Ecolab Delivers Very Strong Second Quarter Performance; Reported Diluted EPS $1.15; Adjusted Diluted EPS $1.24, +13%; Expect Continued Strong Second Half 2023 Performance
- Ecolab reports strong Q2 results with reported sales up 8% YoY and organic sales up 9%. Adjusted diluted EPS increased by 13% YoY. The company expects continued growth in Q3 with adjusted diluted EPS expected to increase by 12 to 19% YoY.
- None.
SECOND QUARTER HIGHLIGHTS:
-
Reported sales
, +$3.9 billion 8% versus last year. Organic sales +9% , led by strong growth in the Institutional & Specialty, Industrial, and Other segment sales. -
Reported operating income +
14% . Organic operating income accelerated to +21% , as strong pricing and productivity more than offset easing but ongoing delivered product cost inflation and challenging macroeconomic conditions. -
Reported operating income margin
12.6% . Organic operating income margin13.4% , +130bps versus last year, reflecting ongoing gross margin expansion and productivity. -
Reported diluted EPS
, +$1.15 6% . Adjusted diluted EPS, excluding special gains and charges and discrete tax items were , +$1.24 13% . -
Second quarter cash flow from operating activities
; free cash flow was strong at$573 million ,$401 million + versus last year.$248 million
3Q 2023 OUTLOOK
-
Expect third quarter 2023 adjusted diluted earnings per share in the
to$1.45 range, +12 to$1.55 19% versus last year.
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Second Quarter Ended June 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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2023 |
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2022 |
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Change |
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2023 |
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2022 |
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Change |
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Net sales |
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8 |
% |
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8 |
% |
Operating income |
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484.7 |
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425.8 |
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14 |
% |
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513.8 |
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431.1 |
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19 |
% |
Net income attributable to Ecolab |
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329.7 |
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308.3 |
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7 |
% |
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355.8 |
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314.6 |
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13 |
% |
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Diluted earnings per share attributable to Ecolab |
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6 |
% |
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13 |
% |
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Organic |
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% |
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2023 |
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2022 |
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Change |
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Net sales |
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9 |
% |
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Operating income |
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508.7 |
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421.3 |
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21 |
% |
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CEO Comment
Christophe Beck, Ecolab’s chairman and chief executive officer, said, “The second quarter was one of great momentum for Ecolab, reflecting the strategic decisions made over the past few years and the fundamental work done over the last several quarters. Our team’s strong execution resulted in continued robust organic sales growth, operating income margin expansion, and
“We continue to strengthen our performance, including targeted actions in institutional, life sciences, and healthcare. Institutional continued its very strong recovery. Focus on new business and penetration generated share gains, and value pricing and productivity drove strong margin recovery. Our highly attractive life sciences business was not immune to the short-term market pressure, which led to flattish sales. However, we took the opportunity to gain share with major customers and to further invest in capacity and capabilities in biopharma, which resulted in a short-term operating income decline. Also, as promised, we have stayed focused on driving our healthcare transformation, which is showing good progress. We are well underway on the cost-saving initiatives we announced earlier this year and are now implementing our second strategic move to further improve business performance. Over the next few months, we will be creating two separate, yet focused businesses from our North American Healthcare business: surgical and infection prevention. This move will provide greater focus and support for our surgical business and allow infection prevention to leverage the critical mass and reach of our North American Institutional field team.
“Moving forward, we are very well positioned to deliver continued strong performance. Our leading positions in attractive market segments, driven by fundamental global growth trends, combined with our unique innovation, digital capabilities, and global service expertise will continue to help fuel robust new business wins and operating margin expansion. Despite macroeconomic headwinds, we anticipate strong organic sales gains and mid-teens growth in adjusted diluted earnings per share in the second half of 2023.”
