Ecolab Inc ECL shares are trading lower after the company reported second-quarter FY24 sales growth of 3% year-on-year to $3.985 billion, missing the analyst consensus estimate of $4.028 billion.
Global Industrial sales grew 3% to $1.956 billion, Global Institutional & Specialty climbed 8% to $1.372 billion, Global Healthcare & Life Sciences remained flat at $395 million and Global Pet Elimination increased 10% to $297.1 million.
Selling, general and administrative expenses increased 6% to $1.1 billion.
Operating income for the quarter increased 36% to $656.9 million, with an operating margin of 16.5%.
Adjusted EPS of $1.68 beat the analyst consensus estimate of $1.67.
Ecolab repurchased approximately 1.4 million shares of its common stock during the second quarter of 2024.
The company held $384 million in cash and equivalents as of June-end.
Outlook: Ecolab revised FY24 adjusted EPS outlook from $6.40 – $6.70 to $6.50 – $6.70 against the consensus of $6.57.
Ecolab sees third-quarter adjusted EPS of $1.75 – $1.85 versus an estimate of $1.79.
Price Action: ECL shares are trading lower by 5.96% at $233.15 at last check Tuesday.
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