Ecolab Delivers Continued Strong Growth in the Third Quarter; Reported Diluted EPS $2.58; Adjusted Diluted EPS $1.83, +19%; Increased 2024 Adjusted Diluted EPS Outlook: $6.60 - $6.70, +27% - 29%
Ecolab (NYSE: ECL) reported strong Q3 2024 results with reported sales of $4.0 billion, up 1% year-over-year. Organic sales grew 4% with volume growth strengthening to 2%. The company achieved reported diluted EPS of $2.58 (+83%) and adjusted diluted EPS of $1.83 (+19%). Operating income margin expanded to 26.1%, with organic operating income margin at 17.9%. Free cash flow increased 35% to $1.4 billion. The company raised its full-year 2024 adjusted EPS guidance to $6.60-$6.70, representing 27-29% growth, and expects Q4 2024 adjusted EPS of $1.75-$1.85.
Ecolab (NYSE: ECL) ha riportato risultati solidi per il terzo trimestre del 2024 con vendite registrate di 4,0 miliardi di dollari, in aumento dell'1% rispetto all'anno precedente. Le vendite organiche sono cresciute del 4% con una crescita del volume che si è rafforzata al 2%. L'azienda ha raggiunto un utile per azione diluito riportato di 2,58 dollari (+83%) e un utile per azione diluito rettificato di 1,83 dollari (+19%). Il margine di reddito operativo è aumentato al 26,1%, con un margine di reddito operativo organico al 17,9%. I flussi di cassa liberi sono aumentati del 35% arrivando a 1,4 miliardi di dollari. L'azienda ha alzato le stime per l'utile per azione rettificato per l'intero anno 2024 a 6,60-6,70 dollari, rappresentando una crescita del 27-29%, e prevede un utile per azione rettificato per il quarto trimestre 2024 di 1,75-1,85 dollari.
Ecolab (NYSE: ECL) reportó resultados sólidos para el tercer trimestre de 2024, con ventas reportadas de 4,0 mil millones de dólares, un aumento del 1% interanual. Las ventas orgánicas crecieron un 4% con un crecimiento en volumen que se fortaleció al 2%. La compañía logró ganancias diluidas por acción reportadas de 2,58 dólares (+83%) y ganancias diluidas por acción ajustadas de 1,83 dólares (+19%). El margen de ingreso operativo se expandió al 26,1%, con un margen de ingreso operativo orgánico del 17,9%. El flujo de caja libre aumentó un 35% hasta 1,4 mil millones de dólares. La compañía elevó su guía de ganancias ajustadas por acción para todo el año 2024 a 6,60-6,70 dólares, representando un crecimiento del 27-29%, y espera ganancias ajustadas por acción para el cuarto trimestre de 2024 de 1,75-1,85 dólares.
Ecolab (NYSE: ECL)는 2024년 3분기에 40억 달러의 매출을 보고하며 연간 1% 증가한 견고한 실적을 발표했습니다. 유기적 매출은 4% 증가했으며, 물량 성장률도 2%로 강화되었습니다. 회사는 희석 주당 이익(EPS)이 2.58달러로 (+83%)를 달성했으며, 조정 후 희석 주당 이익(EPS)은 1.83달러로 (+19%) 나타났습니다. 운영 수익률은 26.1%로 확장되었으며, 유기적 운영 수익률은 17.9%입니다. 자유 현금 흐름은 35% 증가하여 14억 달러에 이르렀습니다. 회사는 2024년 전체 조정 EPS 전망을 6.60-6.70달러로 상향 조정하며, 이는 27-29%의 성장에 해당하고, 2024년 4분기 조정 EPS는 1.75-1.85달러가 될 것으로 예상하고 있습니다.
Ecolab (NYSE: ECL) a annoncé des résultats solides pour le troisième trimestre 2024 avec un chiffre d'affaires reporté de 4,0 milliards de dollars, soit une augmentation de 1 % par rapport à l'année précédente. Les ventes organiques ont augmenté de 4% avec un accroissement du volume renforcé à 2 %. L'entreprise a enregistré un bénéfice par action dilué de 2,58 dollars (+83 %) et un bénéfice par action dilué ajusté de 1,83 dollar (+19 %). La marge de résultat d'exploitation est passée à 26,1 %, avec une marge de résultat d'exploitation organique de 17,9 %. Le flux de trésorerie libre a augmenté de 35 % pour atteindre 1,4 milliard de dollars. L'entreprise a relevé ses prévisions de bénéfice par action ajusté pour l'année 2024 à 6,60-6,70 dollars, représentant une croissance de 27-29 %, et s'attend à un bénéfice par action ajusté de 1,75-1,85 dollar pour le quatrième trimestre 2024.
Ecolab (NYSE: ECL) hat im dritten Quartal 2024 starke Ergebnisse mit einem Umsatz von 4,0 Milliarden US-Dollar gemeldet, was einem Anstieg von 1 % im Vergleich zum Vorjahr entspricht. Der organische Umsatz stieg um 4% mit einer Volumenzunahme von 2 %. Das Unternehmen erzielte ein berichtetes verwässertes EPS von 2,58 US-Dollar (+83 %) und ein bereinigtes verwässertes EPS von 1,83 US-Dollar (+19 %). Die operative Gewinnmarge erweiterte sich auf 26,1 %, während die organische operative Gewinnmarge bei 17,9 % lag. Der freie Cashflow stieg um 35 % auf 1,4 Milliarden US-Dollar. Das Unternehmen hob die Prognose für das bereinigte EPS für das Gesamtjahr 2024 auf 6,60-6,70 US-Dollar an, was ein Wachstum von 27-29 % darstellt, und erwartet für das vierte Quartal 2024 ein bereinigtes EPS von 1,75-1,85 US-Dollar.