Second Quarter 2023 Consolidated Results
Ecolab’s second quarter reported sales increased
Second quarter 2023 reported operating income increased
Reported other income decreased
Reported interest expense increased
The reported income tax rate for the second quarter of 2023 was
Reported net income increased
Reported diluted earnings per share increased
Second Quarter 2023 Segment Review
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Global Industrial |
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(unaudited) |
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Second Quarter Ended June 30 |
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Organic |
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(millions) |
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2023 |
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2022 |
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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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9 |
% |
Operating income |
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255.4 |
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216.8 |
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18 |
% |
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18 |
% |
Operating income margin |
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14.2 |
% |
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13.1 |
% |
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Organic operating income margin |
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14.2 |
% |
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13.1 |
% |
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Public currency |
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Sales |
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7 |
% |
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Operating income |
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257.6 |
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224.1 |
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15 |
% |
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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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Second Quarter Ended June 30 |
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Organic |
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(millions) |
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2023 |
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2022 |
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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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13 |
% |
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13 |
% |
Operating income |
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208.7 |
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148.6 |
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40 |
% |
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40 |
% |
Operating income margin |
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16.5 |
% |
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13.3 |
% |
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Organic operating income margin |
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16.5 |
% |
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13.3 |
% |
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Public currency |
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Sales |
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13 |
% |
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Operating income |
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209.2 |
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150.6 |
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39 |
% |
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The Institutional & Specialty segment includes Institutional and Specialty |
Organic sales increased
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Global Healthcare & Life Sciences |
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(unaudited) |
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Second Quarter Ended June 30 |
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Organic |
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(millions) |
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2023 |
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2022 |
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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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1 |
% |
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1 |
% |
Operating income |
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32.7 |
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55.2 |
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(41) |
% |
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(41) |
% |
Operating income margin |
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8.4 |
% |
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14.4 |
% |
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Organic operating income margin |
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8.4 |
% |
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14.4 |
% |
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Public currency |
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Sales |
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0 |
% |
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Operating income |
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33.3 |
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56.6 |
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(41) |
% |
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The Healthcare & Life Sciences segment includes Healthcare and Life Sciences |
Organic sales increased
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Other |
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(unaudited) |
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Second Quarter Ended June 30 |
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Organic |
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(millions) |
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2023 |
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2022 |
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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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9 |
% |
Operating income |
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63.4 |
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51.6 |
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23 |
% |
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23 |
% |
Operating income margin |
|
17.5 |
% |
|
15.5 |
% |
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Organic operating income margin |
|
17.5 |
% |
|
15.5 |
% |
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Public currency |
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Sales |
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8 |
% |
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Operating income |
|
63.5 |
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|
52.2 |
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22 |
% |
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The Other segment includes Pest Elimination, Textile Care and Colloidal Technologies |
Organic sales grew
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Corporate |
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(unaudited) |
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Second Quarter Ended June 30 |
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(millions) |
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2023 |
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2022 |
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Public currency |
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Sales |
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Corporate operating expense |
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Nalco and Purolite amortization |
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50.6 |
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52.4 |
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Special (gains) and charges |
|
29.1 |
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5.3 |
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Other |
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(0.8) |
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- |
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Total Corporate operating expense |
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Second quarter of 2023 corporate segment includes:
-
sales of
to ChampionX under the Master Cross Supply and Product Transfer agreements Ecolab entered into as part of the ChampionX separation$17 million -
amortization expense of
related to the Nalco merger intangible assets and$29 million related to Purolite acquisition intangible assets$22 million -
special gains and charges were a net charge of
, primarily related to restructuring costs$29 million
Special gains and charges for the second quarter of 2022 were a net charge of
Business Outlook
2023
Ecolab expects to deliver performance that continues to strengthen despite a challenging macro environment where end market demand continues to ease. The Company expects robust sales and earnings growth driven by continued pricing and new business gains, improved productivity, and delivered product costs to remain high but ease progressively. This strong performance is expected to more than overcome the volatile macro environment to deliver mid-teens growth in adjusted diluted earnings per share in the second half of 2023.
