Ecolab Announces Strong Fourth Quarter Performance and 2024 Outlook; Reported Diluted EPS $1.41; Adjusted Diluted EPS $1.55, +22%; 2024 Adjusted Diluted EPS Outlook: $6.10 to $6.50, +17% to 25%
FOURTH QUARTER HIGHLIGHTS
-
Reported sales
$3.9 billion , +7% versus last year. Organic sales +6%, led by double-digit growth in the Institutional & Specialty segment and Pest Elimination, and solid Industrial segment growth. As expected, Healthcare & Life Sciences segment sales were stable versus last year but continued to show good sequential sales growth. - Reported operating income +48%. Organic operating income +21%, driven by continued strong pricing, volume growth and moderately lower delivered product costs.
- Reported operating income margin 15.0%. Organic operating income margin 16.0%, +200 bps reflecting continued robust gross margin expansion led by value-based pricing.
-
Reported diluted EPS
$1.41 , +52%. Adjusted diluted EPS, excluding special gains and charges and discrete tax items were$1.55 , +22%. -
Full-year 2023 cash flow from operating activities
$2.4 billion . Full-year 2023 free cash flow$1.6 billion , resulting in free cash flow conversion of 118%.
OUTLOOK
-
1Q 2024: Expect first quarter 2024 adjusted diluted earnings per share in the
$1.27 to$1.37 range, +44% to 56% versus last year reflecting short-term benefits from lower delivered product costs. -
2024: Expect full year 2024 adjusted diluted earnings per share in the
$6.10 to$6.50 range, +17% to 25% versus last year.
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Fourth Quarter Ended |
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Reported |
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Adjusted |
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(unaudited) |
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Public Currency Rates |
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% |
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Public Currency Rates |
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% |
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(millions, except per share) |
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2023 |
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2022 |
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Change |
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2023 |
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2022 |
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Change |
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Net sales |
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7 |
% |
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7 |
% |
Operating income |
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590.0 |
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399.2 |
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48 |
% |
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624.5 |
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502.4 |
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24 |
% |
Net income attributable to |
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405.2 |
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264.4 |
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53 |
% |
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444.7 |
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363.6 |
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22 |
% |
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Diluted earnings per share attributable to |
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52 |
% |
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22 |
% |
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Organic |
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% |
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2023 |
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2022 |
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Change |
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Net sales |
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6 |
% |
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Operating income |
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628.0 |
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517.2 |
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21 |
% |
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CEO Comment
“We are confident 2024 will be another strong year for
Fourth Quarter 2023 Consolidated Results
Ecolab’s fourth quarter reported sales increased 7% and organic sales increased 6% when compared to the prior year.
Fourth quarter 2023 reported operating income increased 48% including the impact of special gains and charges, which were a net charge primarily related to restructuring costs. Organic operating income increased 21%, as robust pricing and moderately lower delivered product costs more than offset investments in the business including incentive compensation.
Reported other income increased in the fourth quarter of 2023 as modestly higher pension costs were more than offset by the comparison to last year’s
Reported interest expense increased 1% reflecting the impact from higher average interest rates on outstanding debt.
The reported income tax rate for the fourth quarter of 2023 was 23.6% compared with the reported rate of 16.2% in the fourth quarter of 2022. Excluding special gains and charges and discrete tax items, the adjusted tax rate for the fourth quarter of 2023 was 21.3% compared with the adjusted tax rate of 18.2% in the fourth quarter of 2022. The increase in the fourth quarter tax rate was due to changes in the geographic mix of income and timing of tax planning.
Reported net income increased 53% versus the prior year. Excluding the impact of special gains and charges and discrete tax items, adjusted net income increased 22% versus the prior year.
Reported diluted earnings per share increased 52% versus the prior year. Adjusted diluted earnings per share increased 22% when compared against the fourth quarter of 2022.
Currency translation had a
Fourth Quarter 2023 Segment Review
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Global Industrial |
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(unaudited) |
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Fourth Quarter Ended
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Organic |
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(millions) |
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2023 |
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2022 |
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% Change |
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% Change |
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Fixed currency |
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Sales |
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3 |
% |
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3 |
% |
Operating income |
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322.2 |
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272.5 |
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18 |
% |
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18 |
% |
Operating income margin |
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17.2 |
% |
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15.1 |
% |
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Organic operating income margin |
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17.3 |
% |
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15.1 |
% |
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Public currency |
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Sales |
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5 |
% |
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Operating income |
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319.6 |
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265.8 |
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20 |
% |
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The Industrial segment includes Water, Food & Beverage, and Paper |
Organic sales increased 3% as good growth in Water and Food & Beverage more than offset the expected short-term decline in Paper sales, which continues to be impacted by soft industry demand. Organic operating income increased 18% as continued pricing and lower delivered product costs overcame investments in the business and softer volume.
