Ecolab Delivers Continued Strong Performance in the Second Quarter; Reported Diluted EPS $1.71; Adjusted Diluted EPS $1.68, +35%; Increased 2024 Adjusted Diluted EPS Outlook: $6.50 - $6.70, +25% - 29%
SECOND QUARTER HIGHLIGHTS
-
Reported sales
$4.0 billion , +3% versus last year, including a 1% headwind from unfavorable foreign currency exchange. Organic sales +4% as Institutional & Specialty segment sales growth normalized to a strong +7% as expected. The segment lapped last year’s very strong pricing delivery. Performance across the Pest Elimination, Industrial and Healthcare & Life Sciences segments all improved. - Reported operating income margin 16.5%. Organic operating income margin 17.0%, +360 bps as lower supply chain costs, value pricing, and volume growth more than offset growth-oriented investments in the business.
-
Reported diluted EPS
$1.71 , +49%. Adjusted diluted EPS, excluding special gains and charges and discrete tax items were$1.68 , +35%. -
Second quarter cash flow from operating activities
$611 million ; free cash flow increased to$414 million .
OUTLOOK
-
2024: Increased full year 2024 adjusted diluted earnings per share range to
$6.50 -$6.70 , +25% - 29%, from prior$6.40 -$6.70 range. -
3Q 2024: Expect third quarter 2024 adjusted diluted earnings per share in the
$1.75 -$1.85 range, +14% - 20%.
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Second 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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2024 |
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2023 |
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Change |
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2024 |
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2023 |
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Change |
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Net sales |
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3 |
% |
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3 |
% |
Operating income |
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656.9 |
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484.7 |
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36 |
% |
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669.8 |
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513.8 |
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30 |
% |
Net income attributable to |
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490.9 |
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329.7 |
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49 |
% |
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481.5 |
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355.8 |
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35 |
% |
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Diluted earnings per share attributable to |
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49 |
% |
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35 |
% |
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Organic |
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% |
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2024 |
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2023 |
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Change |
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Net sales |
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4 |
% |
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Operating income |
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677.0 |
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512.8 |
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32 |
% |
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CEO Comment
“Going forward, we expect to continue to outperform soft macroeconomic trends around the world as we focus on capturing additional market share by enhancing our customers’ business outcomes and operational performance while reducing their water and energy consumption. To further fuel our growth, we are excited to launch our One Ecolab initiative, which will further harness our leading digital technologies and global service capabilities to deliver best-in-class total customer value, unlock significant enterprise selling opportunities, and drive improved operational performance. With very strong first half results and great momentum heading into the second half, we are confident in delivering strong performance in 2024.”
Second Quarter 2024 Consolidated Results
Ecolab’s second quarter reported sales increased 3% and organic sales increased 4% when compared to the prior year.
Second quarter 2024 reported operating income increased 36% including the impact of special gains and charges, which were a net charge primarily related to restructuring and professional service fees associated with the sale of our global surgical solutions business. Organic operating income increased 32%, as lower supply chain costs, value pricing, and volume growth more than offset growth-oriented investments in the business.
Reported other income in the second quarter of 2024 decreased slightly while reported interest expense was stable versus the prior year.
The reported income tax rate for the second quarter of 2024 was 16.2% compared with the reported rate of 20.6% in the second quarter of 2023. Excluding special gains and charges and discrete tax items, the adjusted tax rate for the second quarter of 2024 was 19.5% compared with the adjusted tax rate of 19.9% in the second quarter of 2023.
Reported net income increased 49% versus the prior year. Excluding the impact of special gains and charges and discrete tax items, adjusted net income increased 35% versus the prior year.
Reported diluted earnings per share increased 49% versus the prior year. Adjusted diluted earnings per share increased 35% when compared against the second quarter of 2023.
Currency translation had a
Second Quarter 2024 Segment Review
Global Industrial |
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(unaudited) |
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Second Quarter Ended |
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Organic |
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(millions) |
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2024 |
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2023 |
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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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2 |
% |
Operating income |
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311.9 |
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264.9 |
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18 |
% |
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18 |
% |
Operating income margin |
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15.9 |
% |
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13.9 |
% |
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Organic operating income margin |
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16.1 |
% |
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13.9 |
% |
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Public currency |
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Sales |
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1 |
% |
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Operating income |
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306.7 |
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266.6 |
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15 |
% |
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The Industrial segment includes Water, Food & Beverage, and Paper |
Organic sales growth improved further to 2%, driven by accelerating Water sales growth. Water’s performance was led by strong growth in downstream and light water, where global high-tech continues to grow double-digits. As expected, stable Food & Beverage sales reflected good new business wins, which offset comparisons to last year’s very strong double-digit growth. While Paper sales were also stable versus last year, performance continued to improve sequentially as good new business offset soft but stable customer demand. Organic operating income increased 18% as lower delivered product costs and value pricing were partially offset by continued investments in the business.