2023 – Third Quarter
Ecolab expects third quarter 2023 adjusted diluted earnings per share in the
The Company currently expects quantifiable special charges in the third quarter of 2023 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 second 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, delivered product costs, demand, inflation, and our financial and business performance and prospects, including sales, earnings, special charges, margins, and productivity. 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, capital flows, 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, formerly known as acquisition adjusted fixed currency 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, formerly known as acquisition adjusted fixed currency operating income
- organic operating income margin, formerly known as acquisition adjusted fixed currency 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. In addition, as part of the separation, we also entered into a Master Cross Supply and Product Transfer agreement with ChampionX to provide, receive or transfer certain products for a period up to 36 months and for a small set of products with limited suppliers over the next few years. 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. 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) |
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Second Quarter Ended |
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Six Months Ended |
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June 30 |
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% |
|
June 30 |
|
% |
||||||||||
(millions, except per share) |
|
2023 |
|
|
2022 |
|
|
Change |
|
2023 |
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2022 |
|
|
Change |
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||||
Product and equipment sales |
|
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Service and lease sales |
|
747.3 |
|
|
693.8 |
|
|
|
|
|
1,442.6 |
|
|
1,336.4 |
|
|
|
|
Net sales |
|
3,852.1 |
|
|
3,580.6 |
|
|
8 |
% |
|
7,423.7 |
|
|
6,847.3 |
|
|
8 |
% |
Product and equipment cost of sales |
|
1,895.3 |
|
|
1,799.0 |
|
|
|
|
|
3,693.6 |
|
|
3,494.6 |
|
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|
Service and lease cost of sales |
|
439.5 |
|
|
412.1 |
|
|
|
|
|
846.4 |
|
|
789.9 |
|
|
|
|
Cost of sales (1) |
|
2,334.8 |
|
|
2,211.1 |
|
|
6 |
% |
|
4,540.0 |
|
|
4,284.5 |
|
|
6 |
% |
Selling, general and administrative expenses |
|
1,011.6 |
|
|
940.1 |
|
|
8 |
% |
|
2,001.9 |
|
|
1,854.8 |
|
|
8 |
% |
Special (gains) and charges (1) |
|
21.0 |
|
|
3.6 |
|
|
|
|
|
45.5 |
|
|
27.7 |
|
|
|
|
Operating income |
|
484.7 |
|
|
425.8 |
|
|
14 |
% |
|
836.3 |
|
|
680.3 |
|
|
23 |
% |
Other (income) expense |
|
(14.4 |
) |
|
(19.5 |
) |
|
(26) |
% |
|
(27.5 |
) |
|
(38.3 |
) |
|
(28) |
% |
Interest expense, net |
|
77.8 |
|
|
56.0 |
|
|
39 |
% |
|
152.0 |
|
|
109.0 |
|
|
39 |
% |
Income before income taxes |
|
421.3 |
|
|
389.3 |
|
|
8 |
% |
|
711.8 |
|
|
609.6 |
|
|
17 |
% |
Provision for income taxes |
|
86.6 |
|
|
76.6 |
|
|
13 |
% |
|
139.0 |
|
|
122.2 |
|
|
14 |
% |
Net income including noncontrolling interest |
|
334.7 |
|
|
312.7 |
|
|
7 |
% |
|
572.8 |
|
|
487.4 |
|
|
18 |
% |
Net income attributable to noncontrolling interest |
|
5.0 |
|
|
4.4 |
|
|
|
|
|
9.7 |
|
|
7.2 |
|
|
|
|
Net income attributable to Ecolab |
|
|
|
|
|
|
|
7 |
% |
|
|
|
|
|
|
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings attributable to Ecolab per common share |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic |
