WILMINGTON, Del. (AP) — WILMINGTON, Del. (AP) — Ashland Inc. (ASH) on Wednesday reported fiscal second-quarter earnings of $31 million.

The Wilmington, Delaware-based company said it had net income of 65 cents per share. Earnings, adjusted for one-time gains and costs, came to 99 cents per share.

The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.10 per share.

The chemical company posted revenue of $479 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $508.8 million.

Ashland shares have dropped 24% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $54.39, a drop of 43% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ASH at https://www.zacks.com/ap/ASH