- Organic sales growth of 4% across all segments
- Adjusted diluted EPS increased 19% to $1.83
- Free cash flow up 35% to $1.4 billion
- Operating income margin expanded to 26.1%
- Raised full-year 2024 EPS guidance to $6.60-$6.70
- Currency exchange created 1% sales headwind
- Sale of global surgical solutions business caused 2% sales decline
- Healthcare & Life Sciences segment reported sales declined 19%
Insights
Ecolab delivered an impressive Q3 2024 performance with
Most notably, management raised their full-year 2024 adjusted EPS guidance to
The results demonstrate Ecolab's pricing power and market leadership position. Volume growth acceleration to
Looking ahead, management's projection of
THIRD QUARTER HIGHLIGHTS
-
Reported sales
, +$4.0 billion 1% versus last year including a2% headwind from the sale of the global surgical solutions business and a1% headwind from currency exchange. -
Organic sales +
4% , with very healthy growth across the business. Volume growth strengthened to +2% , driven by good new business wins and breakthrough innovation. Value pricing remained in our targeted 2-3% range, supported by ongoing customer value delivery. -
Reported operating income margin
26.1% . Organic operating income margin17.9% , +260 bps as solid sales growth and lower delivered product costs more than offset growth-oriented investments in the business. -
Reported diluted EPS
, +$2.58 83% , including a gain related to the sale of the global surgical solutions business. Adjusted diluted EPS, excluding special gains and charges and discrete tax items were , +$1.83 19% . -
Year-to-date cash flow from operating activities
; free cash flow increased$2.0 billion 35% to . Ecolab repurchased approximately 1.9 million shares of its common stock during the third quarter of 2024.$1.4 billion
OUTLOOK
-
2024: Increased full year 2024 adjusted diluted earnings per share outlook from prior
-$6.50 range to$6.70 -$6.60 range, +$6.70 27% -29% . -
4Q 2024: Expect fourth quarter 2024 adjusted diluted earnings per share in the
-$1.75 range, +$1.85 13% -19% .
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Third Quarter Ended September 30 |
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Reported |
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Adjusted |
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(unaudited) |
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Public Currency Rates |
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% |
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Public Currency Rates |
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% |
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(millions, except per share) |
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2024 |
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2023 |
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Change |
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2024 |
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2023 |
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Change |
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Net sales |
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1 |
% |
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1 |
% |
Operating income |
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1,044.8 |
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566.0 |
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85 |
% |
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713.1 |
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608.6 |
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17 |
% |
Net income attributable to Ecolab |
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736.5 |
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404.0 |
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82 |
% |
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522.0 |
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441.7 |
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18 |
% |
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Diluted earnings per share attributable to Ecolab |
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83 |
% |
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19 |
% |
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Organic |
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% |
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2024 |
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2023 |
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Change |
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Net sales |
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4 |
% |
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Operating income |
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720.5 |
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592.4 |
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22 |
% |
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CEO Comment
Christophe Beck, Ecolab’s chairman and chief executive officer, said, “We had another excellent quarter with broad-based performance throughout our business. Organic sales grew across all of our segments and our operating income margin continued to expand to drive
“Our primary focus remains on fueling our positive growth trajectory and continuing to execute on our
Third Quarter 2024 Consolidated Results
Ecolab’s third quarter reported sales increased
Third quarter 2024 reported operating income increased
Reported other income in the third quarter of 2024 decreased slightly. Reported net interest expense decreased
The reported income tax rate for the third quarter of 2024 was
Reported net income increased
Reported diluted earnings per share increased
Currency translation had a
Ecolab repurchased approximately 1.9 million shares of its common stock during the third quarter of 2024.
Third Quarter 2024 Segment Review
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Global Industrial |
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(unaudited) |
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Third Quarter Ended September 30 |
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Organic |
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(millions) |
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2024 |
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2023 |
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% Change |
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% Change |
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Fixed currency |
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Sales |
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3 |
% |
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2 |
% |
Operating income |
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349.1 |
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299.1 |
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17 |
% |
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16 |
% |
Operating income margin |
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17.5 |
% |
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15.4 |
% |
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Organic operating income margin |
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17.5 |
% |
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15.5 |
% |
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Public currency |
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Sales |
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1 |
% |
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Operating income |
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342.7 |
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300.7 |
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14 |
% |
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The Industrial segment includes Water, Food & Beverage, and Paper |
Organic sales increased
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Global Institutional & Specialty |
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(unaudited) |
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Third Quarter Ended September 30 |
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Organic |
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(millions) |
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2024 |
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2023 |
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% Change |
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% Change |
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Fixed currency |
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Sales |
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7 |
% |
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7 |
% |
Operating income |
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325.6 |
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254.9 |
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28 |
% |
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28 |
% |
Operating income margin |
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23.2 |
% |
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19.4 |
% |
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Organic operating income margin |
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23.2 |
% |
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19.4 |
% |
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Public currency |
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Sales |
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6 |
% |
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Operating income |
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322.8 |
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254.6 |
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27 |
% |
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Organic sales growth remained very strong at
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Global Healthcare & Life Sciences |
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(unaudited) |
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Third Quarter Ended September 30 |
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Organic |
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(millions) |
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2024 |
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2023 |
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% Change |
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% Change |
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Fixed currency |
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Sales |
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(18 |
)% |
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1 |
% |
Operating income |
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35.8 |
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44.7 |
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(20 |
)% |
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24 |
% |
Operating income margin |
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10.7 |
% |
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10.9 |
% |
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Organic operating income margin |
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10.7 |
% |
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8.7 |
% |
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Public currency |
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Sales |
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(19 |
)% |
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Operating income |
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34.8 |
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43.8 |
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(21 |
)% |
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Reported sales and operating income declined reflecting the sale of the global surgical solutions business, which closed on August 1st. The increase in organic sales reflected continued growth in Life Sciences and stable Healthcare sales. Modest growth in Life Sciences was driven by good new business wins, which more than offset soft near-term industry trends. Stable Healthcare sales reflected improved pricing that was offset by strategic low margin business exits as we continue to execute Healthcare’s business transformation. Organic operating income increased
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Global Pest Elimination |
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(unaudited) |
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Third Quarter Ended September 30 |
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Organic |
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(millions) |
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2024 |
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2023 |
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% Change |
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% Change |
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Fixed currency |
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Sales |
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9 |
% |
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8 |
% |
Operating income |
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63.1 |
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59.0 |
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7 |
% |
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6 |
% |
Operating income margin |
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20.4 |
% |
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20.8 |
% |
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Organic operating income margin |
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20.6 |
% |
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20.8 |
% |
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Public currency |
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Sales |
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9 |
% |
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Operating income |
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62.8 |
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59.0 |
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6 |
% |
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Organic sales increased
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Corporate |
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(unaudited) |
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Third Quarter Ended September 30 |
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(millions) |
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2024 |
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2023 |
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Public currency |
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Sales |
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$ - |
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Corporate operating expense |
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Nalco and Purolite amortization |
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50.0 |
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49.9 |
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Special (gains) and charges |
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(331.7 |
) |
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42.6 |
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Other |
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- |
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(0.4 |
) |
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Total Corporate operating expense |
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( |
) |
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Third quarter of 2024 corporate segment includes:
-
amortization expense of
related to the Nalco merger intangible assets and$28 million related to Purolite acquisition intangible assets$22 million -
special gains and charges were a net gain of
, reflecting the gain on sale of the global surgical solutions business$332 million
Special gains and charges for the third quarter of 2023 impacting operating expense were a net charge of
Business Outlook
2024
Ecolab expects full year 2024 adjusted diluted earnings per share to improve further to the
Assuming stable macroeconomic demand, Ecolab expects continued solid sales growth, driven by value pricing and new business gains. The company expects to leverage this growth with attractive organic operating income margin expansion, driven by robust increases in gross margin. Good underlying productivity improvement is expected to be offset in the short-term by growth-oriented investments in the business to fuel Ecolab’s long-term performance.