|
|
|
|
|
|
|
7 |
% |
|
|
|
|
|
|
|
18 |
% |
Diluted |
|
|
|
|
|
|
|
6 |
% |
|
|
|
|
|
|
|
18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic |
|
284.9 |
|
|
285.1 |
|
|
0 |
% |
|
284.8 |
|
|
285.7 |
|
|
0 |
% |
Diluted |
|
286.3 |
|
|
286.6 |
|
|
0 |
% |
|
286.1 |
|
|
287.4 |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(1) Cost of sales and Special (gains) and charges in the Consolidated Statement of Income above include the following: |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Second Quarter Ended |
|
|
|
Six Months Ended |
|
|
||||||||||
|
|
June 30 |
|
|
|
|
June 30 |
|
|
|
||||||||
(millions) |
|
2023 |
|
|
2022 |
|
|
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Restructuring activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and integration activities |
|
- |
|
|
0.9 |
|
|
|
|
|
- |
|
|
28.5 |
|
|
|
|
COVID-19 activities, net |
|
- |
|
|
- |
|
|
|
|
|
- |
|
|
16.3 |
|
|
|
|
|
|
- |
|
|
- |
|
|
|
|
|
- |
|
|
6.4 |
|
|
|
|
Subtotal (a) |
|
8.1 |
|
|
1.7 |
|
|
|
|
|
11.3 |
|
|
54.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Special (gains) and charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Restructuring activities |
|
13.7 |
|
|
0.3 |
|
|
|
|
|
26.3 |
|
|
1.1 |
|
|
|
|
Acquisition and integration activities |
|
3.5 |
|
|
3.4 |
|
|
|
|
|
8.5 |
|
|
10.9 |
|
|
|
|
|
|
0.3 |
|
|
(5.7 |
) |
|
|
|
|
0.6 |
|
|
5.9 |
|
|
|
|
Other |
|
3.5 |
|
|
5.6 |
|
|
|
|
|
10.1 |
|
|
9.8 |
|
|
|
|
Subtotal |
|
21.0 |
|
|
3.6 |
|
|
|
|
|
45.5 |
|
|
27.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total special (gains) and charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Special charges of |
ECOLAB INC. REPORTABLE SEGMENT INFORMATION (unaudited) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Second Quarter Ended June 30 |
||||||||||||||||
|
|
Fixed Currency Rates |
|
Public Currency Rates |
||||||||||||||
|
|
|
|
|
|
% |
|
|
|
|
|
% |
||||||
(millions) |
|
2023 |
|
|
2022 |
|
|
Change |
|
2023 |
|
|
2022 |
|
|
Change |
||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Global Industrial |
|
|
|
|
|
|
|
9 |
% |
|
|
|
|
|
|
|
7 |
% |
Global Institutional & Specialty |
|
1,268.6 |
|
|
1,118.2 |
|
|
13 |
% |
|
1,272.2 |
|
|
1,129.3 |
|
|
13 |
% |
Global Healthcare & Life Sciences |
|
387.5 |
|
|
384.4 |
|
|
1 |
% |
|
390.8 |
|
|
390.9 |
|
|
0 |
% |
Other |
|
362.6 |
|
|
332.5 |
|
|
9 |
% |
|
363.9 |
|
|
336.6 |
|
|
8 |
% |
Corporate |
|
16.7 |
|
|
33.8 |
|
|
(51) |
% |
|
16.7 |
|
|
33.9 |
|
|
(51) |
% |
Subtotal at fixed currency rates |
|
3,831.0 |
|
|
3,522.2 |
|
|
9 |
% |
|
3,852.1 |
|
|
3,580.6 |
|
|
8 |
% |
Currency impact |
|
21.1 |
|
|
58.4 |
|
|
* |
|
|
- |
|
|
- |
|
|
* |
|
Consolidated reported GAAP net sales |
|
|
|
|
|
|
|
8 |
% |
|
|
|
|
|
|
|
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating Income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Global Industrial |
|
|
|
|
|
|
|
18 |
% |
|
|
|
|
|
|
|
15 |
% |
Global Institutional & Specialty |
|
208.7 |
|
|
148.6 |
|
|
40 |
% |
|
209.2 |
|
|
150.6 |
|
|
39 |
% |
Global Healthcare & Life Sciences |
|
32.7 |
|
|
55.2 |
|
|
(41) |
% |
|
33.3 |
|
|
56.6 |
|
|
(41) |
% |
Other |
|
63.4 |
|
|
51.6 |
|
|
23 |
% |
|
63.5 |
|
|
52.2 |
|
|
22 |
% |
Corporate |
|
(78.8 |
) |
|
(57.4 |
) |
|
* |
|
|
(78.9 |
) |
|
(57.7 |
) |
|
* |
|
Subtotal at fixed currency rates |
|
481.4 |
|
|
414.8 |
|
|
16 |
% |
|
484.7 |
|
|
425.8 |
|
|
14 |
% |
Currency impact |
|
3.3 |
|
|
11.0 |
|
|
* |
|
|
- |
|
|
- |
|
|