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Global Institutional & Specialty |
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(unaudited) |
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Fourth Quarter Ended
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Organic |
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(millions) |
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2023 |
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2022 |
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% Change |
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% Change |
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Fixed currency |
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Sales |
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13 |
% |
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12 |
% |
Operating income |
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238.7 |
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169.3 |
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41 |
% |
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41 |
% |
Operating income margin |
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18.5 |
% |
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14.9 |
% |
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Organic operating income margin |
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18.8 |
% |
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14.9 |
% |
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Public currency |
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Sales |
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14 |
% |
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Operating income |
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237.5 |
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166.7 |
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42 |
% |
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The Institutional & Specialty segment includes Institutional and Specialty |
Organic sales increased 12%, with both the Institutional and Specialty divisions growing double-digits, driven by robust pricing and new business gains. Very strong organic operating income growth of 41% reflected strong pricing, good volume growth and lower delivered product costs that more than offset investments in the business including incentive compensation.
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(unaudited) |
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Fourth Quarter Ended
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Organic |
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(millions) |
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2023 |
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2022 |
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% Change |
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% Change |
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Fixed currency |
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Sales |
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(1) |
% |
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(1) |
% |
Operating income |
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48.3 |
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64.2 |
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(25) |
% |
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(25) |
% |
Operating income margin |
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11.8 |
% |
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15.5 |
% |
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Organic operating income margin |
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11.8 |
% |
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15.5 |
% |
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Public currency |
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Sales |
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2 |
% |
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Operating income |
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47.8 |
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61.3 |
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(22) |
% |
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The Healthcare & Life Sciences segment includes Healthcare and Life Sciences |
Sequentially, Healthcare and Life Sciences segment organic sales and operating income continued to improve. Compared to last year, organic sales were stable as continued solid growth in Healthcare largely offset the expected decline in Life Sciences. Healthcare’s performance continued to improve reflecting early benefits from the separation of our
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Other |
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(unaudited) |
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Fourth Quarter Ended
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Organic |
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(millions) |
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2023 |
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2022 |
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% Change |
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% Change |
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Fixed currency |
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Sales |
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8 |
% |
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8 |
% |
Operating income |
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68.6 |
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|
57.9 |
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18 |
% |
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18 |
% |
Operating income margin |
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18.5 |
% |
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16.9 |
% |
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Organic operating income margin |
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18.5 |
% |
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16.9 |
% |
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Public currency |
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Sales |
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9 |
% |
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Operating income |
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67.8 |
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56.3 |
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20 |
% |
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The Other segment includes Pest Elimination, Textile Care and Colloidal Technologies |
Organic sales increased 8%, led by double-digit growth in Pest Elimination. Organic operating income increased 18% as continued pricing and lower delivered product costs more than offset investments in the business.
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Corporate |
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(unaudited) |
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Fourth Quarter Ended
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(millions) |
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2023 |
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2022 |
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Public currency |
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Sales |
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Corporate operating expense |
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Nalco and Purolite amortization |
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49.8 |
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47.7 |
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Special (gains) and charges |
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34.5 |
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103.2 |
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Other |
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(1.6 |
) |
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- |
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Total Corporate operating expense |
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Fourth quarter of 2023 corporate segment includes:
-
sales of
$14 million to ChampionX under the Master Cross Supply and Product Transfer agreementsEcolab entered into as part of the ChampionX separation -
amortization expense of
$29 million related to the Nalco merger intangible assets and$21 million related to Purolite acquisition intangible assets -
special gains and charges were a net charge of
$35 million , primarily related to restructuring costs
Special gains and charges for the fourth quarter of 2022 impacting operating expense were a net charge of
Business Outlook
2024
Against this backdrop,
The company currently expects quantifiable special charges in 2024 to be approximately
2024 – First Quarter
The company currently expects quantifiable special charges in the first quarter of 2024 to be approximately
About
A trusted partner for millions of customers,
Cautionary Statements Regarding Forward-Looking Information
This news release contains certain statements relating to future events and our intentions, beliefs, expectations and predictions for the future which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Words or phrases such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “we believe,” “we expect,” “estimate,” “project,” “may,” “will,” “intend,” “plan,” “believe,” “target,” “forecast” (including the negative or variations thereof) or similar terminology used in connection with any discussion of future plans, actions or events generally identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding macroeconomic conditions, delivered product costs, demand, inflation, and our financial and business performance and prospects, including sales, earnings, special charges, margins, pricing, productivity and new business. These statements are based on the current expectations of management of the company. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this news release. In particular, the ultimate results of any restructuring initiative depend on a number of factors, including the development of final plans, the impact of local regulatory requirements regarding employee terminations, the time necessary to develop and implement the restructuring initiatives and the level of success achieved through such actions in improving competitiveness, efficiency and effectiveness.
Additional risks and uncertainties that may affect operating results and business performance are set forth under Item 1A of our most recent Form 10-K, and our other public filings with the
Non-GAAP Financial Information
This news release and certain of the accompanying tables include financial measures that have not been calculated in accordance with accounting principles generally accepted in the
These non-GAAP financial measures include:
- fixed currency sales
- organic sales, formerly known as acquisition adjusted fixed currency sales
- adjusted cost of sales
- adjusted gross profit
- adjusted gross margin
- fixed currency operating income
- adjusted operating income
- adjusted fixed currency operating income
- adjusted fixed currency operating income margin
- organic operating income, formerly known as acquisition adjusted fixed currency operating income
- organic operating income margin, formerly known as acquisition adjusted fixed currency operating income margin
- adjusted tax rate
-
adjusted net income attributable to
Ecolab - adjusted diluted earnings per share
- free cash flow
- free cash flow conversion
We provide these measures as additional information regarding our operating results. We use these non-GAAP measures internally to evaluate our performance and in making financial and operational decisions, including with respect to incentive compensation. We believe that our presentation of these measures provides investors with greater transparency with respect to our results of operations and that these measures are useful for period-to-period comparison of results.
