JP Morgan On NLC 1Q11 EPS

JP Morgan has issued a report on the 1Q11 EPS from Nalco NLC. JP Morgan writes, "Nalco reported 1Q:11 pro forma EPS of $0.26 versus $0.31 in the year-ago period and our forecast of $0.31. Bloomberg Consensus was $0.31. Pro forma earnings exclude $132.2M net pre-tax benefit (or +$0.58/sh) related to gain on divestitures (+$0.60/sh). restructuring expenses (-$0.01/sh), and early debt pay-down fees (-$0.01/sh)." NLC has an Overweight Rating and closed at $28.05 yesterday.