* |
|
Consolidated reported GAAP operating income |
|
|
|
|
|
|
|
14 |
% |
|
|
|
|
|
|
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Six Months Ended June 30 |
||||||||||||||||
|
|
Fixed Currency Rates |
|
Public Currency Rates |
||||||||||||||
|
|
|
|
|
|
% |
|
|
|
|
|
% |
||||||
(millions) |
|
2023 |
|
|
2022 |
|
|
Change |
|
2023 |
|
|
2022 |
|
|
Change |
||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Global Industrial |
|
|
|
|
|
|
|
10 |
% |
|
|
|
|
|
|
|
8 |
% |
Global Institutional & Specialty |
|
2,395.2 |
|
|
2,109.5 |
|
|
14 |
% |
|
2,401.0 |
|
|
2,138.7 |
|
|
12 |
% |
Global Healthcare & Life Sciences |
|
766.1 |
|
|
732.6 |
|
|
5 |
% |
|
770.5 |
|
|
753.7 |
|
|
2 |
% |
Other |
|
691.9 |
|
|
619.3 |
|
|
12 |
% |
|
693.9 |
|
|
630.6 |
|
|
10 |
% |
Corporate |
|
40.3 |
|
|
68.4 |
|
|
(41) |
% |
|
40.4 |
|
|
68.7 |
|
|
(41) |
% |
Subtotal at fixed currency rates |
|
7,388.4 |
|
|
6,694.5 |
|
|
10 |
% |
|
7,423.7 |
|
|
6,847.3 |
|
|
8 |
% |
Currency impact |
|
35.3 |
|
|
152.8 |
|
|
* |
|
|
- |
|
|
- |
|
|
* |
|
Consolidated reported GAAP net sales |
|
|
|
|
|
|
|
8 |
% |
|
|
|
|
|
|
|
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Global Industrial |
|
|
|
|
|
|
|
19 |
% |
|
|
|
|
|
|
|
14 |
% |
Global Institutional & Specialty |
|
334.4 |
|
|
257.2 |
|
|
30 |
% |
|
335.1 |
|
|
261.5 |
|
|
28 |
% |
Global Healthcare & Life Sciences |
|
67.7 |
|
|
97.1 |
|
|
(30) |
% |
|
68.5 |
|
|
100.9 |
|
|
(32) |
% |
Other |
|
113.5 |
|
|
88.7 |
|
|
28 |
% |
|
113.7 |
|
|
90.1 |
|
|
26 |
% |
Corporate |
|
(156.2 |
) |
|
(186.4 |
) |
|
* |
|
|
(156.3 |
) |
|
(187.4 |
) |
|
* |
|
Subtotal at fixed currency rates |
|
830.4 |
|
|
653.3 |
|
|
27 |
% |
|
836.3 |
|
|
680.3 |
|
|
23 |
% |
Currency impact |
|
5.9 |
|
|
27.0 |
|
|
* |
|
|
- |
|
|
- |
|
|
* |
|
Consolidated reported GAAP operating income |
|
|
|
|
|
|
|
23 |
% |
|
|
|
|
|
|
|
23 |
% |
* 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) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
June 30 |
|
December |
June 30 |
||||||||
(millions) |
2023 |
|
|
2022 |
|
2022 |
|
|||||
Assets |
|
|
|
|
|
|
|
|
||||
Current assets |
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
2,780.1 |
|
|
|
2,698.1 |
|
|
|
2,668.0 |
|
|
|
Inventories |
1,646.2 |
|
|
|
1,792.8 |
|
|
|
1,720.7 |
|
|
|
Other current assets |
456.0 |
|
|
|
404.7 |
|
|
|
391.5 |
|
|
|
Total current assets |
5,436.5 |
|
|
|
5,494.2 |
|
|
|
4,905.1 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Property, plant and equipment, net |
3,326.5 |
|
|
|
3,293.4 |
|
|
|
3,264.0 |
|
|
|
Goodwill |
8,101.3 |
|
|
|
8,012.7 |
|
|
|
7,935.9 |
|
|
|
Other intangible assets, net |
3,603.6 |
|
|
|
3,680.7 |
|
|
|
4,030.6 |
|
|
|
Operating lease assets |
446.8 |
|
|
|
448.2 |
|
|
|
400.8 |
|
|
|
Other assets |
541.5 |
|
|
|
535.1 |
|
|
|
627.2 |
|
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Liabilities and Equity |
|
|
|
|
|
|
|
|
||||
Current liabilities |
|
|
|
|
|
|
|
|
||||
Short-term debt |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
1,476.8 |
|
|
|
1,728.2 |
|
|
|
1,524.8 |
|
|
|
Compensation and benefits |
469.1 |
|
|
|
493.6 |
|
|
|
434.8 |
|
|
|
Income taxes |
117.3 |
|
|
|
197.6 |
|
|
|
73.6 |
|
|
|
Other current liabilities |
1,282.4 |
|
|
|
1,285.9 |
|
|
|
1,154.5 |
|
|
|
Total current liabilities |
4,467.5 |
|
|
|
4,210.4 |
|
|
|
3,806.0 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt |
7,499.6 |
|
|
|
8,075.3 |
|
|
|
8,167.8 |
|
|
|
Pension and postretirement benefits |
660.8 |
|
|
|
670.3 |
|
|
|
838.0 |