The company currently expects quantifiable special gains and charges in 2024 to be a net gain of approximately
2024 – Fourth Quarter
Ecolab expects fourth quarter 2024 adjusted diluted earnings per share in the
The company currently expects quantifiable special charges in the fourth quarter of 2024 to be approximately
About Ecolab
A trusted partner for millions of customers, Ecolab (NYSE:ECL) is a global sustainability leader offering water, hygiene and infection prevention solutions and services that protect people and the resources vital to life. Building on a century of innovation, Ecolab has annual sales of
Ecolab will host a live webcast to review the third quarter earnings announcement today at 1:00 p.m. Eastern Time. The webcast, along with related materials, will be available to the public on Ecolab's website at www.ecolab.com/investor. A replay of the webcast and related materials will be available at that site.
Cautionary Statements Regarding Forward-Looking Information
This news release contains certain statements relating to future events and our intentions, beliefs, expectations and predictions for the future which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Words or phrases such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “we believe,” “we expect,” “estimate,” “project,” “may,” “will,” “intend,” “plan,” “believe,” “target,” “forecast” (including the negative or variations thereof) or similar terminology used in connection with any discussion of future plans, actions or events generally identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding macroeconomic conditions and our financial and business performance and prospects, including sales, earnings, special charges, raw material costs, margins, pricing, productivity, investments and new business. These statements are based on the current expectations of management of the company. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this news release. In particular, the ultimate results of any restructuring initiative depend on a number of factors, including the development of final plans, the impact of local regulatory requirements regarding employee terminations, the time necessary to develop and implement the restructuring initiatives and the level of success achieved through such actions in improving competitiveness, efficiency and effectiveness.
Additional risks and uncertainties that may affect operating results and business performance are set forth under Item 1A of our most recent Form 10-K, and our other public filings with the Securities and Exchange Commission (the "SEC"), and include the impact of economic factors such as the worldwide economy, interest rates, foreign currency risk, reduced sales and earnings in our international operations resulting from the weakening of local currencies versus the
Non-GAAP Financial Information
This news release and certain of the accompanying tables include financial measures that have not been calculated in accordance with accounting principles generally accepted in the
These non-GAAP financial measures include:
- fixed currency sales
- organic sales
- adjusted cost of sales
- adjusted gross profit
- adjusted gross margin
- fixed currency operating income
- adjusted operating income
- adjusted fixed currency operating income
- adjusted fixed currency operating income margin
- organic operating income
- organic operating income margin
- adjusted tax rate
- adjusted net income attributable to Ecolab
- adjusted diluted earnings per share
- free cash flow
We provide these measures as additional information regarding our operating results. We use these non-GAAP measures internally to evaluate our performance and in making financial and operational decisions, including with respect to incentive compensation. We believe that our presentation of these measures provides investors with greater transparency with respect to our results of operations and that these measures are useful for period-to-period comparison of results.
Our non-GAAP financial measures for adjusted cost of sales, adjusted gross margin, adjusted gross profit and adjusted operating income exclude the impact of special (gains) and charges and our non-GAAP financial measures for adjusted tax rate, adjusted net income attributable to Ecolab and adjusted diluted earnings per share further exclude the impact of discrete tax items. We include items within special (gains) and charges and discrete tax items that we believe can significantly affect the period-over-period assessment of operating results and not necessarily reflect costs and/or income associated with historical trends and future results. After tax special (gains) and charges are derived by applying the applicable local jurisdictional tax rate to the corresponding pre-tax special (gains) and charges.
We evaluate the performance of our international operations based on fixed currency rates of foreign exchange, which eliminate the translation impact of exchange rate fluctuations on our international results. Fixed currency amounts included in this release are based on translation into
Our reportable segments do not include the impact of intangible asset amortization from the Nalco and Purolite transactions or the impact of special (gains) and charges as these are not allocated to the Company’s reportable segments.
Our non-GAAP financial measures for organic sales, organic operating income and organic operating income margin are at fixed currency and exclude the impact of special (gains) and charges, the results of our acquired businesses from the first twelve months post acquisition and the results of divested businesses from the twelve months prior to divestiture. Further, due to the sale of the global surgical solutions business on August 1, 2024, we have excluded the results of the business for August and September 2023 from these organic measures for the three-month and nine-month periods ended September 30, 2023 to remain comparable to the corresponding periods in 2024. In addition, as part of the separation, we also entered into an agreement with ChampionX to provide, receive or transfer certain products for a transitionary period. Transitionary period sales of product to ChampionX under this agreement are recorded in product and equipment sales in the Corporate segment along with the related cost of sales. The remaining sales to ChampionX are recorded in product and equipment sales in the Global Industrial segment along with the related cost of sales. These transactions are removed from the consolidated results as part of the calculation of the impact of acquisitions and divestitures.
