inc. Price and Consensus
Ashland Inc. price-consensus-chart | Ashland Inc. Quote
Zacks Rank & Key Picks
ASH currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , Eldorado Gold Corporation (EGO - Free Report) and Newmont Corporation (NEM - Free Report) .
Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.9%. The company's shares have soared 108.4% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Eldorado’s current-year earnings is pegged at $1.35 per share, indicating a year-over-year rise of 136.8%. EGO, a Zacks Rank #1 stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 430.3%. The company's shares have rallied roughly 71% in the past year.
The Zacks Consensus Estimate for Newmont’s current-year earnings is pegged at $2.82, indicating a rise of 75% from the year-ago levels. The consensus mark for NEM’s earnings has increased 14% in the past 60 days. NEM, a Zacks Rank #1 stock, has gained nearly 32.9% in the past year.