|
|
|
Deferred income taxes |
474.1 |
|
|
|
505.6 |
|
|
|
630.4 |
|
|
|
Operating lease liabilities |
335.4 |
|
|
|
337.8 |
|
|
|
291.8 |
|
|
|
Other liabilities |
438.3 |
|
|
|
406.3 |
|
|
|
311.2 |
|
|
|
Total liabilities |
13,875.7 |
|
|
|
14,205.7 |
|
|
|
14,045.2 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity |
|
|
|
|
|
|
|
|
||||
Common stock |
365.3 |
|
|
|
364.7 |
|
|
|
364.5 |
|
|
|
Additional paid-in capital |
6,684.1 |
|
|
|
6,580.2 |
|
|
|
6,529.8 |
|
|
|
Retained earnings |
9,580.0 |
|
|
|
9,318.8 |
|
|
|
9,003.3 |
|
|
|
Accumulated other comprehensive loss |
(1,761.8 |
) |
|
|
(1,726.6 |
) |
|
|
(1,617.9 |
) |
|
|
Treasury stock |
(7,310.9 |
) |
|
|
(7,301.0 |
) |
|
|
(7,186.3 |
) |
|
|
Total Ecolab shareholders’ equity |
7,556.7 |
|
|
|
7,236.1 |
|
|
|
7,093.4 |
|
|
|
Noncontrolling interest |
23.8 |
|
|
|
22.5 |
|
|
|
25.0 |
|
|
|
Total equity |
7,580.5 |
|
|
|
7,258.6 |
|
|
|
7,118.4 |
|
|
|
Total liabilities and equity |
|
|
|
|
|
|
|
|
|
|
|
ECOLAB INC. SUPPLEMENTAL NON-GAAP RECONCILIATIONS (unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
Second Quarter Ended |
|
Six Months Ended |
|
||||||||
|
|
June 30 |
|
June 30 |
|
||||||||
(millions, except percent and per share) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
Net sales |
|
|
|
|
|
|
|
|
|
||||
Reported GAAP net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign currency translation |
|
(21.1 |
) |
|
(58.4 |
) |
|
(35.3 |
) |
|
(152.8 |
) |
|
Non-GAAP fixed currency sales |
|
3,831.0 |
|
|
3,522.2 |
|
|
7,388.4 |
|
|
6,694.5 |
|
|
Effect of acquisitions and divestitures |
|
(23.1 |
) |
|
(33.8 |
) |
|
(46.7 |
) |
|
(68.4 |
) |
|
Non-GAAP organic sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of sales |
|
|
|
|
|
|
|
|
|
||||
Reported GAAP cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges |
|
8.1 |
|
|
1.7 |
|
|
11.3 |
|
|
54.6 |
|
|
Non-GAAP adjusted cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross profit |
|
|
|
|
|
|
|
|
|
||||
Reported GAAP gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges |
|
8.1 |
|
|
1.7 |
|
|
11.3 |
|
|
54.6 |
|
|
Non-GAAP adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross margin |
|
|
|
|
|
|
|
|
|
||||
Reported GAAP gross margin |
|
39.4 |
% |
|
38.2 |
% |
|
38.8 |
% |
|
37.4 |
% |
|
Non-GAAP adjusted gross margin |
|
39.6 |
% |
|
38.3 |
% |
|
39.0 |
% |
|
38.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income |
|
|
|
|
|
|
|
|
|
||||
Reported GAAP operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges at public currency rates |
|
29.1 |
|
|
5.3 |
|
|
56.8 |
|
|
82.3 |
|
|
Non-GAAP adjusted operating income |
|
513.8 |
|
|
431.1 |
|
|
893.1 |
|
|
762.6 |
|
|
Effect of foreign currency translation |
|
(3.6 |
) |
|
(9.8 |
) |
|
(6.3 |
) |
|
(25.8 |
) |
|
Non-GAAP adjusted fixed currency operating income |
|
510.2 |
|
|
421.3 |
|
|
886.8 |
|
|
736.8 |
|
|
Effect of acquisitions and divestitures |
|
(1.5 |
) |
|
- |
|
|
(2.0 |
) |
|
- |
|
|
Non-GAAP organic operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income margin |
|
|
|
|
|
|
|
|
|
||||
Reported GAAP operating income margin |
|
12.6 |
% |
|
11.9 |
% |
|
11.3 |
% |
|
9.9 |
% |
|
Non-GAAP adjusted fixed currency operating income margin |
|
13.3 |
% |
|
12.0 |
% |
|
12.0 |
% |
|
11.0 |
% |
|
Non-GAAP organic operating income margin |
|
13.4 |
% |
|
12.1 |
% |
|
12.1 |
% |
|
11.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
ECOLAB INC. SUPPLEMENTAL NON-GAAP RECONCILIATIONS (unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