We define free cash flow as net cash provided by operating activities less cash outlays for capital expenditures. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. It should not be considered a substitute for income or cash flow data prepared in accordance with
These non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and may be different from non-GAAP measures used by other companies. Investors should not rely on any single financial measure when evaluating our business. We recommend that investors view these measures in conjunction with the GAAP measures included in this news release. Reconciliations of our non-GAAP measures are included in the following "Supplemental Non-GAAP Reconciliations" and “Supplemental Diluted Earnings per Share Information” tables included in this news release.
We do not provide reconciliations for non-GAAP estimates on a forward-looking basis (including those contained in this news release) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of various items that have not yet occurred, are out of our control and/or cannot be reasonably predicted, and that would impact reported earnings per share and the reported tax rate, the most directly comparable forward-looking GAAP financial measures to adjusted earnings per share and the adjusted tax rate. For the same reasons, we are unable to address the probable significance of the unavailable information.
(ECL-E)
ECOLAB INC. |
||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||||||||
(unaudited) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Third Quarter Ended |
|
|
|
Nine Months Ended |
|
|
||||||||||
|
|
September 30 |
|
% |
|
September 30 |
|
% |
||||||||||
(millions, except per share) |
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Product and equipment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Service and lease sales |
|
842.5 |
|
|
787.2 |
|
|
|
|
2,420.6 |
|
|
2,229.8 |
|
|
|
||
Net sales |
|
3,998.5 |
|
|
3,958.1 |
|
|
1 |
% |
|
11,736.2 |
|
|
11,381.8 |
|
|
3 |
% |
Product and equipment cost of sales |
|
1,771.2 |
|
|
1,868.1 |
|
|
|
|
5,221.0 |
|
|
5,561.7 |
|
|
|
||
Service and lease cost of sales |
|
490.3 |
|
|
462.4 |
|
|
|
|
1,409.6 |
|
|
1,308.8 |
|
|
|
||
Cost of sales (1) |
|
2,261.5 |
|
|
2,330.5 |
|
|
(3 |
)% |
|
6,630.6 |
|
|
6,870.5 |
|
|
(3 |
)% |
Selling, general and administrative expenses |
|
1,024.8 |
|
|
1,024.9 |
|
|
0 |
% |
|
3,178.2 |
|
|
3,026.8 |
|
|
5 |
% |
Special (gains) and charges (1) |
|
(332.6 |
) |
|
36.7 |
|
|
|
|
(292.2 |
) |
|
82.2 |
|
|
|
||
Operating income |
|
1,044.8 |
|
|
566.0 |
|
|
85 |
% |
|
2,219.6 |
|
|
1,402.3 |
|
|
58 |
% |
Other (income) expense |
|
(12.9 |
) |
|
(14.5 |
) |
|
(11 |
)% |
|
(38.1 |
) |
|
(42.0 |
) |
|
(9 |
)% |
Interest expense, net |
|
70.4 |
|
|
74.3 |
|
|
(5 |
)% |
|
220.8 |
|
|
226.3 |
|
|
(2 |
)% |
Income before income taxes |
|
987.3 |
|
|
506.2 |
|
|
95 |
% |
|
2,036.9 |
|
|
1,218.0 |
|
|
67 |
% |
Provision for income taxes |
|
246.5 |
|
|
96.8 |
|
|
155 |
% |
|
384.5 |
|
|
235.8 |
|
|
63 |
% |
Net income including noncontrolling interest |
|
740.8 |
|
|
409.4 |
|
|
81 |
% |
|
1,652.4 |
|
|
982.2 |
|
|
68 |
% |
Net income attributable to noncontrolling interest |
|
4.3 |
|
|
5.4 |
|
|
|
|
12.9 |
|
|
15.1 |
|
|
|
||
Net income attributable to Ecolab |
|
|
|
|
|
|
|
82 |
% |
|
|
|
|
|
|
|
70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Earnings attributable to Ecolab per common share |
|
|
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
|
|
|
|
|
83 |
% |
|
|
|
|
|
|
|
70 |
% |
Diluted |
|
|
|
|
|
|
|
83 |
% |
|
|
|
|
|
|
|
69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted-average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
||||||||
Basic |
|
283.6 |
|
|
285.1 |
|
|
(1 |
)% |
|
284.6 |
|
|
284.9 |
|
|
0 |
% |
Diluted |
|
286.0 |
|
|
286.9 |
|
|
0 |
% |
|
286.8 |
|
|
286.4 |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(1) Cost of sales and Special (gains) and charges in the Consolidated Statement of Income above include the following: |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Third Quarter Ended |
|
|
|
Nine Months Ended |
|
|
||||||||||
|
|
September 30 |
|
|
|
September 30 |
|
|
||||||||||
(millions) |
|
2024 |
|
2023 |
|
|
|
2024 |
|
2023 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other restructuring |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Subtotal (a) |
|
0.9 |
|
|
5.9 |
|
|
|
|
3.2 |
|
|
17.2 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Special (gains) and charges |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
One Ecolab |
|
24.4 |
|
|
- |
|
|
|
|
38.9 |
|
|
- |
|
|
|
||
Other restructuring |
|
0.4 |
|
|
20.0 |
|
|
|
|
20.1 |
|
|
46.3 |
|
|
|
||
Sale of global surgical solutions business |
|
(364.0 |
) |
|
4.8 |
|
|
|
|
(350.7 |
) |
|
4.8 |
|
|
|
||