Global Institutional & Specialty |
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(unaudited) |
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Second Quarter Ended |
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Organic |
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(millions) |
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2024 |
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2023 |
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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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7 |
% |
Operating income |
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320.7 |
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213.4 |
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50 |
% |
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50 |
% |
Operating income margin |
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23.4 |
% |
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16.8 |
% |
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Organic operating income margin |
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23.5 |
% |
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16.8 |
% |
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Public currency |
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Sales |
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7 |
% |
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Operating income |
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318.3 |
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213.0 |
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49 |
% |
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As expected, organic sales growth normalized to a strong 7%, as the segment lapped last year’s double-digit growth. Both the Institutional and Specialty divisions drove robust sales gains, continuing to outperform market trends. Organic operating income increased 50% as strong sales growth and lower supply chain costs were partially offset by continued investments in the business.
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(unaudited) |
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Second Quarter Ended |
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Organic |
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(millions) |
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2024 |
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2023 |
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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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0 |
% |
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0 |
% |
Operating income |
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33.7 |
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33.2 |
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2 |
% |
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2 |
% |
Operating income margin |
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8.5 |
% |
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8.4 |
% |
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Organic operating income margin |
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8.5 |
% |
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8.4 |
% |
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Public currency |
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Sales |
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0 |
% |
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Operating income |
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32.5 |
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32.0 |
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2 |
% |
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Organic sales were stable as better growth in Life Sciences offset modestly lower Healthcare sales. Life Sciences’ improved performance was driven by good new business wins, which continued to overcome soft short-term industry trends. Modestly lower sales in Healthcare reflected strategic low margin business exits as we continue to execute Healthcare’s business transformation. Organic operating income increased 2% as value pricing overcame continued targeted investments in the business.
