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%
THIRD QUARTER HIGHLIGHTS
-
Reported sales
$4.0 billion , +1% versus last year including a 2% headwind from the sale of the global surgical solutions business and a 1% 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 margin 17.9%, +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
$2.0 billion ; free cash flow increased 35% to$1.4 billion .Ecolab repurchased approximately 1.9 million shares of its common stock during the third quarter of 2024.
OUTLOOK
-
2024: Increased full year 2024 adjusted diluted earnings per share outlook from prior
$6.50 -$6.70 range to$6.60 -$6.70 range, +27% - 29%. -
4Q 2024: Expect fourth quarter 2024 adjusted diluted earnings per share in the
$1.75 -$1.85 range, +13% - 19%.
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Third Quarter Ended |
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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 |
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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 |
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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
“Our primary focus remains on fueling our positive growth trajectory and continuing to execute on our 20% operating income margin target. Our One Ecolab initiative supports these objectives by leveraging our breakthrough innovation, digital technologies, and global service expertise to deliver best-in-class customer performance in their global operations to keep fueling our growth and margin expansion. With this, we expect a strong finish to the year and with continued good momentum, we look to drive 12-15% growth in adjusted diluted earnings per share in 2025 and beyond.”
Third Quarter 2024 Consolidated Results
Ecolab’s third quarter reported sales increased 1%, including a 2% unfavorable impact from the sale of the global surgical solutions business and a 1% unfavorable impact from foreign currency exchange. Organic sales increased 4% when compared to the prior year.
Third quarter 2024 reported operating income increased 85% including the impact of special gains and charges, which were a net gain primarily related to the sale of our global surgical solutions business. Organic operating income increased 22%, as solid sales growth and lower delivered product costs more than offset growth-oriented investments in the business.
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 25.0% compared with the reported rate of 19.1% in the third quarter of 2023. Excluding special gains and charges and discrete tax items, the adjusted tax rate for the third quarter of 2024 was 19.7% compared with the adjusted tax rate of 18.5% in the third quarter of 2023.
Reported net income increased 82% versus the prior year. Excluding the impact of special gains and charges and discrete tax items, adjusted net income increased 18% versus the prior year.
Reported diluted earnings per share increased 83% versus the prior year. Adjusted diluted earnings per share increased 19% when compared against the third quarter of 2023.
Currency translation had a
Third Quarter 2024 Segment Review
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Global Industrial |
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(unaudited) |
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Third Quarter Ended |
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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 |
% |
|
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 2% with solid growth in Water and improved growth in Food & Beverage and Paper. Water’s performance was led by good growth in downstream and light water. Improved Food & Beverage and Paper sales reflected good new business wins. Organic operating income increased 16% as lower delivered product costs and sales growth more than offset investments in the business.
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Global Institutional & Specialty |
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(unaudited) |
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Third Quarter Ended |
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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 7%. Both the Institutional and Specialty businesses drove robust sales gains, continuing to significantly outperform end-market trends. Organic operating income increased 28% as strong sales growth and lower supply chain costs were partially offset by investments in the business.
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(unaudited) |
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Third Quarter Ended |
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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 |
)% |
|
24 |
% |
Operating income margin |
|
10.7 |
% |
|
10.9 |
% |
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Organic operating income margin |
|
10.7 |
% |
|
8.7 |
% |
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Public currency |
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Sales |
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(19 |
)% |
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Operating income |
|
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
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Global Pest Elimination |
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(unaudited) |
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Third Quarter Ended |
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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 |
|
63.1 |
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|
59.0 |
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7 |
% |
|
6 |
% |
Operating income margin |
|
20.4 |
% |
|
20.8 |
% |
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Organic operating income margin |
|
20.6 |
% |
|
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 8%, led by double-digit growth in food & beverage and robust growth in food retail, restaurants, and hospitality. Organic operating income increased 6% as strong sales growth more than offset investments in the business.
