US Nalco Q3 earnings more than double to $58.9m amid higher sales

26 October 2010 23:38  [Source: ICIS news]

HOUSTON (ICIS)--Nalco posted third-quarter net earnings of $58.9m (€42.4m), more than doubling the $28m it earned in the 2009 third quarter amid higher sales, the US water-chemicals producer said on Tuesday.

Revenues increased 14% to $1.09bn, led by 17% higher sales in North America and Asia. Latin America followed at a 14% increase, while the Europe, Africa and Middle East sector lagged at 3% nominal growth.

The company cited particularly strong sales to Brazil, Russia, India and China (BRIC), which were up by more than 40%.

Based largely on that strength, Nalco slightly boosted its 2010 earnings outlook to $740m, up from a prior projection of $735m.

“We are pleased with the progress we are making in BRIC and other target geographies and market segments,” said CEO Erik Fyrwald.

By segment, sales in the company’s energy, paper and water services segments increased by 19%, 11% and 11%, respectively, the company said.

By industry, revenue growth was strongest in upstream energy, paper, chemical, power, primary metals and mining, Nalco reported.

Following the earnings release, Nalco’s stock moved higher by 59 cents, or 2.2%, to $27.95/share in after-hours electronic trading on the New York Stock Exchange.

($1 = €0.72)

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By: Ben DuBose
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