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.