Acquisition and integration activities |
|
3.5 |
|
|
3.0 |
|
|
|
|
8.3 |
|
|
11.5 |
|
|
|
||
Other |
|
3.1 |
|
|
8.9 |
|
|
|
|
(8.8 |
) |
|
19.6 |
|
|
|
||
Subtotal |
|
(332.6 |
) |
|
36.7 |
|
|
|
|
(292.2 |
) |
|
82.2 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total special (gains) and charges |
|
( |
) |
|
|
|
|
|
|
( |
) |
|
|
|
|
|
||
(a) Special charges of |
ECOLAB INC. |
|||||||||||||||||
REPORTABLE SEGMENT INFORMATION |
|||||||||||||||||
(unaudited) |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Third Quarter Ended September 30 |
|||||||||||||||
|
|
Fixed Currency Rates |
|
Public Currency Rates |
|||||||||||||
|
|
|
|
|
|
% |
|
|
|
|
|
% |
|||||
(millions) |
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|||||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Global Industrial |
|
|
|
|
|
|
|
3 |
% |
|
|
|
|
|
|
1 |
% |
Global Institutional & Specialty |
|
1,403.6 |
|
|
1,314.1 |
|
|
7 |
% |
|
1,394.2 |
|
1,313.0 |
|
|
6 |
% |
Global Healthcare & Life Sciences |
|
334.1 |
|
|
408.3 |
|
|
(18 |
)% |
|
330.4 |
|
406.2 |
|
|
(19 |
)% |
Global Pest Elimination |
|
308.7 |
|
|
283.1 |
|
|
9 |
% |
|
307.2 |
|
283.1 |
|
|
9 |
% |
Corporate |
|
- |
|
|
10.7 |
|
|
(100 |
)% |
|
- |
|
10.7 |
|
|
(100 |
)% |
Subtotal at fixed currency rates |
|
4,039.4 |
|
|
3,957.0 |
|
|
2 |
% |
|
3,998.5 |
|
3,958.1 |
|
|
1 |
% |
Currency impact |
|
(40.9 |
) |
|
1.1 |
|
|
* |
|
|
|
- |
|
|
* |
||
Consolidated reported GAAP net sales |
|
|
|
|
|
|
|
1 |
% |
|
|
|
|
|
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating Income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Global Industrial |
|
|
|
|
|
|
|
17 |
% |
|
|
|
|
|
|
14 |
% |
Global Institutional & Specialty |
|
325.6 |
|
|
254.9 |
|
|
28 |
% |
|
322.8 |
|
254.6 |
|
|
27 |
% |
Global Healthcare & Life Sciences |
|
35.8 |
|
|
44.7 |
|
|
(20 |
)% |
|
34.8 |
|
43.8 |
|
|
(21 |
)% |
Global Pest Elimination |
|
63.1 |
|
|
59.0 |
|
|
7 |
% |
|
62.8 |
|
59.0 |
|
|
6 |
% |
Corporate |
|
281.5 |
|
|
(91.6 |
) |
|
* |
|
281.7 |
|
(92.1 |
) |
|
* |
||
Subtotal at fixed currency rates |
|
1,055.1 |
|
|
566.1 |
|
|
86 |
% |
|
1,044.8 |
|
566.0 |
|
|
85 |
% |
Currency impact |
|
(10.3 |
) |
|
(0.1 |
) |
|
* |
|
- |
|
- |
|
|
* |
||
Consolidated reported GAAP operating income |
|
|
|
|
|
|
|
85 |
% |
|
|
|
|
|
|
85 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Nine Months Ended September 30 |
|||||||||||||||
|
|
Fixed Currency Rates |
|
Public Currency Rates |
|||||||||||||
|
|
|
|
|
|
% |
|
|
|
|
|
% |
|||||
(millions) |
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|||||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Global Industrial |
|
|
|
|
|
|
|
2 |
% |
|
|
|
|
|
|
1 |
% |
Global Institutional & Specialty |
|
4,046.6 |
|
|
3,719.0 |
|
|
9 |
% |
|
4,024.8 |
|
3,714.0 |
|
|
8 |
% |
Global Healthcare & Life Sciences |
|
1,112.0 |
|
|
1,189.7 |
|
|
(7 |
)% |
|
1,100.0 |
|
1,176.7 |
|
|
(7 |
)% |
Global Pest Elimination |
|
872.6 |
|
|
797.4 |
|
|
9 |
% |
|
869.0 |
|
795.5 |
|
|
9 |
% |
Corporate |
|
- |
|
|
32.0 |
|
|
(100 |
)% |
|
- |
|
31.9 |
|
|
(100 |
)% |
Subtotal at fixed currency rates |
|
11,821.9 |
|
|
11,393.5 |
|
|
4 |
% |
|
11,736.2 |
|
11,381.8 |
|
|
3 |
% |
Currency impact |
|
(85.7 |
) |
|
(11.7 |
) |
|
* |
|
- |
|
|
|
* |
|||
Consolidated reported GAAP net sales |
|
|
|
|
|
|
|
3 |
% |
|
|
|
|
|
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating Income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Global Industrial |
|
|
|
|
|
|
|
18 |
% |
|
|
|
|
|
|
16 |
% |
Global Institutional & Specialty |
|
894.3 |
|
|
598.4 |
|
|
49 |
% |
|
888.1 |
|
597.4 |
|
|
49 |
% |
Global Healthcare & Life Sciences |
|
106.5 |
|
|
113.3 |
|
|
(6 |
)% |
|
103.6 |
|
109.5 |
|
|
(5 |
)% |
Global Pest Elimination |
|
174.1 |
|
|
155.9 |
|
|
12 |
% |
|
173.4 |
|
155.7 |
|
|
11 |
% |
Corporate |
|
138.9 |
|
|
(248.3 |
) |
|
* |
|
139.7 |
|
(248.9 |
) |
|
* |
||
Subtotal at fixed currency rates |
|
2,239.8 |
|
|
1,403.1 |
|
|
60 |
% |
|
2,219.6 |
|
1,402.3 |
|
|
58 |
% |
Currency impact |
|
(20.2 |
) |
|
(0.8 |
) |
|
* |
|
- |
|
|
|
* |
|||
Consolidated reported GAAP operating income |
|
|
|
|
|
|
|
58 |
% |
|
|
|
|
|
|
58 |
% |
* Not meaningful. |
As shown in the “Fixed Currency Rates” tables above, we evaluate the performance of our international operations based on fixed currency exchange rates, which eliminate the impact of exchange rate fluctuations on our international operations. Amounts shown in the “Public Currency Rates” tables above reflect amounts translated at actual public average rates of exchange prevailing during the corresponding period and are provided for informational purposes. The difference between the fixed currency exchange rates and the public currency exchange rates is reported as “Currency impact” in the “Fixed Currency Rates” tables above.
