Citi Comments On Nalco EPS

According to Citi, Nalco Holding NLC reported 2Q EPS of $0.47, in-line with guidance provided in last month's acquisition announcement with Ecolab on 7/20/11. Citi said that a lower than expected tax rate boosted EPS by 8¢ compared to the estimate of 38¢. “Results also exclude 5¢ related to restructuring expenses. Pricing initiatives are expected to fully offset current year raw material and freight headwinds by the end of 3Q.” Nalco Holding closed yesterday at $33.43.