Our non-GAAP financial measures for adjusted cost of sales, adjusted gross margin, adjusted gross profit and adjusted operating income exclude the impact of special (gains) and charges and our non-GAAP financial measures for adjusted tax rate, adjusted net income attributable to
We evaluate the performance of our international operations based on fixed currency rates of foreign exchange, which eliminate the translation impact of exchange rate fluctuations on our international results. Fixed currency amounts included in this release are based on translation into
Our reportable segments do not include the impact of intangible asset amortization from the Nalco and Purolite transactions or the impact of special (gains) and charges as these are not allocated to the Company’s reportable segments.
Our non-GAAP financial measures for organic sales, organic operating income and organic operating income margin are at fixed currency and exclude the impact of special (gains) and charges, the results of our acquired businesses from the first twelve months post acquisition and the results of divested businesses from the twelve months prior to divestiture. In addition, as part of the separation, we also entered into a Master Cross Supply and Product Transfer agreement with ChampionX to provide, receive or transfer certain products for a period up to 36 months and for a small set of products with limited suppliers over the next few years. Sales of product to ChampionX under this agreement are recorded in product and equipment sales in the Corporate segment along with the related cost of sales. These transactions are removed from the consolidated results as part of the calculation of the impact of acquisitions and divestitures.
We define free cash flow as net cash provided by operating activities less cash outlays for capital expenditures and free cash flow conversion as free cash flow divided by net income including noncontrolling interest. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. These measures should not be considered a substitute for income or cash flow data prepared in accordance with
These non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and may be different from non-GAAP measures used by other companies. Investors should not rely on any single financial measure when evaluating our business. We recommend that investors view these measures in conjunction with the GAAP measures included in this news release. Reconciliations of our non-GAAP measures are included in the following "Supplemental Non-GAAP Reconciliations" and “Supplemental Diluted Earnings per Share Information” tables included in this news release.
We do not provide reconciliations for non-GAAP estimates on a forward-looking basis (including those contained in this news release) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of various items that have not yet occurred, are out of our control and/or cannot be reasonably predicted, and that would impact reported earnings per share and the reported tax rate, the most directly comparable forward-looking GAAP financial measures to adjusted earnings per share and the adjusted tax rate. For the same reasons, we are unable to address the probable significance of the unavailable information.
(ECL-E)
CONSOLIDATED STATEMENTS OF INCOME (unaudited) |
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Fourth Quarter Ended |
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Twelve Months Ended |
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% |
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% |
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(millions, except per share) |
|
2023 |
|
2022 |
|
Change |
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2023 |
|
2022 |
|
Change |
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|||||
Product and equipment sales |
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Service and lease sales |
|
773.6 |
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|
698.9 |
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|
3,003.4 |
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|
2,741.6 |
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Net sales |
|
