Ashland Looks Positively at 2010

Ashland CEO Jim O'Brien told shareholders at its annual meeting that its improved financial results are better than normal seasonality would indicate and that it had exceeded its cost-cutting goals through December. Cost savings on a continuing annual basis hit $405 million by year end, better than its $400 million target, he said.

The company earned $86 million, or $1.10 per share, in the first quarter of its 2010 fiscal year. That compared with a loss of $119 million, or $1.73 per share, in the same period a year earlier.

"If there is a negative on the horizon, it would be raw materials costs," O'Brien said.

Ashland's goal, he said, is to be in a global No. 1 or strong No. 2 position in each of the markets in which it operates.