Second Quarter Ended |
|
Six Months Ended |
|
||||||||
|
|
June 30 |
|
June 30 |
|
||||||||
(millions, except percent and per share) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
Net Income attributable to Ecolab |
|
|
|
|
|
|
|
|
|
||||
Reported GAAP net income attributable to Ecolab |
|
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges, after tax |
|
23.3 |
|
|
2.6 |
|
|
44.4 |
|
|
66.2 |
|
|
Discrete tax net expense (benefit) |
|
2.8 |
|
|
3.7 |
|
|
(1.2 |
) |
|
4.7 |
|
|
Non-GAAP adjusted net income attributable to Ecolab |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted EPS attributable to Ecolab |
|
|
|
|
|
|
|
|
|
||||
Reported GAAP diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges, after tax |
|
0.08 |
|
|
0.01 |
|
|
0.15 |
|
|
0.23 |
|
|
Discrete tax net expense (benefit) |
|
0.01 |
|
|
0.01 |
|
|
- |
|
|
0.02 |
|
|
Non-GAAP adjusted diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Provision for Income Taxes |
|
|
|
|
|
|
|
|
|
||||
Reported GAAP tax rate |
|
20.6 |
% |
|
19.7 |
% |
|
19.5 |
% |
|
20.0 |
% |
|
Special gains and charges |
|
(0.1 |
) |
|
0.4 |
|
|
0.2 |
|
|
- |
|
|
Discrete tax items |
|
(0.6 |
) |
|
(0.9 |
) |
|
0.2 |
|
|
(0.7 |
) |
|
Non-GAAP adjusted tax rate |
|
19.9 |
% |
|
19.2 |
% |
|
19.9 |
% |
|
19.3 |
% |
|
ECOLAB INC. SUPPLEMENTAL NON-GAAP RECONCILIATIONS (unaudited) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Second Quarter Ended June 30 |
||||||||||||||||
|
|
2023 |
|
2022 |
||||||||||||||
(millions) |
|
Fixed Currency |
|
Impact of Acquisitions and Divestitures |
|
Organic |
|
Fixed Currency |
|
Impact of Acquisitions and Divestitures |
|
Organic |
||||||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
|
$ - |
|
|
|
|
|
|
|
|
$ - |
|
|
|
|
Global Institutional & Specialty |
|
1,268.6 |
|
|
(6.4 |
) |
|
1,262.2 |
|
|
1,118.2 |
|
|
- |
|
|
1,118.2 |
|
Global Healthcare & Life Sciences |
|
387.5 |
|
|
- |
|
|
387.5 |
|
|
384.4 |
|
|
- |
|
|
384.4 |
|
Other |
|
362.6 |
|
|
- |
|
|
362.6 |
|
|
332.5 |
|
|
- |
|
|
332.5 |
|
Corporate |
|
16.7 |
|
|
(16.7 |
) |
|
- |
|
|
33.8 |
|
|
(33.8 |
) |
|
- |
|
Subtotal at fixed currency rates |
|
3,831.0 |
|
|
(23.1 |
) |
|
3,807.9 |
|
|
3,522.2 |
|
|
(33.8 |
) |
|
3,488.4 |
|
Currency impact |
|
21.1 |
|
|
|
|
|
|
58.4 |
|
|
|
|
|
||||
Consolidated reported GAAP net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating Income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
|
$ - |
|
|
|
|
|
|
|
|
$ - |
|
|
|
|
Global Institutional & Specialty |
|
208.7 |
|
|
(0.7 |
) |
|
208.0 |
|
|
148.6 |
|
|
- |
|
|
148.6 |
|
Global Healthcare & Life Sciences |
|
32.7 |
|
|
- |
|
|
32.7 |
|
|
55.2 |
|
|
- |
|
|
55.2 |
|
Other |
|
63.4 |
|
|
- |
|
|
63.4 |
|
|
51.6 |
|
|
- |
|
|
51.6 |
|
Corporate |
|
(50.0 |
) |
|
(0.8 |
) |
|
(50.8 |
) |
|
(50.9 |
) |
|
- |
|
|
(50.9 |
) |
Subtotal at fixed currency rates |
|
510.2 |
|
|
(1.5 |
) |
|
508.7 |
|
|
421.3 |
|
|
- |
|
|
421.3 |
|
Special (gains) and charges at fixed currency rates |
|
28.8 |
|
|
|
|
|
|
6.5 |
|
|
|
|
|
||||
Reported OI at fixed currency rates |
|
481.4 |
|
|
|
|
|
|
414.8 |
|
|
|
|
|
||||
Currency impact |
|
3.3 |
|
|
|
|
|
|
11.0 |
|
|
|
|
|
||||
Consolidated reported GAAP operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Six Months Ended June 30 |
||||||||||||||||
|
|
2023 |
|
2022 |
||||||||||||||
(millions) |
|
Fixed Currency |
|
Impact of Acquisitions and Divestitures |
|
Acquisition Adjusted |
|
Fixed Currency |
|
Impact of Acquisitions and Divestitures |
|