3,938.4 |
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|
3,671.2 |
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7 |
% |
|
15,320.2 |
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|
14,187.8 |
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8 |
% |
Product and equipment cost of sales |
|
1,827.5 |
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|
1,841.1 |
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|
7,389.2 |
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|
7,212.8 |
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Service and lease cost of sales |
|
456.9 |
|
|
413.8 |
|
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|
1,765.7 |
|
|
1,618.2 |
|
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|
Cost of sales (1) |
|
2,284.4 |
|
|
2,254.9 |
|
|
1 |
% |
|
9,154.9 |
|
|
8,831.0 |
|
|
4 |
% |
Selling, general and administrative expenses |
|
1,034.8 |
|
|
922.1 |
|
|
12 |
% |
|
4,061.6 |
|
|
3,653.8 |
|
|
11 |
% |
Special (gains) and charges (1) |
|
29.2 |
|
|
95.0 |
|
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|
|
111.4 |
|
|
140.5 |
|
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|
Operating income |
|
590.0 |
|
|
399.2 |
|
|
48 |
% |
|
1,992.3 |
|
|
1,562.5 |
|
|
28 |
% |
Other (income) expense (1) |
|
(17.9 |
) |
|
8.1 |
|
|
(321 |
)% |
|
(59.9 |
) |
|
(24.5 |
) |
|
144 |
% |
Interest expense, net |
|
70.4 |
|
|
69.5 |
|
|
1 |
% |
|
296.7 |
|
|
243.6 |
|
|
22 |
% |
Income before income taxes |
|
537.5 |
|
|
321.6 |
|
|
67 |
% |
|
1,755.5 |
|
|
1,343.4 |
|
|
31 |
% |
Provision for income taxes |
|
126.7 |
|
|
52.1 |
|
|
143 |
% |
|
362.5 |
|
|
234.5 |
|
|
55 |
% |
Net income including noncontrolling interest |
|
410.8 |
|
|
269.5 |
|
|
52 |
% |
|
1,393.0 |
|
|
1,108.9 |
|
|
26 |
% |
Net income attributable to noncontrolling interest |
|
5.6 |
|
|
5.1 |
|
|
|
|
20.7 |
|
|
17.2 |
|
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|
|
|
Net income attributable to |
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|
53 |
% |
|
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|
26 |
% |
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|||||
Earnings attributable to |
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|||||||
Basic |
|
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|
53 |
% |
|
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|
26 |
% |
Diluted |
|
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|
|
|
|
52 |
% |
|
|
|
|
|
|
|
26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted-average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Basic |
|
285.3 |
|
|
284.6 |
|
|
0 |
% |
|
285.0 |
|
|
285.2 |
|
|
0 |
% |
Diluted |
|
287.1 |
|
|
285.8 |
|
|
0 |
% |
|
286.5 |
|
|
286.6 |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) Cost of sales, Special (gains) and charges and Other (income) expense in the Consolidated Statement of Income above include the following: |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Fourth Quarter Ended |
|
|
|
Twelve Months Ended |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
(millions) |
|
2023 |
|
2022 |
|
|
|
2023 |
|
2022 |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Restructuring activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and integration activities |
|
- |
|
|
(7.7 |
) |
|
|
|
- |
|
|
25.0 |
|
|
|
|
|
COVID-19 activities, net |
|
- |
|
|
- |
|
|
|
|
- |
|
|
16.3 |
|
|
|
|
|
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
7.2 |
|
|
|
|
|
Subtotal (a) |
|
5.3 |
|
|
8.2 |
|
|
|
|
22.5 |
|
|
69.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Special (gains) and charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Restructuring activities |
|
16.9 |
|
|
85.0 |
|
|
|
|
63.2 |
|
|
85.8 |
|
|
|
|
|
Acquisition and integration activities |
|
4.6 |
|
|
(0.5 |
) |
|
|
|
16.1 |
|
|
14.5 |
|
|
|
|
|
COVID-19 activities, net |
|
- |
|
|
3.1 |
|
|
|
|
- |
|
|
10.2 |
|
|
|
|
|
|
|
0.3 |
|
|
- |
|
|
|
|
1.4 |
|
|
5.9 |
|
|
|
|
|
Other |
|
7.4 |
|
|
7.4 |
|
|
|
|
30.7 |
|
|
24.1 |
|
|
|
|
|
Subtotal |
|
29.2 |
|
|
95.0 |
|
|
|
|
111.4 |
|
|
140.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other (income) expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pension Settlements/Curtailments |