Global Pest Elimination |
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(unaudited) |
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Second Quarter Ended |
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Organic |
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(millions) |
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2024 |
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2023 |
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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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10 |
% |
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9 |
% |
Operating income |
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62.2 |
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52.4 |
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19 |
% |
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20 |
% |
Operating income margin |
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20.9 |
% |
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19.4 |
% |
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Organic operating income margin |
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21.3 |
% |
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19.4 |
% |
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Public currency |
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Sales |
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10 |
% |
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Operating income |
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61.9 |
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52.4 |
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18 |
% |
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Organic sales increased 9%, led by double-digit growth in food & beverage, restaurants, and food retail. Organic operating income increased 20% as strong sales growth more than offset continued investments in the business.
Corporate |
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(unaudited) |
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Second Quarter Ended |
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(millions) |
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2024 |
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2023 |
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Public currency |
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Sales |
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$ - |
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Corporate operating expense |
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Nalco and Purolite amortization |
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49.6 |
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50.6 |
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Special (gains) and charges |
|
12.9 |
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29.1 |
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Other |
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- |
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(0.4 |
) |
Total Corporate operating expense |
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Second quarter of 2024 corporate segment includes:
-
amortization expense of
$28 million related to the Nalco merger intangible assets and$22 million related to Purolite acquisition intangible assets -
special gains and charges were a net charge of
$13 million , primarily related to restructuring and professional service fees associated with the sale of our global surgical solutions business
Special gains and charges for the second quarter of 2023 impacting operating expense were a net charge of
One Ecolab Initiative
As we help millions of customers in 40 industries and more than 170 countries to deliver the best outcomes at the best possible operating performance by reducing water and energy usage, we know what best-in-class performance is and how to deliver it. This will help us deliver attractive growth by continuing to capture more share of our existing
