Ecolab Inc (NYSE:ECL) reported second-quarter FY23 sales growth of 8% year-on-year to $3.85 billion, missing the analyst consensus of $3.87 billion.
Sales from Global Industrial rose 9%, Global Institutional & Specialty climbed 13%, Global Healthcare & Life Sciences grew 1% Y/Y in fixed currency.
Adjusted EPS of $1.24 beat the analyst consensus of $1.21.
Selling, general and administrative expenses rose 8% Y/Y. The operating margin was 12.6%, and operating income for the quarter rose 14% to $484.7 million.
The company held $554.2 million in cash and equivalents as of June 30, 2023.
Outlook: Ecolab sees Q3 FY23 adjusted EPS of $1.45-$1.55 versus the consensus of $1.47.
Ecolab expects quantifiable special charges in the third quarter of 2023 to be approximately $0.05 per share, principally related to restructuring charges.
Ecolab expects to more than overcome the volatile macro environment to deliver mid-teens growth in adjusted EPS in the second half of 2023.
Price Action: ECL shares are trading lower by 0.52% at $182.18 on the last check Tuesday.