|
- |
|
|
25.8 |
|
|
|
|
- |
|
|
50.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total special (gains) and charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Special charges of |
REPORTABLE SEGMENT INFORMATION (unaudited) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Fourth Quarter Ended |
||||||||||||||||
|
|
Fixed Currency Rates |
|
Public Currency Rates |
||||||||||||||
|
|
|
|
|
|
% |
|
|
|
|
|
% |
||||||
(millions) |
|
2023 |
|
2022 |
|
Change |
|
2023 |
|
2022 |
|
Change |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
|
|
|
|
3 |
% |
|
|
|
|
|
|
|
5 |
% |
Global Institutional & Specialty |
|
1,290.1 |
|
|
1,139.1 |
|
|
13 |
% |
|
1,285.2 |
|
|
1,127.4 |
|
|
14 |
% |
|
|
410.1 |
|
|
413.1 |
|
|
(1 |
)% |
|
409.3 |
|
|
400.2 |
|
|
2 |
% |
Other |
|
370.1 |
|
|
343.2 |
|
|
8 |
% |
|
368.2 |
|
|
336.4 |
|
|
9 |
% |
Corporate |
|
13.8 |
|
|
27.6 |
|
|
(50 |
)% |
|
13.6 |
|
|
27.4 |
|
|
(50 |
)% |
Subtotal at fixed currency rates |
|
3,955.4 |
|
|
3,731.2 |
|
|
6 |
% |
|
3,938.4 |
|
|
3,671.2 |
|
|
7 |
% |
Currency impact |
|
(17.0 |
) |
|
(60.0 |
) |
|
* |
|
|
- |
|
|
- |
|
|
* |
|
Consolidated reported GAAP net sales |
|
|
|
|
|
|
|
7 |
% |
|
|
|
|
|
|
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating Income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
|
|
|
|
18 |
% |
|
|
|
|
|
|
|
20 |
% |
Global Institutional & Specialty |
|
238.7 |
|
|
169.3 |
|
|
41 |
% |
|
237.5 |
|
|
166.7 |
|
|
42 |
% |
|
|
48.3 |
|
|
64.2 |
|
|
(25 |
)% |
|
47.8 |
|
|
61.3 |
|
|
(22 |
)% |
Other |
|
68.6 |
|
|
57.9 |
|
|
18 |
% |
|
67.8 |
|
|
56.3 |
|
|
20 |
% |
Corporate |
|
(83.3 |
) |
|
(151.4 |
) |
|
* |
|
|
(82.7 |
) |
|
(150.9 |
) |
|
* |
|
Subtotal at fixed currency rates |
|
594.5 |
|
|
412.5 |
|
|
44 |
% |
|
590.0 |
|
|
399.2 |
|
|
48 |
% |
Currency impact |
|
(4.5 |
) |
|
(13.3 |
) |
|
* |
|
|
- |
|
|
- |
|
|
* |
|
Consolidated reported GAAP operating income |
|
|
|
|
|
|
|
48 |
% |
|
|
|
|
|
|
|
48 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Year Ended |
||||||||||||||||
|
|
Fixed Currency Rates |
|
Public Currency Rates |
||||||||||||||
|
|
|
|
|
|
% |
|
|
|
|
|
% |
||||||
(millions) |
|
2023 |
|
2022 |
|
Change |
|
2023 |
|
2022 |
|
Change |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
|
|
|
|
7 |
% |
|
|
|
|
|
|
|
6 |
% |
Global Institutional & Specialty |
|
4,994.0 |
|
|
4,414.3 |
|
|
13 |
% |
|
4,999.2 |
|
|
4,432.1 |
|
|
13 |
% |
|
|
1,576.9 |
|
|
1,505.8 |
|
|
5 |
% |
|
1,586.0 |
|
|
1,510.5 |
|
|
5 |
% |
Other |
|
1,442.3 |
|
|
1,313.3 |
|
|
10 |
% |
|
1,444.2 |
|
|
1,316.4 |
|
|
10 |
% |
Corporate |
|
69.1 |
|
|
123.7 |
|
|
(44 |
)% |
|
69.0 |
|
|
123.8 |
|
|
(44 |
)% |
Subtotal at fixed currency rates |
|
15,275.4 |
|
|
14,093.4 |
|
|
8 |
% |
|
15,320.2 |
|
|
14,187.8 |
|
|
8 |
% |
Currency impact |
|
44.8 |
|
|
94.4 |
|
|
* |
|
|
- |
|
|
- |
|
|
* |
|
Consolidated reported GAAP net sales |
|
|
|
|
|
|
|
8 |
% |
|
|
|
|
|
|
|
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
|
|
|
|
15 |
% |
|
|
|
|
|
|
|
14 |
% |
Global Institutional & Specialty |
|
823.0 |
|
|
621.7 |
|
|
32 |
% |
|
823.4 |
|
|
624.3 |
|
|
32 |
% |
|
|
160.0 |
|
|
193.3 |
|
|
(17 |
)% |
|
161.5 |
|
|
193.5 |
|
|
(17 |
)% |
Other |
|
255.0 |
|
|
209.9 |
|
|
21 |
% |
|
254.4 |
|
|
209.5 |
|
|
21 |
% |
Corporate |
|
(331.7 |
) |
|
(414.4 |
) |
|
* |
|
|
(331.7 |
) |
|
(414.8 |
) |
|
* |
|
Subtotal at fixed currency rates |
|
1,987.0 |
|
|
1,546.3 |
|
|
29 |
% |
|
1,992.3 |
|
|
1,562.5 |
|
|
28 |
% |
Currency impact |
|
5.3 |
|
|
16.2 |
|
|
* |
|
|
- |
|
|
- |
|
|
* |
|
Consolidated reported GAAP operating income |
|
|
|
|
|
|
|
28 |
% |
|
|
|
|
|
|
|
28 |
% |
* Not meaningful. |
||||||||||||||||||
|
||||||||||||||||||
As shown in the “Fixed Currency Rates” tables above, we evaluate the performance of our international operations based on fixed currency exchange rates, which eliminate the impact of exchange rate fluctuations on our international operations. Amounts shown in the “Public Currency Rates” tables above reflect amounts translated at actual public average rates of exchange prevailing during the corresponding period and are provided for informational purposes. The difference between the fixed currency exchange rates and the public currency exchange rates is reported as “Currency impact” in the “Fixed Currency Rates” tables above. |