At the same time, these new digital technologies will allow us to enhance the way we operate and serve our customers by realigning the functional work done in many countries into global centers of excellence. The resulting total annualized savings of approximately
As part of this program,
Business Outlook
2024
The company currently expects quantifiable special charges in 2024 to be approximately
2024 – Third Quarter
The company currently expects quantifiable special charges in the third 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, and demand; our financial and business performance and prospects, including sales, earnings, special charges, margins, pricing, productivity, investments and new business; the opportunities, savings and charges associated with the One Ecolab Initiative; and the expected timing, likelihood of completion and impact of the sale of the global surgical solutions business, including the timing, receipt and terms and conditions of any required governmental and regulatory clearance of the proposed transaction, the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement, the inability to consummate the proposed transaction due to the failure to satisfy other closing conditions, risks that the proposed transaction disrupts current operations and the amount of the costs, fees, expenses and charges related to the proposed transaction. 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
- 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
- organic operating income margin
- adjusted tax rate
-
adjusted net income attributable to
Ecolab - adjusted diluted earnings per share
- free cash flow
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 an agreement with ChampionX to provide, receive or transfer certain products for a transitionary period. Transitionary period 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. The remaining sales to ChampionX are recorded in product and equipment sales in the Global Industrial 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. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. It 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)
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Second Quarter Ended |
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Six Months Ended |
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% |
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% |
||||||||||
(millions, except per share) |
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
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||||||
Product and equipment sales |
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Service and lease sales |
|
812.7 |
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|
747.3 |
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|
1,578.1 |
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|
1,442.6 |
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||
Net sales |
|
3,985.8 |
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|
3,852.1 |
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|
3 |
% |
|
7,737.7 |
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|
7,423.7 |
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|
4 |
% |
Product and equipment cost of sales |
|
1,770.6 |
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|
1,895.3 |
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|
3,449.8 |
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|
3,693.6 |
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||
Service and lease cost of sales |
|
470.4 |
|
|
439.5 |
|
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|
919.3 |
|
|
846.4 |
|
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||
Cost of sales (1) |
|
2,241.0 |
|
|
2,334.8 |
|
|
(4 |
)% |
|
4,369.1 |
|
|
4,540.0 |
|
|
(4 |
)% |
Selling, general and administrative expenses |
|
1,075.7 |
|
|
1,011.6 |
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6 |
% |
|
2,153.4 |
|
|
2,001.9 |
|
|
8 |
% |
Special (gains) and charges (1) |
|
12.2 |
|
|
21.0 |
|
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|
40.4 |
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|
45.5 |
|
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|
||
Operating income |
|
656.9 |
|
|
484.7 |