The Corporate segment includes amortization from the Nalco and Purolite transactions intangible assets. The Corporate segment also includes special (gains) and charges reported on the Consolidated Statement of Income.
ECOLAB INC. |
||||||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||||||
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
September 30 |
December 31 |
September 30 |
|||||||||
(millions) |
2024 |
2023 |
2023 |
|||||||||
Assets |
|
|
|
|
|
|
|
|
||||
Current assets |
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
2,883.0 |
|
|
|
2,834.2 |
|
|
|
2,823.5 |
|
|
|
Inventories |
1,572.4 |
|
|
|
1,497.2 |
|
|
|
1,536.0 |
|
|
|
Other current assets |
401.8 |
|
|
|
393.2 |
|
|
|
428.6 |
|
|
|
Total current assets |
6,118.3 |
|
|
|
5,644.1 |
|
|
|
5,789.4 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Property, plant and equipment, net |
3,545.5 |
|
|
|
3,474.6 |
|
|
|
3,332.8 |
|
|
|
Goodwill |
7,898.7 |
|
|
|
8,148.2 |
|
|
|
8,098.4 |
|
|
|
Other intangible assets, net |
3,282.1 |
|
|
|
3,493.5 |
|
|
|
3,528.6 |
|
|
|
Operating lease assets |
688.2 |
|
|
|
553.5 |
|
|
|
536.0 |
|
|
|
Other assets |
568.8 |
|
|
|
532.7 |
|
|
|
572.9 |
|
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Liabilities and Equity |
|
|
|
|
|
|
|
|
||||
Current liabilities |
|
|
|
|
|
|
|
|
||||
Short-term debt |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
1,812.3 |
|
|
|
1,566.3 |
|
|
|
1,498.8 |
|
|
|
Compensation and benefits |
604.9 |
|
|
|
655.5 |
|
|
|
553.3 |
|
|
|
Income taxes |
235.1 |
|
|
|
158.7 |
|
|
|
134.3 |
|
|
|
Other current liabilities |
1,413.8 |
|
|
|
1,334.9 |
|
|
|
1,285.0 |
|
|
|
Total current liabilities |
4,709.1 |
|
|
|
4,345.8 |
|
|
|
4,600.5 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt |
6,974.5 |
|
|
|
7,551.4 |
|
|
|
7,487.1 |
|
|
|
Pension and postretirement benefits |
625.0 |
|
|
|
651.7 |
|
|
|
627.1 |
|
|
|
Deferred income taxes |
264.6 |
|
|
|
418.2 |
|
|
|
450.9 |
|
|
|
Operating lease liabilities |
551.4 |
|
|
|
425.5 |
|
|
|
415.0 |
|
|
|
Other liabilities |
401.5 |
|
|
|
381.8 |
|
|
|
455.0 |
|
|
|
Total liabilities |
13,526.1 |
|
|
|
13,774.4 |
|
|
|
14,035.6 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity |
|
|
|
|
|
|
|
|
||||
Common stock |
367.6 |
|
|
|
365.7 |
|
|
|
365.4 |
|
|
|
Additional paid-in capital |
7,108.2 |
|
|
|
6,766.7 |
|
|
|
6,710.1 |
|
|
|
Retained earnings |
11,228.4 |
|
|
|
10,075.4 |
|
|
|
9,832.8 |
|
|
|
Accumulated other comprehensive loss |
(1,853.8 |
) |
|
|
(1,850.4 |
) |
|
|
(1,801.4 |
) |
|
|
Treasury stock |
(8,302.6 |
) |
|
|
(7,312.7 |
) |
|
|
(7,311.1 |
) |
|
|
Total Ecolab shareholders’ equity |
8,547.8 |
|
|
|
8,044.7 |
|
|
|
7,795.8 |
|
|
|
Noncontrolling interest |
27.7 |
|
|
|
27.5 |
|
|
|
26.7 |
|
|
|
Total equity |
8,575.5 |
|
|
|
8,072.2 |
|
|
|
7,822.5 |
|
|
|
Total liabilities and equity |
|
|
|
|
|
|
|
|
|
|
|
ECOLAB INC. |
||||||||||||
SUPPLEMENTAL NON-GAAP RECONCILIATIONS |
||||||||||||
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
||||
|
|
Third Quarter Ended |
|
Nine Months Ended |
||||||||
|
|
September 30 |
|
September 30 |
||||||||
(millions, except percent and per share) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
|
||||
Net sales |
|
|
|
|
|
|
|
|
||||
Reported GAAP net sales |
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign currency translation |
|
40.9 |
|
|
(1.1 |
) |
|
85.7 |
|
|
11.7 |
|
Non-GAAP fixed currency sales |
|
4,039.4 |
|
|
3,957.0 |
|
|
11,821.9 |
|
|
11,393.5 |
|
Effect of acquisitions and divestitures |
|
(20.7 |
) |
|
(91.6 |
) |
|
(101.9 |
) |
|
(132.3 |
) |
Non-GAAP organic sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of sales |
|
|
|
|
|
|
|
|
||||
Reported GAAP cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges |
|
0.9 |
|
|
5.9 |
|
|
3.2 |
|
|
17.2 |
|
Non-GAAP adjusted cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross profit |
|
|
|
|
|
|
|
|
||||
Reported GAAP gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges |
|
0.9 |
|
|
5.9 |
|
|
3.2 |
|
|
17.2 |
|
Non-GAAP adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross margin |
|
|
|
|
|
|
|
|
||||
Reported GAAP gross margin |
|
43.4 |
% |
|
41.1 |
% |
|
43.5 |
% |
|
39.6 |
% |
Non-GAAP adjusted gross margin |
|
43.5 |
% |
|
41.3 |
% |
|
43.5 |
% |
|
39.8 |
% |
|
|
|
|
|
|
|
|
|
||||
Operating income |
|
|
|
|
|
|
|
|
||||
Reported GAAP operating income |
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges at public currency rates |
|
(331.7 |
) |
|
42.6 |
|
|
(289.0 |
) |
|
99.4 |
|
Non-GAAP adjusted operating income |
|
713.1 |
|
|
608.6 |
|
|
1,930.6 |
|
|
