Ashland reported its Consumer Markets (Valvoline) business posted operating income of $57 million for the quarter ending March 31, down 11 percent from $64 million in the year-earlier period, while sales reached $520 million, up 6 percent from the year before.
Parent company Ashland said total lubricant volume sold was 40.7 million gallons for the quarter, down 9 percent from the year-earlier quarter. The quarter ending March 31 is the second quarter of Ashlands fiscal year.
Although Ashland Consumer Markets was down versus the prior year due to softness in the domestic market, its performance improved when compared to its fiscal first quarter, said Ashland Chairman and CEO James OBrien. Valvoline had posted $47 million operating income and $475 million in sales for the quarter ending Dec. 31, 2011.
As a whole, Covington, Ky.-based Ashland reported operating income of $179 million on revenues of $2.1 billion.