|
|
36 |
% |
|
1,174.8 |
|
|
836.3 |
|
|
40 |
% |
Other (income) expense |
|
(12.6 |
) |
|
(14.4 |
) |
|
(13 |
)% |
|
(25.2 |
) |
|
(27.5 |
) |
|
(8 |
)% |
Interest expense, net |
|
78.8 |
|
|
77.8 |
|
|
1 |
% |
|
150.4 |
|
|
152.0 |
|
|
(1 |
)% |
Income before income taxes |
|
590.7 |
|
|
421.3 |
|
|
40 |
% |
|
1,049.6 |
|
|
711.8 |
|
|
47 |
% |
Provision for income taxes |
|
95.7 |
|
|
86.6 |
|
|
11 |
% |
|
138.0 |
|
|
139.0 |
|
|
(1 |
)% |
Net income including noncontrolling interest |
|
495.0 |
|
|
334.7 |
|
|
48 |
% |
|
911.6 |
|
|
572.8 |
|
|
59 |
% |
Net income attributable to noncontrolling interest |
|
4.1 |
|
|
5.0 |
|
|
|
|
8.6 |
|
|
9.7 |
|
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|
||
Net income attributable to |
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|
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|
49 |
% |
|
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|
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|
|
|
60 |
% |
|
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||||||
Earnings attributable to |
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|
||||||||
Basic |
|
|
|
|
|
|
|
48 |
% |
|
|
|
|
|
|
|
60 |
% |
Diluted |
|
|
|
|
|
|
|
49 |
% |
|
|
|
|
|
|
|
59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted-average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
||||||||
Basic |
|
284.6 |
|
|
284.9 |
|
|
0 |
% |
|
285.2 |
|
|
284.8 |
|
|
0 |
% |
Diluted |
|
287.0 |
|
|
286.3 |
|
|
0 |
% |
|
287.4 |
|
|
286.1 |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(1) Cost of sales and Special (gains) and charges in the Consolidated Statement of Income above include the following: |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Second Quarter Ended |
|
|
|
Six Months Ended |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||||||
(millions) |
|
2024 |
|
|
2023 |
|
|
|
|
2024 |
|
|
2023 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Restructuring activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Subtotal (a) |
|
0.7 |
|
|
8.1 |
|
|
|
|
2.3 |
|
|
11.3 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Special (gains) and charges |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Restructuring activities |
|
6.9 |
|
|
13.7 |
|
|
|
|
25.0 |
|
|
26.3 |
|
|
|
||
Sale of global surgical solutions business |
|
7.3 |
|
|
- |
|
|
|
|
13.3 |
|
|
- |
|
|
|
||
Acquisition and integration activities |
|
2.3 |
|
|
3.5 |
|
|
|
|
4.8 |
|
|
8.5 |
|
|
|
||
Other |
|
(4.3 |
) |
|
3.8 |
|
|
|
|
(2.7 |
) |
|
10.7 |
|
|
|
||
Subtotal |
|
12.2 |
|
|
21.0 |
|
|
|
|
40.4 |
|
|
45.5 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total special (gains) and charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Special charges of |
|
||||||||||||||||||
|
|
Second Quarter Ended |
||||||||||||||||
|
|
Fixed Currency Rates |
|
Public Currency Rates |
||||||||||||||
|
|
|
|
|
|
% |
|
|
|
|
|
% |
||||||
(millions) |
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
|
|
|
|
3 |
% |
|
|
|
|
|
|
|
1 |
% |
Global Institutional & Specialty |
|
1,372.7 |
|
|
1,273.7 |
|
|
8 |
% |
|
1,363.9 |
|
|
1,272.2 |
|
|
7 |
% |
|
|
395.0 |
|
|
395.3 |
|
|
0 |
% |
|
389.7 |
|
|
390.8 |
|
|
0 |
% |
Global Pest Elimination |
|
297.1 |
|
|
269.7 |
|
|
10 |
% |
|
295.7 |
|
|
269.0 |
|
|
10 |
% |
Corporate |
|
- |
|
|
10.6 |
|
|
(100 |
)% |
|
- |
|
|
10.6 |
|
|
(100 |
)% |
Subtotal at fixed currency rates |
|
4,020.8 |
|
|
3,855.7 |
|
|
4 |
% |
|
3,985.8 |
|
|
3,852.1 |
|
|
3 |
% |
Currency impact |
|
(35.0 |
) |
|
(3.6 |
) |
|
* |
|
|
|
- |
|
|
* |
|||
Consolidated reported GAAP net sales |
|
|
|
|
|
|
|
3 |
% |
|
|
|
|
|
|
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating Income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
|
|
|
|
18 |
% |
|
|
|
|
|
|
|
15 |
% |
Global Institutional & Specialty |
|
320.7 |
|
|
213.4 |
|
|
50 |
% |
|
318.3 |
|
|
213.0 |
|
|
49 |
% |
|
|
33.7 |
|
|
33.2 |
|
|
2 |
% |
|
32.5 |
|
|
32.0 |
|
|
2 |
% |
Global Pest Elimination |
|
62.2 |
|
|
52.4 |
|
|
19 |
% |
|
61.9 |
|
|
52.4 |
|
|
18 |
% |
Corporate |
|
(62.8 |
) |
|
(79.3 |
) |
|
* |
|
(62.5 |
) |
|
(79.3 |
) |
|
* |
||
Subtotal at fixed currency rates |
|
665.7 |
|
|
484.6 |
|
|
37 |
% |
|
656.9 |
|
|
484.7 |
