Covington's Ashland Inc. posted its best-ever fourth quarter and full year, excluding unusual items, thanks to strong results from its Valvoline unit and record results from its gasoline refining and marketing joint venture.

        For the fourth quarter ended Sept. 30, Ashland reported net income of $116 million, or $1.64 a share, versus net earnings of $96 million, or $1.36 a share, for the same period last year. The consensus among analysts surveyed by Thomson Financial/First Call was $1.40 a share.

        For the quarter, revenues increased to $2.37 billion from $2.28 billion a year ago.

        Ashland said gains at its 38 percent-owned Marathon Ashland Petroleum partnership with USX-Marathon and Lexington-based Valvoline offset lower earnings at its APAC highway construction unit and its specialty chemical businesses.

        “We believe fiscal 2002 earnings will be good, although they are unlikely to reach the record level of fiscal 2001,” said Paul Chellgren, Ashland chairman and chief executive officer.

        For fiscal 2001, Ashland reported net income of $417 million, or $5.93 a share, versus net income of $70 million, or 98 cents a share, in the prior year.

        Total revenues increased to $8.55 billion from $8.44 billion in fiscal 2000.

        Excluding $18 million in one-time charges, Ashland reported earnings from continuing operations of $125 million in the fourth quarter versus $97 million a year ago.

        Ashland said MAP's fourth-quarter operating earnings were $201 million, compared with $98 million a year ago. Valvoline's fourth-quarter operating income increased to $30 million from $25 million a year ago.

        Operating earnings at Atlanta-based APAC declined to $43 million in the fourth quarter from $61 million a year ago. Operating earnings at Ashland Specialty Chemical fell to $3 million in the period from $19 million a year ago. Ashland's chemical distribution business reported a operating loss in the fourth quarter of $2 million versus earnings of $23 million a year ago.

        Ashland said its balance sheet improved last year thanks to a $355 million decline in total debt.

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