UPDATE: Ashland Posts Weaker-Than-Expected FQ1 Profit

Ashland ASH reported a 66% surge in its fiscal first-quarter profit. Ashland's quarterly profit rose to $101 million, or $1.26 per share, from $61 million, or $0.77 per share, in the year-ago period. Excluding one-time items, its earnings from continuing operations came in at $1.12 per share. Its sales dropped 3.2% to $1.87 billion. However, analysts expected earnings of $1.37 per share on revenue of $1.9 billion. Its gross margin rose to 28.7% from 27% Ashland shares closed at $85.53 yesterday.