|
|
36 |
% |
Currency impact |
|
(8.8 |
) |
|
0.1 |
|
|
* |
|
- |
|
|
- |
|
|
* |
||
Consolidated reported GAAP operating income |
|
|
|
|
|
|
|
36 |
% |
|
|
|
|
|
|
|
36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Six Months Ended |
||||||||||||||||
|
|
Fixed Currency Rates |
|
Public Currency Rates |
||||||||||||||
|
|
|
|
|
|
% |
|
|
|
|
|
% |
||||||
(millions) |
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
|
|
|
|
2 |
% |
|
|
|
|
|
|
|
2 |
% |
Global Institutional & Specialty |
|
2,643.0 |
|
|
2,404.9 |
|
|
10 |
% |
|
2,630.6 |
|
|
2,401.0 |
|
|
10 |
% |
|
|
777.9 |
|
|
781.4 |
|
|
0 |
% |
|
769.6 |
|
|
770.5 |
|
|
0 |
% |
Other |
|
563.9 |
|
|
514.3 |
|
|
10 |
% |
|
561.8 |
|
|
512.4 |
|
|
10 |
% |
Corporate |
|
- |
|
|
21.3 |
|
|
(100 |
)% |
|
- |
|
|
21.2 |
|
|
(100 |
)% |
Subtotal at fixed currency rates |
|
7,782.5 |
|
|
7,436.5 |
|
|
5 |
% |
|
7,737.7 |
|
|
7,423.7 |
|
|
4 |
% |
Currency impact |
|
(44.8 |
) |
|
(12.8 |
) |
|
* |
|
- |
|
|
|
|
* |
|||
Consolidated reported GAAP net sales |
|
|
|
|
|
|
|
4 |
% |
|
|
|
|
|
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating Income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Global Industrial |
|
|
|
|
|
|
|
19 |
% |
|
|
|
|
|
|
|
17 |
% |
Global Institutional & Specialty |
|
568.7 |
|
|
343.5 |
|
|
66 |
% |
|
565.3 |
|
|
342.8 |
|
|
65 |
% |
|
|
70.7 |
|
|
68.6 |
|
|
3 |
% |
|
68.8 |
|
|
65.7 |
|
|
5 |
% |
Other |
|
111.0 |
|
|
96.9 |
|
|
15 |
% |
|
110.6 |
|
|
96.7 |
|
|
14 |
% |
Corporate |
|
(142.6 |
) |
|
(156.7 |
) |
|
* |
|
(142.0 |
) |
|
(156.8 |
) |
|
* |
||
Subtotal at fixed currency rates |
|
1,184.7 |
|
|
837.0 |
|
|
42 |
% |
|
1,174.8 |
|
|
836.3 |
|
|
40 |
% |
Currency impact |
|
(9.9 |
) |
|
(0.7 |
) |
|
* |
|
- |
|
|
|
|
* |
|||
Consolidated reported GAAP operating income |
|
|
|
|
|
|
|
40 |
% |
|
|
|
|
|
|
|
40 |
% |
* 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. |
|
|||||||||
|
|
|
|
|
|||||
(millions) |
2024 |
|
2023 |
|
2023 |
||||
Assets |
|
|
|
|
|
||||
Current assets |
|
|
|
|
|
||||
Cash and cash equivalents |
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
2,876.3 |
|
|
2,834.2 |
|
|
2,780.1 |
|
|
Inventories |
1,505.9 |
|
|
1,497.2 |
|
|
1,646.2 |
|
|
Assets held for sale |
565.6 |
|
|
- |
|
|
- |
|
|
Other current assets |
420.5 |
|
|
393.2 |
|
|
456.0 |
|
|
Total current assets |
5,752.3 |
|
|
5,644.1 |
|
|
5,436.5 |
|
|
|
|
|
|
|
|
||||
Property, plant and equipment, net |
3,416.9 |
|
|
3,474.6 |
|
|
3,326.5 |
|
|
|
7,821.9 |
|
|
8,148.2 |
|
|
8,101.3 |
|
|
Other intangible assets, net |
3,334.0 |
|
|
3,493.5 |
|
|
3,603.6 |
|
|
Operating lease assets |
573.0 |
|
|
553.5 |
|
|
446.8 |
|
|
Other assets |
563.7 |
|
|
532.7 |
|
|
541.5 |
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Liabilities and Equity |
|
|
|
|
|
||||
Current liabilities |
|
|
|
|
|
||||
Short-term debt |
|
|
|
|
|
|
|
|
|
Accounts payable |
1,690.7 |
|
|
1,566.3 |
|
|
1,476.8 |
|
|
Compensation and benefits |
540.5 |
|
|
655.5 |
|
|
469.1 |
|
|
Income taxes |
137.2 |
|
|
158.7 |
|
|
117.3 |
|
|
Liabilities held for sale |
62.5 |
|
|
- |
|
|
- |
|
|
Other current liabilities |
1,410.8 |
|
|
1,334.9 |
|
|
1,282.4 |
|
|
Total current liabilities |
3,847.6 |
|
|
4,345.8 |
|
|
4,467.5 |
|
|
|
|
|
|
|
|
||||
Long-term debt |
7,538.8 |
|
|
7,551.4 |
|
|
7,499.6 |
|
|
Pension and postretirement benefits |
627.1 |
|
|
651.7 |
|
|
660.8 |
|
|
Deferred income taxes |
290.7 |
|
|
418.2 |
|
|
474.1 |
|
|
Operating lease liabilities |
438.6 |
|
|
425.5 |
|
|
335.4 |
|
|
Other liabilities |
411.1 |
|
|
381.8 |
|
|
438.3 |
|
|
Total liabilities |
13,153.9 |
|
|
13,774.4 |
|
|
13,875.7 |
|
|
|
|
|
|
|
|
||||
Equity |
|
|
|
|
|
||||
Common stock |
367.1 |
|
|
365.7 |
|
|
365.3 |
|
|
Additional paid-in capital |
7,002.1 |
|
|
6,766.7 |
|
|
6,684.1 |
|
|
Retained earnings |
10,653.3 |
|
|
10,075.4 |
|
|
9,580.0 |
|
|
Accumulated other comprehensive loss |
(1,899.4 |
) |
|
(1,850.4 |
) |
|
(1,761.8 |
) |
|
|
(7,835.7 |
) |
|
(7,312.7 |
) |
|
(7,310.9 |
) |
|
Total |
8,287.4 |
|
|
8,044.7 |
|
|
7,556.7 |
|
|
Noncontrolling interest |
20.5 |
|
|
27.5 |
|
|
23.8 |
|
|
Total equity |
8,307.9 |
|
|
8,072.2 |
|
|
7,580.5 |
|
|
Total liabilities and equity |
