UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION

                          Washington, D. C. 20549

                                  FORM 8-K

                               CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of
                    the Securities Exchange Act of 1934

     Date of report (Date of earliest event reported): January 6, 2006

                                ASHLAND INC.
           (Exact name of registrant as specified in its charter)

                                  Kentucky
               (State or other jurisdiction of incorporation)


                       1-32532                               20-0865835
              (Commission File Number)                    (I.R.S. Employer
                                                        Identification No.)

      50 E. RiverCenter Boulevard, Covington, Kentucky       41012-0391
          (Address of principal executive offices)           (Zip Code)

             P.O. Box 391, Covington, Kentucky               41012-0391
                    (Mailing Address)                        (Zip Code)

     Registrant's telephone number, including area code (859) 815-3333

Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:

[  ]     Written communications pursuant to Rule 425 under the Securities Act
         (17 CFR 2230.425)
[  ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act
         (17 CFR 240.14a-12)
[  ]     Pre-commencement communications pursuant to Rule 14d-2(b) under the
         Exchange Act (17 CFR 240.14d-2(b))
[  ]     Pre-commencement communications pursuant to Rule 13e-4(c) under the
         Exchange Act (17 CFR 240.13e-4(c))


<PAGE>



Item 2.02.  Results of Operations and Financial Condition

     On January 6, 2006, Ashland Inc.  ("Ashland")  announced that earnings
for its fiscal first  quarter,  ended December 31, 2005, are expected to be
higher than analyst  estimates,  which  currently range from $0.41 to $0.71
per share. Strong performances by the Ashland Paving And Construction, Inc.
(APAC),  Ashland Distribution and Ashland Specialty Chemical businesses are
expected to drive the quarter's results.

     Ashland  plans to report  preliminary  results  for its  fiscal  first
quarter at 8 a.m.,  EST, on January 25, 2006,  and follow with a conference
call and webcast at 10:00 a.m., EST.

     Ashland's  earnings  expectations and related matters are discussed in
more detail in the press release  attached hereto as Exhibit 99.1, which is
incorporated by reference into this Item 2.02.

Item 9.01.  Financial Statements and Exhibits

    (d)  Exhibits

         99.1     Press Release dated January 6, 2006.


                                    -2-
<PAGE>




                                 SIGNATURES


     Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

                                           ASHLAND INC.
                                -------------------------------------------
                                           (Registrant)



Date:  January 6, 2006                   /s/ J. Marvin Quin
                                --------------------------------------------
                                Name:     J. Marvin Quin
                                Title:    Senior Vice President and
                                          Chief Financial Officer




                                    -3-
<PAGE>


                               EXHIBIT INDEX

99.1     Press Release dated January 6, 2006.




                                    -4-
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{"company-data": {"conformed-name": "ASHLAND INC.", "cik": "0001305014", "assigned-sic": "5160", "irs-number": "200865835", "state-of-incorporation": "KY", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32532", "film-number": "06515582"}, "business-address": {"street1": "50 EAST RIVERCENTER BLVD., 16TH FLOOR", "city": "COVINGTON", "state": "KY", "zip": "41012", "phone": "859-815-3483"}, "mail-address": {"street1": "50 EAST RIVERCENTER BLVD., 16TH FLOOR", "city": "COVINGTON", "state": "KY", "zip": "41012"}, "former-company": {"former-conformed-name": "New EXM Inc.", "date-changed": "20041004"}}
UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION

                          Washington, D. C. 20549

                                  FORM 8-K

                               CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of
                    the Securities Exchange Act of 1934

     Date of report (Date of earliest event reported): January 6, 2006

                                ASHLAND INC.
           (Exact name of registrant as specified in its charter)

                                  Kentucky
               (State or other jurisdiction of incorporation)

                       1-32532                               20-0865835
              (Commission File Number)                    (I.R.S. Employer
                                                        Identification No.)

      50 E. RiverCenter Boulevard, Covington, Kentucky       41012-0391
          (Address of principal executive offices)           (Zip Code)

             P.O. Box 391, Covington, Kentucky               41012-0391
                    (Mailing Address)                        (Zip Code)

     Registrant's telephone number, including area code (859) 815-3333

Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:

[  ]     Written communications pursuant to Rule 425 under the Securities Act
         (17 CFR 2230.425)
[  ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act
         (17 CFR 240.14a-12)
[  ]     Pre-commencement communications pursuant to Rule 14d-2(b) under the
         Exchange Act (17 CFR 240.14d-2(b))
[  ]     Pre-commencement communications pursuant to Rule 13e-4(c) under the
         Exchange Act (17 CFR 240.13e-4(c))
Item 2.02.  Results of Operations and Financial Condition

     On January 6, 2006, Ashland Inc.  ("Ashland")  announced that earnings
for its fiscal first  quarter,  ended December 31, 2005, are expected to be
higher than analyst  estimates,  which  currently range from $0.41 to $0.71
per share. Strong performances by the Ashland Paving And Construction, Inc.
(APAC),  Ashland Distribution and Ashland Specialty Chemical businesses are
expected to drive the quarter's results.

     Ashland  plans to report  preliminary  results  for its  fiscal  first
quarter at 8 a.m.,  EST, on January 25, 2006,  and follow with a conference
call and webcast at 10:00 a.m., EST.

     Ashland's  earnings  expectations and related matters are discussed in
more detail in the press release  attached hereto as Exhibit 99.1, which is
incorporated by reference into this Item 2.02.

Item 9.01.  Financial Statements and Exhibits

    (d)  Exhibits

         99.1     Press Release dated January 6, 2006.

                                    -2-
SIGNATURES

     Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

                                           ASHLAND INC.
                                -------------------------------------------
                                           (Registrant)

Date:  January 6, 2006                   /s/ J. Marvin Quin
                                --------------------------------------------
                                Name:     J. Marvin Quin
                                Title:    Senior Vice President and
                                          Chief Financial Officer

                                    -3-
EXHIBIT INDEX

99.1     Press Release dated January 6, 2006.

                                    -4-