1,501.7 |
|
Effect of foreign currency translation |
|
10.3 |
|
|
(0.6 |
) |
|
20.3 |
|
|
0.1 |
|
Non-GAAP adjusted fixed currency operating income |
|
723.4 |
|
|
608.0 |
|
|
1,950.9 |
|
|
1,501.8 |
|
Effect of acquisitions and divestitures |
|
(2.9 |
) |
|
(15.6 |
) |
|
(5.3 |
) |
|
(17.0 |
) |
Non-GAAP organic operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income margin |
|
|
|
|
|
|
|
|
||||
Reported GAAP operating income margin |
|
26.1 |
% |
|
14.3 |
% |
|
18.9 |
% |
|
12.3 |
% |
Non-GAAP adjusted fixed currency operating income margin |
|
17.9 |
% |
|
15.4 |
% |
|
16.5 |
% |
|
13.2 |
% |
Non-GAAP organic operating income margin |
|
17.9 |
% |
|
15.3 |
% |
|
16.6 |
% |
|
13.2 |
% |
|
|
|
|
|
|
|
|
|
ECOLAB INC. |
||||||||||||
SUPPLEMENTAL NON-GAAP RECONCILIATIONS |
||||||||||||
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
||||
|
|
Third Quarter Ended |
|
Nine Months Ended |
||||||||
|
|
September 30 |
|
September 30 |
||||||||
(millions, except percent and per share) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net Income attributable to Ecolab |
|
|
|
|
|
|
|
|
||||
Reported GAAP net income attributable to Ecolab |
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges, after tax |
|
(230.3 |
) |
|
34.2 |
|
|
(206.3 |
) |
|
78.6 |
|
Discrete tax net expense (benefit) |
|
15.8 |
|
|
3.5 |
|
|
(42.7 |
) |
|
2.3 |
|
Non-GAAP adjusted net income attributable to Ecolab |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted EPS attributable to Ecolab |
|
|
|
|
|
|
|
|
||||
Reported GAAP diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges, after tax |
|
(0.81 |
) |
|
0.12 |
|
|
(0.72 |
) |
|
0.27 |
|
Discrete tax net expense (benefit) |
|
0.06 |
|
|
0.01 |
|
|
(0.15 |
) |
|
0.01 |
|
Non-GAAP adjusted diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Provision for Income Taxes |
|
|
|
|
|
|
|
|
||||
Reported GAAP tax rate |
|
25.0 |
% |
|
19.1 |
% |
|
18.9 |
% |
|
19.4 |
% |
Special gains and charges |
|
(2.9 |
) |
|
0.1 |
|
|
(1.6 |
) |
|
0.1 |
|
Discrete tax items |
|
(2.4 |
) |
|
(0.7 |
) |
|
2.4 |
|
|
(0.2 |
) |
Non-GAAP adjusted tax rate |
|
19.7 |
% |
|
18.5 |
% |
|
19.7 |
% |
|
19.3 |
% |
ECOLAB INC. |
||||||||||||||||||
SUPPLEMENTAL NON-GAAP RECONCILIATIONS |
||||||||||||||||||
(unaudited) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Third Quarter Ended September 30 |
||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||
(millions) |
|
Fixed Currency |
|
Impact of Acquisitions and Divestitures |
|
Organic |
|
Fixed Currency |
|
Impact of Acquisitions and Divestitures |
|
Organic |
||||||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
( |
) |
|
|
|
Global Institutional & Specialty |
|
1,403.6 |
|
|
- |
|
|
1,403.6 |
|
|
1,314.1 |
|
|
- |
|
|
1,314.1 |
|
Global Healthcare & Life Sciences |
|
334.1 |
|
|
- |
|
|
334.1 |
|
|
408.3 |
|
|
(76.6 |
) |
|
331.7 |
|
Global Pest Elimination |
|
308.7 |
|
|
(3.6 |
) |
|
305.1 |
|
|
283.1 |
|
|
- |
|
|
283.1 |
|
Corporate |
|
- |
|
|
- |
|
|
- |
|
|
10.7 |
|
|
(10.7 |
) |
|
- |
|
Subtotal at fixed currency rates |
|
4,039.4 |
|
|
(20.7 |
) |
|
4,018.7 |
|
|
3,957.0 |
|
|
(91.6 |
) |
|
3,865.4 |
|
Currency impact |
|
(40.9 |
) |
|
|
|
|
|
1.1 |
|
|
|
|
|
||||
Consolidated reported GAAP net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating Income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Global Institutional & Specialty |
|
325.6 |
|
|
- |
|
|
325.6 |
|
|
254.9 |
|
|
- |
|
|
254.9 |
|
Global Healthcare & Life Sciences |
|
35.8 |
|
|
- |
|
|
35.8 |
|
|
44.7 |
|
|
(15.9 |
) |
|
28.8 |
|
Global Pest Elimination |
|
63.1 |
|
|
(0.4 |
) |
|
62.7 |
|
|
59.0 |
|
|
- |
|
|
59.0 |
|
Corporate |
|
(50.2 |
) |
|
- |
|
|
(50.2 |
) |
|
(49.7 |
) |
|
(0.3 |
) |
|
(50.0 |
) |
Subtotal at fixed currency rates |
|
723.4 |
|
|
(2.9 |
) |
|
720.5 |
|
|
608.0 |
|
|
(15.6 |
) |
|
592.4 |
|
Special (gains) and charges at fixed currency rates |
|
(331.7 |
) |
|
|
|
|
|
41.9 |
|
|
|
|
|
||||
Reported OI at fixed currency rates |
|
1,055.1 |
|
|
|
|
|
|
566.1 |
|
|
|
|
|
||||
Currency impact |
|
(10.3 |
) |
|
|
|
|
|
(0.1 |
) |
|
|
|
|
||||
Consolidated reported GAAP operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Nine Months Ended September 30 |
||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||
(millions) |
|
Fixed Currency |
|
Impact of Acquisitions and Divestitures |
|
Organic |
|
Fixed Currency |
|
Impact of Acquisitions and Divestitures |
|
Organic |
||||||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
( |
) |
|
|
|
Global Institutional & Specialty |
|
4,046.6 |
|
|
(31.9 |
) |
|
4,014.7 |
|
|
3,719.0 |
|
|
- |
|
|