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Second Quarter Ended |
|
Six Months Ended |
||||||||
|
|
|
|
|
||||||||
(millions, except percent and per share) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
|
||||
Net sales |
|
|
|
|
|
|
|
|
||||
Reported GAAP net sales |
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign currency translation |
|
35.0 |
|
|
3.6 |
|
|
44.8 |
|
|
12.8 |
|
Non-GAAP fixed currency sales |
|
4,020.8 |
|
|
3,855.7 |
|
|
7,782.5 |
|
|
7,436.5 |
|
Effect of acquisitions and divestitures |
|
(37.1 |
) |
|
(16.7 |
) |
|
(81.2 |
) |
|
(40.7 |
) |
Non-GAAP organic sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of sales |
|
|
|
|
|
|
|
|
||||
Reported GAAP cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges |
|
0.7 |
|
|
8.1 |
|
|
2.3 |
|
|
11.3 |
|
Non-GAAP adjusted cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross profit |
|
|
|
|
|
|
|
|
||||
Reported GAAP gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges |
|
0.7 |
|
|
8.1 |
|
|
2.3 |
|
|
11.3 |
|
Non-GAAP adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross margin |
|
|
|
|
|
|
|
|
||||
Reported GAAP gross margin |
|
43.8 |
% |
|
39.4 |
% |
|
43.5 |
% |
|
38.8 |
% |
Non-GAAP adjusted gross margin |
|
43.8 |
% |
|
39.6 |
% |
|
43.6 |
% |
|
39.0 |
% |
|
|
|
|
|
|
|
|
|
||||
Operating income |
|
|
|
|
|
|
|
|
||||
Reported GAAP operating income |
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges at public currency rates |
|
12.9 |
|
|
29.1 |
|
|
42.7 |
|
|
56.8 |
|
Non-GAAP adjusted operating income |
|
669.8 |
|
|
513.8 |
|
|
1,217.5 |
|
|
893.1 |
|
Effect of foreign currency translation |
|
8.7 |
|
|
(0.1 |
) |
|
9.9 |
|
|
0.7 |
|
Non-GAAP adjusted fixed currency operating income |
|
678.5 |
|
|
513.7 |
|
|
1,227.4 |
|
|
893.8 |
|
Effect of acquisitions and divestitures |
|
(1.5 |
) |
|
(0.9 |
) |
|
(2.4 |
) |
|
(1.4 |
) |
Non-GAAP organic operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income margin |
|
|
|
|
|
|
|
|
||||
Reported GAAP operating income margin |
|
16.5 |
% |
|
12.6 |
% |
|
15.2 |
% |
|
11.3 |
% |
Non-GAAP adjusted fixed currency operating income margin |
|
16.9 |
% |
|
13.3 |
% |
|
15.8 |
% |
|
12.0 |
% |
Non-GAAP organic operating income margin |
|
17.0 |
% |
|
13.4 |
% |
|
15.9 |
% |
|
12.1 |
% |
|
||||||||||||
|
|
Second Quarter Ended |
|
Six Months Ended |
||||||||
|
|
|
|
|
||||||||
(millions, except percent and per share) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net Income attributable to |
|
|
|
|
|
|
|
|
||||
Reported GAAP net income attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges, after tax |
|
0.9 |
|
|
23.3 |
|
|
24.0 |
|
|
44.4 |
|
Discrete tax net expense (benefit) |
|
(10.3 |
) |
|
2.8 |
|
|
(58.5 |
) |
|
(1.2 |
) |
Non-GAAP adjusted net income attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted EPS attributable to |
|
|
|
|
|
|
|
|
||||
Reported GAAP diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
Special (gains) and charges, after tax |
|
- |
|
|
0.08 |
|
|
0.08 |
|
|
0.15 |
|
Discrete tax net expense (benefit) |
|
(0.03 |
) |
|
0.01 |
|
|
(0.20 |
) |
|
- |
|
Non-GAAP adjusted diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Provision for Income Taxes |
|
|
|
|
|
|
|
|
||||
Reported GAAP tax rate |
|
16.2 |
% |
|
20.6 |
% |
|
13.1 |
% |
|
19.5 |
% |
Special gains and charges |
|
1.6 |
|
|
(0.1 |
) |
|
1.2 |
|
|
0.2 |
|
Discrete tax items |
|
1.7 |
|
|
(0.6 |
) |
|
5.4 |
|
|
0.2 |
|
Non-GAAP adjusted tax rate |
|
19.5 |
% |
|
19.9 |
% |
|
19.7 |
% |
|
19.9 |
% |
|
||||||||||||||||||
|
|
Second Quarter Ended |
||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||
(millions) |
|
Fixed Currency |
|
Impact of Acquisitions and Divestitures |
|
Organic |
|
Fixed Currency |
|
Impact of Acquisitions and Divestitures |
|
Organic |
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Global Industrial |
|
|
|
( |
) |
|
|
|
|
|
|
( |
) |
|
|
|
||
Global Institutional & Specialty |
|
1,372.7 |
|
(13.9 |
) |
|
1,358.8 |
|
|
1,273.7 |
|
- |
|
|
1,273.7 |
|
||
|
|
395.0 |
|
- |
|
|
395.0 |
|
|
395.3 |
|
- |
|
|
395.3 |
|
||
Global Pest Elimination |
|
297.1 |
|
(2.1 |
) |
|
295.0 |
|
|
269.7 |
|
- |
|
|
269.7 |
|
||
Corporate |
|
- |
|
- |
|
|
|
|
10.6 |
|
(10.6 |
) |
|
- |
|
|||
