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Ecolab raises full-year profit forecast after strong Q3 earnings
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Ecolab raises full-year profit forecast after strong Q3 earnings
Nov 3, 2024 1:52 PM

Oct 29 (Reuters) - Water solutions company Ecolab ( ECL )

on Tuesday raised its full-year adjusted earnings

forecast after reporting a third-quarter profit beat, bolstered

by robust demand for its products and lower costs.

Ecolab ( ECL ) serves industries ranging from manufacturing and food

and beverage processing to healthcare and petrochemicals.

Manufacturing activity in the United States, Ecolab's ( ECL )

primary operating region, rebounded in August, boosted by a

recovery in motor vehicle output.

Sales from the company's largest segment, global industrial

- which provides water treatment and cleaning solutions to large

industrial customers - increased to $1.99 billion in the

July-September quarter, compared with $1.94 billion a year

earlier.

The company's global institutional and specialty segment,

which provides specialized cleaning and sanitizing products to

institutional and specialty clients such as fast-food chains and

grocery stores, experienced a 7% increase in sales.

It also raised the lower end of its full-year adjusted

profit forecast to be in the range of $6.60 per share to $6.70

per share, from prior view of $6.50 to $6.70.

"Assuming stable macroeconomic demand, Ecolab ( ECL ) expects

continued sales growth, driven by value pricing and new business

gains (this year)," the company said.

The company expects fourth quarter adjusted earnings per

share in the $1.75 to $1.85 range.

The Saint Paul, Minnesota-based company posted an

adjusted profit of $1.83 per share for the quarter ended Sept.

30, compared with analysts' estimate of $1.82, according to data

compiled by LSEG.

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