Ashland (ASH) reported fiscal Q1 adjusted earnings late Tuesday of $0.28 per share, down from $0.45 a year earlier.

Analysts polled by FactSet expected $0.17.

Sales for the quarter ended Dec. 31 was $405 million, down from $473 million a year ago.

Analysts surveyed by FactSet expected $429.1 million.

The firm said it expects full fiscal year sales of about $1.90 billion to $2.05 billion.

Analysts surveyed by FactSet expect $1.96 billion.