US Ecolab's Q3 net income rises to $308m, sales up 15%

29 October 2013 12:51  [Source: ICIS news]

LONDON (ICIS)--Ecolab’s 2013 third-quarter net income jumped 29% year on year to $308m (€222m), as sales rose 15%, the US-based water and energy services and water chemicals firm said on Tuesday.

Sales in the third quarter increased to $3.48bn from $3.02bn in the same period of 2012, while operating income rose 19% year on year to $476m.

Douglas Baker Jr, Ecolab’s chairman and CEO, said: “We continued to see solid sales progress in the third quarter as our new products, customer service execution, and our focus on delivering total cost solutions for customers once again led to further account gains and continued organic growth progress in spite of sluggish economies.

“This solid top line performance, along with our pricing, cost efficiency actions, synergy realisation and continued improvement in Europe margins, drove the outstanding third quarter earnings gain.

The group’s diluted net income per share during the third quarter increased 25% year on year to $1.00.

Baker said: “We serve a large market with robust potential in each of our core businesses, and believe we have the right strategies and tactics to capitalise on them.”

“We are working to improve our effectiveness and efficiency in all of our businesses to drive better growth and improve profitability,” he added.

Ecolab narrowed its 2013 full-year adjusted earnings per share forecast to the $3.51-3.55 range, representing a 18-19% increase over the prior year. The company previously forecast 2013 earnings per share in a $3.48-3.56 range.

Ecolab also said it expects fourth-quarter adjusted earnings per share in the $1.01-1.05 range, representing a 13-18% increase compared with a strong year-ago period.

($1 = €0.72)

By: Franco Capaldo
+44 (0)20 8652 3214

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