||||||||||||||||||
|
||||||||||||||||||
The Corporate segment includes amortization from the Nalco and Purolite transactions intangible assets. The Corporate segment also includes special (gains) and charges reported on the Consolidated Statement of Income. |
CONSOLIDATED BALANCE SHEETS (unaudited) |
||||||
|
|
|
|
|
||
|
|
|
|
|||
(millions) |
2023 |
|
2022 |
|||
Assets |
|
|
|
|||
Current assets |
|
|
|
|||
Cash and cash equivalents |
|
|
|
|
|
|
Accounts receivable, net |
2,834.2 |
|
|
2,698.1 |
|
|
Inventories |
1,497.2 |
|
|
1,792.8 |
|
|
Other current assets |
393.2 |
|
|
404.7 |
|
|
Total current assets |
5,644.1 |
|
|
5,494.2 |
|
|
|
|
|
|
|||
Property, plant and equipment, net |
3,474.6 |
|
|
3,293.4 |
|
|
|
8,148.2 |
|
|
8,012.7 |
|
|
Other intangible assets, net |
3,493.5 |
|
|
3,680.7 |
|
|
Operating lease assets |
553.5 |
|
|
448.2 |
|
|
Other assets |
532.7 |
|
|
535.1 |
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|||
Liabilities and Equity |
|
|
|
|||
Current liabilities |
|
|
|
|||
Short-term debt |
|
|
|
|
|
|
Accounts payable |
1,566.3 |
|
|
1,728.2 |
|
|
Compensation and benefits |
655.5 |
|
|
493.6 |
|
|
Income taxes |
158.7 |
|
|
197.6 |
|
|
Other current liabilities |
1,334.9 |
|
|
1,285.9 |
|
|
Total current liabilities |
4,345.8 |
|
|
4,210.4 |
|
|
|
|
|
|
|||
Long-term debt |
7,551.4 |
|
|
8,075.3 |
|
|
Pension and postretirement benefits |
651.7 |
|
|
670.3 |
|
|
Deferred income taxes |
418.2 |
|
|
505.6 |
|
|
Operating lease liabilities |
425.5 |
|
|
337.8 |
|
|
Other liabilities |
381.8 |
|
|
406.3 |
|
|
Total liabilities |
13,774.4 |
|
|
14,205.7 |
|
|
|
|
|
|
|||
Equity |
|
|
|
|||
Common stock |
365.7 |
|
|
364.7 |
|
|
Additional paid-in capital |
6,766.7 |
|
|
6,580.2 |
|
|
Retained earnings |
10,075.4 |
|
|
9,318.8 |
|
|
Accumulated other comprehensive loss |
(1,850.4 |
) |
|
(1,726.6 |
) |
|
|
(7,312.7 |
) |
|
(7,301.0 |
) |
|
Total |
8,044.7 |
|
|
7,236.1 |
|
|
Noncontrolling interest |
27.5 |
|
|
22.5 |
|
|
Total equity |
8,072.2 |
|
|
7,258.6 |
|
|
Total liabilities and equity |
|
|
|
|
|
SUPPLEMENTAL NON-GAAP RECONCILIATIONS (unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
||||
|
|
Fourth Quarter Ended |
|
Twelve Months Ended |
||||||||
|
|
|
|
|
||||||||
(millions, except percent and per share) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
|
|
|
|
|
|
|
|
|
||||
Net sales |
|
|
|
|
|
|
|
|
||||
Reported GAAP net sales |
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign currency translation |
|
17.0 |
|
|
60.0 |
|
|
(44.8 |
) |
|
(94.4 |
) |
Non-GAAP fixed currency sales |
|
3,955.4 |
|
|
3,731.2 |
|
|
15,275.4 |
|
|
14,093.4 |
|
Effect of acquisitions and divestitures |
|
(34.3 |
) |
|
(27.6 |
) |
|
(113.4 |
) |
|
(123.7 |
) |
Non-GAAP organic sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of sales |
|
|
|
|
|
|
|
|
||||
Reported GAAP cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges |
|
5.3 |
|
|
8.2 |
|
|
22.5 |
|
|
69.9 |
|
Non-GAAP adjusted cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross profit |
|
|
|
|
|
|
|
|
||||
Reported GAAP gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges |
|
5.3 |
|
|
8.2 |
|
|
22.5 |
|
|
69.9 |
|
Non-GAAP adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross margin |
|
|
|
|
|
|
|
|
||||
Reported GAAP gross margin |
|
42.0 |
% |
|
38.6 |
% |
|
40.2 |
% |
|
37.8 |
% |
Non-GAAP adjusted gross margin |
|
42.1 |
% |
|
38.8 |
% |
|
40.4 |
% |
|
38.2 |
% |
|
|
|
|
|
|
|
|
|
||||
Operating income |
|
|
|
|
|
|
|
|
||||
Reported GAAP operating income |
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges at public currency rates |
|
34.5 |
|
|
103.2 |
|
|
133.9 |
|
|
210.4 |
|
Non-GAAP adjusted operating income |
|
624.5 |
|
|
502.4 |
|
|
2,126.2 |
|
|
1,772.9 |
|
Effect of foreign currency translation |
|
4.6 |
|
|
14.8 |
|
|
(5.8 |
) |
|
(13.1 |
) |
Non-GAAP adjusted fixed currency operating income |
|
629.1 |
|
|
517.2 |
|
|
2,120.4 |
|
|
1,759.8 |
|
Effect of acquisitions and divestitures |
|
(1.1 |
) |
|
- |
|
|
(2.9 |