3,719.0 |
|
Global Healthcare & Life Sciences |
|
1,112.0 |
|
|
- |
|
|
1,112.0 |
|
|
1,189.7 |
|
|
(76.6 |
) |
|
1,113.1 |
|
Global Pest Elimination |
|
872.6 |
|
|
(5.7 |
) |
|
866.9 |
|
|
797.4 |
|
|
- |
|
|
797.4 |
|
Corporate |
|
- |
|
|
- |
|
|
- |
|
|
32.0 |
|
|
(32.0 |
) |
|
- |
|
Subtotal at fixed currency rates |
|
11,821.9 |
|
|
(101.9 |
) |
|
11,720.0 |
|
|
11,393.5 |
|
|
(132.3 |
) |
|
11,261.2 |
|
Currency impact |
|
(85.7 |
) |
|
|
|
|
|
(11.7 |
) |
|
|
|
|
||||
Consolidated reported GAAP net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating Income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
( |
) |
|
|
|
Global Institutional & Specialty |
|
894.3 |
|
|
(1.9 |
) |
|
892.4 |
|
|
598.4 |
|
|
- |
|
|
598.4 |
|
Global Healthcare & Life Sciences |
|
106.5 |
|
|
- |
|
|
106.5 |
|
|
113.3 |
|
|
(15.9 |
) |
|
97.4 |
|
Global Pest Elimination |
|
174.1 |
|
|
0.2 |
|
|
174.3 |
|
|
155.9 |
|
|
- |
|
|
155.9 |
|
Corporate |
|
(150.0 |
) |
|
- |
|
|
(150.0 |
) |
|
(149.6 |
) |
|
(1.0 |
) |
|
(150.6 |
) |
Subtotal at fixed currency rates |
|
1,950.9 |
|
|
(5.3 |
) |
|
1,945.6 |
|
|
1,501.8 |
|
|
(17.0 |
) |
|
1,484.8 |
|
Special (gains) and charges at fixed currency rates |
|
(288.9 |
) |
|
|
|
|
|
98.7 |
|
|
|
|
|
||||
Reported OI at fixed currency rates |
|
2,239.8 |
|
|
|
|
|
|
1,403.1 |
|
|
|
|
|
||||
Currency impact |
|
(20.2 |
) |
|
|
|
|
|
(0.8 |
) |
|
|
|
|
||||
Consolidated reported GAAP operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ECOLAB INC. |
||||||||||||||
SUPPLEMENTAL NON-GAAP RECONCILIATIONS |
||||||||||||||
(unaudited) |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||
Selected Cash Flow items |
|
Third Quarter Ended |
|
Nine Months Ended |
||||||||||
|
|
September 30 |
|
September 30 |
||||||||||
(millions) |
|
2024 |
|
|
2023 |
|
2024 |
|
|
2023 |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
Cash provided by operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Capital expenditures |
|
(236.4 |
) |
|
|
(166.5 |
) |
|
(634.8 |
) |
|
|
(512.2 |
) |
Free cash flow |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ECOLAB INC. |
||||||||||||||||
SUPPLEMENTAL DILUTED EARNINGS PER SHARE INFORMATION |
||||||||||||||||
(unaudited) |
||||||||||||||||
The table below provides a reconciliation of diluted earnings per share, as reported, to the non-GAAP measure of adjusted diluted earnings per share. |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First |
|
Second |
|
Six |
|
Third |
|
Nine |
|
Fourth |
|
|
|
|
|
|
Quarter |
|
Quarter |
|
Months |
|
Quarter |
|
Months |
|
Quarter |
|
Year |
|
|
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
|
|
|
Mar. 31 |
|
June 30 |
|
June 30 |
|
Sept. 30 |
|
Sept. 30 |
|
Dec. 31 |
|
Dec. 31 |
|
|
|
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
|
Diluted earnings per share, as reported ( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges (1) |
|
0.07 |
|
|
0.08 |
|
0.15 |
|
0.12 |
|
0.27 |
|
0.11 |
|
0.38 |
|
Discrete tax expense (benefits) (2) |
|
(0.01 |
) |
|
0.01 |
|
0.00 |
|
0.01 |
|
0.01 |
|
0.03 |
|
0.04 |
|
Adjusted diluted earnings per share (Non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
First |
|
Second |
|
Six |
|
Third |
|
Nine |
|
Fourth |
|
|
|
|||||
|
|
Quarter |
|
Quarter |
|
Months |
|
Quarter |
|
Months |
|
Quarter |
|
Year |
|
|||||
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
|||||
|
|
Mar. 31 |
|
June 30 |
|
June 30 |
|
Sept. 30 |
|
Sept. 30 |
|
Dec. 31 |
|
Dec. 31 |
|
|||||
|
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
|||||
Diluted earnings per share, as reported ( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Special (gains) and charges (3) |
|
0.08 |
|
|
0.00 |
|
|
0.08 |
|
|
(0.81 |
) |
|
(0.72 |
) |
|
|
|
|
|
Discrete tax expense (benefits) (4) |
|
(0.17 |
) |
|
(0.03 |
) |
|
(0.20 |
) |
|
0.06 |
|
|
(0.15 |
) |
|
|
|
|
|
Adjusted diluted earnings per share (Non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share amounts do not necessarily sum due to changes in shares outstanding and rounding. |
||||||||||||||||||||
(1) Special (gains) and charges for 2023 includes |
||||||||||||||||||||
(2) Discrete tax expenses (benefits) for 2023 includes |
||||||||||||||||||||
(3) Special (gains) and charges for 2024 includes |
||||||||||||||||||||
(4) Discrete tax expenses (benefits) for 2024 includes |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241028455870/en/
Investor Contact:
Andrew Hedberg (651) 250-2185
Cairn Clark (651) 250-2291
Media Contact:
Nigel Glennie (651) 250-2576
Source: Ecolab Inc.
FAQ
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