Ecolab's Q1 net income jumps to $160m, sales rise 2% year on year

30 April 2013 14:45  [Source: ICIS news]

HOUSTON (ICIS)--Ecolab’s 2013 first-quarter net income jumped to $160m (€122m), from $50m in the same period a year ago, as sales rose 2% year on year to $2.87bn, the US-based water and energy services and water chemicals firm said on Tuesday.

“The first quarter earnings reached the top end of our forecast range as we delivered excellent earnings growth despite comparison to a strong period last year and challenging market conditions in 2013,” CEO Douglas Baker said.

After adjusting for special gains and charges – mainly costs and charges related to Ecolab’s acquisitions of Champion Technologies and Nalco – first-quarter net income was up 20% year on year to $181m, the company said.

Earlier on Tuesday, Ecolab announced that it plans to restructure its energy business, cutting about 500 positions. The move comes in the wake of Ecolab’s recent acquisition of Champion Technologies.

($1 = €0.76)

By: Stefan Baumgarten
+1 713 525 2653

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