) |
|
(0.4 |
) |
Non-GAAP organic operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income margin |
|
|
|
|
|
|
|
|
||||
Reported GAAP operating income margin |
|
15.0 |
% |
|
10.9 |
% |
|
13.0 |
% |
|
11.0 |
% |
Non-GAAP adjusted fixed currency operating income margin |
|
15.9 |
% |
|
13.9 |
% |
|
13.9 |
% |
|
12.5 |
% |
Non-GAAP organic operating income margin |
|
16.0 |
% |
|
14.0 |
% |
|
14.0 |
% |
|
12.6 |
% |
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL NON-GAAP RECONCILIATIONS (unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
||||
|
|
Fourth Quarter Ended |
|
Twelve Months Ended |
||||||||
|
|
|
|
|
||||||||
(millions, except percent and per share) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
Other (income) expense |
|
|
|
|
|
|
|
|
||||
Reported GAAP other (income) expense |
|
( |
) |
|
|
|
|
( |
) |
|
( |
) |
Special (gains) and charges |
|
- |
|
|
25.8 |
|
|
- |
|
|
50.6 |
|
Non-GAAP adjusted other (income) expense |
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
|
|
|
|
|
|
|
|
|
||||
Net Income attributable to |
|
|
|
|
|
|
|
|
||||
Reported GAAP net income attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges, after tax |
|
30.6 |
|
|
101.5 |
|
|
109.2 |
|
|
207.3 |
|
Discrete tax net expense (benefit) |
|
8.9 |
|
|
(2.3 |
) |
|
11.2 |
|
|
(11.8 |
) |
Non-GAAP adjusted net income attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted EPS attributable to |
|
|
|
|
|
|
|
|
||||
Reported GAAP diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges, after tax |
|
0.11 |
|
|
0.35 |
|
|
0.38 |
|
|
0.72 |
|
Discrete tax net expense (benefit) |
|
0.03 |
|
|
(0.01 |
) |
|
0.04 |
|
|
(0.04 |
) |
Non-GAAP adjusted diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Provision for Income Taxes |
|
|
|
|
|
|
|
|
||||
Reported GAAP tax rate |
|
23.6 |
% |
|
16.2 |
% |
|
20.6 |
% |
|
17.5 |
% |
Special gains and charges |
|
(0.8 |
) |
|
1.5 |
|
|
(0.1 |
) |
|
0.5 |
|
Discrete tax items |
|
(1.5 |
) |
|
0.5 |
|
|
(0.6 |
) |
|
0.7 |
|
Non-GAAP adjusted tax rate |
|
21.3 |
% |
|
18.2 |
% |
|
19.9 |
% |
|
18.7 |
% |
SUPPLEMENTAL NON-GAAP RECONCILIATIONS (unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Fourth Quarter Ended |
|||||||||||||
|
|
2023 |
|
2022 |
|||||||||||
(millions) |
|
Fixed
|
Impact of
|
Organic |
|
Fixed
|
Impact of
|
|
Organic |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
( |
) |
|
|
|
|
|
$ - |
|
|
|
|
Global Institutional & Specialty |
|
1,290.1 |
|
(16.0 |
) |
1,274.1 |
|
|
1,139.1 |
|
- |
|
|
1,139.1 |
|
|
|
410.1 |
|
- |
|
410.1 |
|
|
413.1 |
|
- |
|
|
413.1 |
|
Other |
|
370.1 |
|
- |
|
370.1 |
|
|
343.2 |
|
- |
|
|
343.2 |
|
Corporate |
|
13.8 |
|
(13.8 |
) |
- |
|
|
27.6 |
|
(27.6 |
) |
|
- |
|
Subtotal at fixed currency rates |
|
3,955.4 |
|
(34.3 |
) |
3,921.1 |
|
|
3,731.2 |
|
(27.6 |
) |
|
3,703.6 |
|
Currency impact |
|
(17.0 |
) |
|
|
|
(60.0 |
) |
|
|
|
||||
Consolidated reported GAAP net sales |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||
Operating Income (loss) |
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
|
|
|
|
|
|
|
$ - |
|
|
|
|
Global Institutional & Specialty |
|
238.7 |
|
0.3 |
|
239.0 |
|
|
169.3 |
|
- |
|
|
169.3 |
|
|
|
48.3 |
|
- |
|
48.3 |
|
|
64.2 |
|
- |
|
|
64.2 |
|
Other |
|
68.6 |
|
- |
|
68.6 |
|
|
57.9 |
|
- |
|
|
57.9 |
|
Corporate |
|
(48.7 |
) |
(1.6 |
) |
(50.3 |
) |
|
(46.7 |
) |
- |
|
|
(46.7 |
) |
Subtotal at fixed currency rates |
|
629.1 |
|
(1.1 |
) |
628.0 |
|
|
517.2 |
|
- |
|
|
517.2 |
|
Special (gains) and charges at fixed currency rates |
|
34.6 |
|
|
|
|
104.7 |
|
|
|
|
||||
Reported OI at fixed currency rates |
|
594.5 |
|
|
|
|
412.5 |
|
|
|
|
||||
Currency impact |
|
(4.5 |
) |
|
|
|
(13.3 |
) |
|
|
|
||||
Consolidated reported GAAP operating income |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Year Ended |
|||||||||||||
|
|
2023 |
|
2022 |
|||||||||||
(millions) |
|
Fixed
|
Impact of
|
Organic |
|
Fixed
|
Impact of
|
|
Organic |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
( |
) |
|
|
|
|
|
$ - |
|
|
|
|
Global Institutional & Specialty |
|
4,994.0 |
|
(39.8 |
) |
4,954.2 |
|
|
4,414.3 |
|
- |
|
|
4,414.3 |
|
|
|
1,576.9 |
|
- |
|
1,576.9 |
|
|
1,505.8 |
|
- |
|
|