Acquisition Adjusted |
||||||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
|
$ - |
|
|
|
|
|
|
|
|
$ - |
|
|
|
|
Global Institutional & Specialty |
|
2,395.2 |
|
|
(6.4 |
) |
|
2,388.8 |
|
|
2,109.5 |
|
|
- |
|
|
2,109.5 |
|
Global Healthcare & Life Sciences |
|
766.1 |
|
|
- |
|
|
766.1 |
|
|
732.6 |
|
|
- |
|
|
732.6 |
|
Other |
|
691.9 |
|
|
- |
|
|
691.9 |
|
|
619.3 |
|
|
- |
|
|
619.3 |
|
Corporate |
|
40.3 |
|
|
(40.3 |
) |
|
- |
|
|
68.4 |
|
|
(68.4 |
) |
|
- |
|
Subtotal at fixed currency rates |
|
7,388.4 |
|
|
(46.7 |
) |
|
7,341.7 |
|
|
6,694.5 |
|
|
(68.4 |
) |
|
6,626.1 |
|
Currency impact |
|
35.3 |
|
|
|
|
|
|
152.8 |
|
|
|
|
|
||||
Consolidated reported GAAP net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating Income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
|
$ - |
|
|
|
|
|
|
|
|
$ - |
|
|
|
|
Global Institutional & Specialty |
|
334.4 |
|
|
(0.7 |
) |
|
333.7 |
|
|
257.2 |
|
|
- |
|
|
257.2 |
|
Global Healthcare & Life Sciences |
|
67.7 |
|
|
- |
|
|
67.7 |
|
|
97.1 |
|
|
- |
|
|
97.1 |
|
Other |
|
113.5 |
|
|
- |
|
|
113.5 |
|
|
88.7 |
|
|
- |
|
|
88.7 |
|
Corporate |
|
(99.8 |
) |
|
(1.3 |
) |
|
(101.1 |
) |
|
(102.9 |
) |
|
- |
|
|
(102.9 |
) |
Subtotal at fixed currency rates |
|
886.8 |
|
|
(2.0 |
) |
|
884.8 |
|
|
736.8 |
|
|
- |
|
|
736.8 |
|
Special (gains) and charges at fixed currency rates |
|
56.4 |
|
|
|
|
|
|
83.5 |
|
|
|
|
|
||||
Reported OI at fixed currency rates |
|
830.4 |
|
|
|
|
|
|
653.3 |
|
|
|
|
|
||||
Currency impact |
|
5.9 |
|
|
|
|
|
|
27.0 |
|
|
|
|
|
||||
Consolidated reported GAAP operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ECOLAB INC. SUPPLEMENTAL NON-GAAP RECONCILIATIONS (unaudited) |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||
Selected Cash Flow items |
|
Second Quarter Ended |
|
Six Months Ended |
||||||||||
|
|
June 30 |
|
June 30 |
||||||||||
(millions) |
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash provided by operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Capital expenditures |
|
(172.0 |
) |
|
|
(168.8 |
) |
|
(345.7 |
) |
|
|
(317.5 |
) |
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 |
|
||||
|
|
2022 |
|
2022 |
|
2022 |
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
Diluted earnings per share, as reported ( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Special (gains) and charges (1) |
|
0.22 |
|
0.01 |
|
0.23 |
|
0.14 |
|
|
0.37 |
|
|
0.35 |
|
|
0.72 |
|
|
Discrete tax expense (benefits) (2) |
|
0.00 |
|
0.01 |
|
0.02 |
|
(0.05 |
) |
|
(0.03 |
) |
|
(0.01 |
) |
|
(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 |
|
|
|
|
2023 |
|
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
Diluted earnings per share, as reported ( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges (3) |
|
0.07 |
|
|
0.08 |
|
0.15 |
|
|
|
|
|
|
|
|
|
Discrete tax expense (benefits) (4) |
|
(0.01 |
) |
|
0.01 |
|
0.00 |
|
|
|
|
|
|
|
|
|
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 2022 includes charges of |
|
(2) Discrete tax expenses (benefits) for 2022 includes |
|
(3) Special (gains) and charges for 2023 includes charges of |
|
(4) Discrete tax (benefits) for 2023 includes |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230731507842/en/
Investor Contact:
Andrew Hedberg (651) 250-2185
Cairn Clark (651) 250-2291
Media Contact:
Nigel Glennie (651) 250-2576
Source: Ecolab Inc.
FAQ
What were Ecolab's Q2 reported sales?
What was the growth rate of Ecolab's organic sales in Q2?
What was Ecolab's adjusted diluted EPS in Q2?