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Corporate |
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(unaudited) |
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Third Quarter Ended |
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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
$28 million related to the Nalco merger intangible assets and$22 million related to Purolite acquisition intangible assets -
special gains and charges were a net gain of
$332 million , reflecting the gain on sale of the global surgical solutions business
Special gains and charges for the third quarter of 2023 impacting operating expense were a net charge of
Business Outlook
2024
Assuming stable macroeconomic demand,
The company currently expects quantifiable special gains and charges in 2024 to be a net gain of approximately
2024 – Fourth Quarter
The company currently expects quantifiable special charges in the fourth quarter of 2024 to be approximately
About
A trusted partner for millions of customers,
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
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
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
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)
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CONSOLIDATED STATEMENTS OF INCOME |
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(unaudited) |
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Third Quarter Ended |
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Nine Months Ended |
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% |
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% |
||||||||||
(millions, except per share) |
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
||||||
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||||||
Product and equipment sales |
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Service and lease sales |
|
842.5 |
|
|
787.2 |
|
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|
2,420.6 |
|
|
2,229.8 |
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||
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 |
|
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|
5,221.0 |
|
|
5,561.7 |
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||
Service and lease cost of sales |
|
490.3 |
|
|
462.4 |
|
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|
1,409.6 |
|
|
1,308.8 |
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||
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 |
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|
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|
|
|
|
82 |
% |
|
|
|
|
|
|
|
70 |
% |
|
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|
||||||
Earnings attributable to |
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|
|
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|
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|
|
||||||||
Basic |
|
|
|
|
|
|
|
83 |
% |
|
|
|
|
|
|
|
70 |
% |
Diluted |
|
|
|
|
|
|
|
83 |
% |
|
|
|
|
|
|
|
69 |
% |
|
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|
||||||
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 |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||||||
(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 |
|
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 |
|
|||||||||||||||||
REPORTABLE SEGMENT INFORMATION |
|||||||||||||||||
(unaudited) |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Third Quarter Ended |
|||||||||||||||
|
|
Fixed Currency Rates |
|
Public Currency Rates |
|||||||||||||
|
|
|
|
|
|
% |
|
|
|
|
|
% |
|||||
(millions) |
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Global Industrial |
|
|
|
|
|
|
|
3 |
% |
|
|
|
|
|
|
1 |
% |
Global Institutional & Specialty |
|
1,403.6 |
|
|
1,314.1 |
|
|
7 |
% |
|
1,394.2 |
|
1,313.0 |
|
|
6 |
% |
|
|
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 |
% |
|
|
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 |
|||||||||||||||
|
|
Fixed Currency Rates |
|
Public Currency Rates |
|||||||||||||
|
|
|
|
|
|
% |
|
|
|
|
|
% |
|||||
(millions) |
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Global Industrial |
|
|
|
|
|
|
|
2 |
% |
|
|
|
|
|
|
1 |
% |
Global Institutional & Specialty |
|
4,046.6 |
|
|
3,719.0 |
|
|
9 |
% |
|
4,024.8 |
|
3,714.0 |
|
|
8 |
% |
|
|
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 |
% |
|
|
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.
|
||||||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||||||
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|||||||||
(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 |
|
|
|
|
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 |
) |
|
|
|
(8,302.6 |
) |
|
|
(7,312.7 |
) |
|
|
(7,311.1 |
) |
|
|
Total |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SUPPLEMENTAL NON-GAAP RECONCILIATIONS |
||||||||||||
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
||||
|
|
Third Quarter Ended |
|
Nine Months Ended |
||||||||
|
|
|
|
|
||||||||
(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 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||||
SUPPLEMENTAL NON-GAAP RECONCILIATIONS |
||||||||||||
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
||||
|
|
Third Quarter Ended |
|
Nine Months Ended |
||||||||
|
|
|
|
|
||||||||
(millions, except percent and per share) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net Income attributable to |
|
|
|
|
|
|
|
|
||||
Reported GAAP net income attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted EPS attributable to |
|
|
|
|
|
|
|
|
||||
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 |
% |
|
||||||||||||||||||
SUPPLEMENTAL NON-GAAP RECONCILIATIONS |
||||||||||||||||||
(unaudited) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Third Quarter Ended |
||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||
(millions) |
|
Fixed Currency |
|
Impact of Acquisitions and Divestitures |
|
Organic |
|
Fixed Currency |
|
Impact of Acquisitions and Divestitures |
|
Organic |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
( |
) |
|
|
|
Global Institutional & Specialty |
|
1,403.6 |
|
|
- |
|
|
1,403.6 |
|
|
1,314.1 |
|
|
- |
|
|
1,314.1 |
|
|
|
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 |
|
|
|
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 |
||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||
(millions) |
|
Fixed Currency |
|
Impact of Acquisitions and Divestitures |
|
Organic |
|
Fixed Currency |
|
Impact of Acquisitions and Divestitures |
|
Organic |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
( |
) |
|
|
|
Global Institutional & Specialty |
|
4,046.6 |
|
|
(31.9 |
) |
|
4,014.7 |
|
|
3,719.0 |
|
|
- |
|
|
3,719.0 |
|
|
|
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 |
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
SUPPLEMENTAL NON-GAAP RECONCILIATIONS |
||||||||||||||
(unaudited) |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||
Selected Cash Flow items |
|
Third Quarter Ended |
|
Nine Months Ended |
||||||||||
|
|
|
|
|
||||||||||
(millions) |
|
2024 |
|
|
2023 |
|
2024 |
|
|
2023 |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
Cash provided by operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Capital expenditures |
|
(236.4 |
) |
|
|
(166.5 |
) |
|
(634.8 |
) |
|
|
(512.2 |
) |
Free cash flow |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
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:
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Source: