Ecolab Continues To Expect Strong Earnings Growth In H2

Ecolab Inc. (ECL) said its first-quarter reported net income decreased 11% from the prior year. Excluding the impact of special gains and charges and discrete tax items,
adjusted net income increased 1% year-on-year. The company noted that earnings increase reflected accelerating pricing and strong volume growth. Reported sales were up 13%, fixed currency sales increased 16% and acquisition adjusted fixed currency sales increased 12% compared to the prior year.

Looking forward, the company expects to deliver low-teens growth in adjusted diluted earnings per share for the full year 2022. For the second-quarter, the company targets adjusted earnings per share approaching last year's $1.22.

For the first quarter, the company's bottom line came in at $171.9 million, or $0.60 per share compared with $193.6 million, or $0.67 per share, prior year. Excluding items, Ecolab reported adjusted earnings of $236.5 million or $0.82 per share for the period. Analysts on average had expected the company to earn $0.82 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 13.1% to $3.27 billion from $2.89 billion last year.

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