1,505.8 |
|
Other |
|
1,442.3 |
|
- |
|
1,442.3 |
|
|
1,313.3 |
|
- |
|
|
1,313.3 |
|
Corporate |
|
69.1 |
|
(69.1 |
) |
- |
|
|
123.7 |
|
(123.7 |
) |
|
- |
|
Subtotal at fixed currency rates |
|
15,275.4 |
|
(113.4 |
) |
15,162.0 |
|
|
14,093.4 |
|
(123.7 |
) |
|
13,969.7 |
|
Currency impact |
|
44.8 |
|
|
|
|
94.4 |
|
|
|
|
||||
Consolidated reported GAAP net sales |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||
Operating Income (loss) |
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
|
|
|
|
|
|
|
$ - |
|
|
|
|
Global Institutional & Specialty |
|
823.0 |
|
(0.5 |
) |
822.5 |
|
|
621.7 |
|
- |
|
|
621.7 |
|
|
|
160.0 |
|
- |
|
160.0 |
|
|
193.3 |
|
- |
|
|
193.3 |
|
Other |
|
255.0 |
|
- |
|
255.0 |
|
|
209.9 |
|
- |
|
|
209.9 |
|
Corporate |
|
(198.3 |
) |
(2.6 |
) |
(200.9 |
) |
|
(200.9 |
) |
(0.4 |
) |
|
(201.3 |
) |
Subtotal at fixed currency rates |
|
2,120.4 |
|
(2.9 |
) |
2,117.5 |
|
|
1,759.8 |
|
(0.4 |
) |
|
1,759.4 |
|
Special (gains) and charges at fixed currency rates |
|
133.4 |
|
|
|
|
213.5 |
|
|
|
|
||||
Reported OI at fixed currency rates |
|
1,987.0 |
|
|
|
|
1,546.3 |
|
|
|
|
||||
Currency impact |
|
5.3 |
|
|
|
|
16.2 |
|
|
|
|
||||
Consolidated reported GAAP operating income |
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL NON-GAAP RECONCILIATIONS (unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
||||
Selected Cash Flow items |
|
Fourth Quarter Ended |
|
Twelve Months Ended |
||||||||
|
|
|
|
|
||||||||
(millions) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
|
|
|
|
|
|
|
|
|
||||
Cash provided by operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
Less: Capital expenditures |
|
(262.6 |
) |
|
(202.8 |
) |
|
(774.8 |
) |
|
(712.8 |
) |
Free cash flow |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (including noncontrolling interest) |
|
410.8 |
|
|
269.5 |
|
|
1,393.0 |
|
|
1,108.9 |
|
Cash flow conversion |
|
208 |
% |
|
319 |
% |
|
173 |
% |
|
161 |
% |
Free cash flow conversion |
|
144 |
% |
|
244 |
% |
|
118 |
% |
|
97
|
%
|
SUPPLEMENTAL DILUTED EARNINGS PER SHARE INFORMATION (unaudited) |
|||||||||||||||||||||
The table below provides a reconciliation of diluted earnings per share, as reported, to the non-GAAP measure of adjusted diluted earnings per share. |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
First |
|
Second |
|
Six |
|
Third |
|
Nine |
|
Fourth |
|
|
|||||||
|
|
Quarter |
|
Quarter |
|
Months |
|
Quarter |
|
Months |
|
Quarter |
|
Year |
|||||||
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
2022 |
|
2022 |
|
2022 |
|
2022 |
|
2022 |
|
2022 |
|
2022 |
|||||||
Diluted earnings per share, as reported ( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Special (gains) and charges (1) |
|
0.22 |
|
0.01 |
|
0.23 |
|
0.14 |
|
|
0.37 |
|
|
0.35 |
|
|
0.72 |
|
|||
Discrete tax expense (benefits) (2) |
|
0.00 |
|
0.01 |
|
0.02 |
|
(0.05 |
) |
|
(0.03 |
) |
|
(0.01 |
) |
|
(0.04 |
) |
|||
Adjusted diluted earnings per share (Non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
First |
|
Second |
|
Six |
|
Third |
|
Nine |
|
Fourth |
|
|
|||||||
|
|
Quarter |
|
Quarter |
|
Months |
|
Quarter |
|
Months |
|
Quarter |
|
Year |
|||||||
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|||||||
Diluted earnings per share, as reported ( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Special (gains) and charges (3) |
|
0.07 |
|
|
0.08 |
|
0.15 |
|
0.12 |
|
0.27 |
|
0.11 |
|
0.38 |
||||||
Discrete tax expense (benefits) (4) |
|
(0.01 |
) |
|
0.01 |
|
0.00 |
|
0.01 |
|
0.01 |
|
0.03 |
|
0.04 |
||||||
Adjusted diluted earnings per share (Non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Per share amounts do not necessarily sum due to changes in shares outstanding and rounding. |
|||||||||||||||||||||
|
|||||||||||||||||||||
(1) Special (gains) and charges for 2022 includes charges of |
|||||||||||||||||||||
|
|||||||||||||||||||||
(2) Discrete tax expenses (benefits) for 2022 includes |
|||||||||||||||||||||
|
|||||||||||||||||||||
(3) Special (gains) and charges for 2023 includes charges of |
|||||||||||||||||||||
|
|||||||||||||||||||||
(4) Discrete tax (benefits) for 2023 includes |
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