| Ecolab 2Q Income Rises 30% |
| ST. PAUL, MN -- Led by strong growth in Asia Pacific and Latin America, Ecolab Inc. reported strong second quarter earnings as sales increased, and cost savings actions and lower delivered product costs benefited the bottom line. Ecolab's reported net sales rose 5% to $1.5 billion in the second quarter of 2010; measured in fixed currencies, sales rose 3%. Net income attributable to shareholders increased 30% to $129 million, with reported diluted earnings per share up 32% to $0.54. Second quarter 2010 sales for Ecolab's U.S. Cleaning & Sanitizing operations rose 3% to $689 million. Ecolab's U.S. Cleaning & Sanitizing operating income increased 10% to $139 million. U.S. Other Services sales were flat when compared with last year at $115 million. Operating income grew 2% to $19 million. Sales of Ecolab's International operations, when measured at fixed currency rates, grew 5% to $750 million in the second quarter. The company said it reacquired 1.2 million shares of its common stock during the second quarter under its share repurchase program. “We continue to make good progress,” said Commenting on the quarter, said Douglas M. Baker, Jr., Ecolab’s chairman, president and CEO. “Our top line performance was driven by aggressive new account efforts and a strong pipeline of innovative new products. These, combined with our continued actions to reduce costs and to improve our efficiency, delivered the strong earnings performance. “We look for continued sales gains and double-digit earnings growth for the full year 2010. Our markets, as expected, have stabilized and are slowly recovering, though the pace continues to vary considerably by region.“ The company has assets of $4.6 billion, and liabilities of $2.8 billion. More news and information is available at www.ecolab.com. |