Subtotal at fixed currency rates |
|
4,020.8 |
|
(37.1 |
) |
|
3,983.7 |
|
|
3,855.7 |
|
(16.7 |
) |
|
3,839.0 |
|
||
Currency impact |
|
(35.0 |
) |
|
|
|
|
(3.6 |
) |
|
|
|
||||||
Consolidated reported GAAP net sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Income (loss) |
|
|
|
|
|
|
|
|
|
|
||||||||
Global Industrial |
|
|
|
( |
) |
|
|
|
|
|
|
( |
) |
|
|
|
||
Global Institutional & Specialty |
|
320.7 |
|
(1.0 |
) |
|
319.7 |
|
|
213.4 |
|
- |
|
|
213.4 |
|
||
|
|
33.7 |
|
- |
|
|
33.7 |
|
|
33.2 |
|
- |
|
|
33.2 |
|
||
Global Pest Elimination |
|
62.2 |
|
0.6 |
|
|
62.8 |
|
|
52.4 |
|
- |
|
|
52.4 |
|
||
Corporate |
|
(50.0 |
) |
- |
|
|
(50.0 |
) |
|
(50.2 |
) |
(0.4 |
) |
|
(50.6 |
) |
||
Subtotal at fixed currency rates |
|
678.5 |
|
(1.5 |
) |
|
677.0 |
|
|
513.7 |
|
(0.9 |
) |
|
512.8 |
|
||
Special (gains) and charges at fixed currency rates |
|
12.8 |
|
|
|
|
|
29.1 |
|
|
|
|
||||||
Reported OI at fixed currency rates |
|
665.7 |
|
|
|
|
|
484.6 |
|
|
|
|
||||||
Currency impact |
|
(8.8 |
) |
|
|
|
|
0.1 |
|
|
|
|
||||||
Consolidated reported GAAP operating income |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Six Months Ended |
||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||
(millions) |
|
Fixed Currency |
Impact of Acquisitions and Divestitures |
|
Organic |
|
Fixed Currency |
Impact of Acquisitions and Divestitures |
|
Organic |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Global Industrial |
|
|
|
( |
) |
|
|
|
|
|
|
( |
) |
|
|
|
||
Global Institutional & Specialty |
|
2,643.0 |
|
(31.9 |
) |
|
2,611.1 |
|
|
2,404.9 |
|
- |
|
|
2,404.9 |
|
||
|
|
777.9 |
|
- |
|
|
777.9 |
|
|
781.4 |
|
- |
|
|
781.4 |
|
||
Global Pest Elimination |
|
563.9 |
|
(2.1 |
) |
|
561.8 |
|
|
514.3 |
|
- |
|
|
514.3 |
|
||
Corporate |
|
- |
|
- |
|
|
- |
|
|
21.3 |
|
(21.3 |
) |
|
- |
|
||
Subtotal at fixed currency rates |
|
7,782.5 |
|
(81.2 |
) |
|
7,701.3 |
|
|
7,436.5 |
|
(40.7 |
) |
|
7,395.8 |
|
||
Currency impact |
|
(44.8 |
) |
|
|
|
|
(12.8 |
) |
|
|
|
||||||
Consolidated reported GAAP net sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Income (loss) |
|
|
|
|
|
|
|
|
|
|
||||||||
Global Industrial |
|
|
|
( |
) |
|
|
|
|
|
|
( |
) |
|
|
|
||
Global Institutional & Specialty |
|
568.7 |
|
(1.9 |
) |
|
566.8 |
|
|
343.5 |
|
- |
|
|
343.5 |
|
||
|
|
70.7 |
|
- |
|
|
70.7 |
|
|
68.6 |
|
- |
|
|
68.6 |
|
||
Global Pest Elimination |
|
111.0 |
|
0.6 |
|
|
111.6 |
|
|
96.9 |
|
- |
|
|
96.9 |
|
||
Corporate |
|
(99.9 |
) |
- |
|
|
(99.9 |
) |
|
(99.9 |
) |
(0.7 |
) |
|
(100.6 |
) |
||
Subtotal at fixed currency rates |
|
1,227.4 |
|
(2.4 |
) |
|
1,225.0 |
|
|
893.8 |
|
(1.4 |
) |
|
892.4 |
|
||
Special (gains) and charges at fixed currency rates |
|
42.7 |
|
|
|
|
|
56.8 |
|
|
|
|
||||||
Reported OI at fixed currency rates |
|
1,184.7 |
|
|
|
|
|
837.0 |
|
|
|
|
||||||
Currency impact |
|
(9.9 |
) |
|
|
|
|
(0.7 |
) |
|
|
|
||||||
Consolidated reported GAAP operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Selected Cash Flow items |
|
Second Quarter Ended |
|
Six Months Ended |
||||||||
|
|
|
|
|
||||||||
(millions) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
|
||||
Cash provided by operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
Less: Capital expenditures |
|
(196.9 |
) |
|
(172.0 |
) |
|
(398.4 |
) |
|
(345.7 |
) |
Free cash flow |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
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 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|||
Diluted earnings per share, as reported ( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Special (gains) and charges (1) |
|
0.07 |
|
|
0.08 |
|
0.15 |
|
0.12 |
|
0.27 |
|
0.11 |
|
0.38 |
||
Discrete tax expense (benefits) (2) |
|
(0.01 |
) |
|
0.01 |
|
0.00 |
|
0.01 |
|
0.01 |
|
0.03 |
|
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 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|||
Diluted earnings per share, as reported ( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Special (gains) and charges (3) |
|
0.08 |
|
|
0.00 |
|
|
0.08 |
|
|
|
|
|
|
|
|
|
Discrete tax expense (benefits) (4) |
|
(0.17 |
) |
|
(0.03 |
) |
|
(0.20 |
) |
|
|
|
|
|
|
|
|
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 2023 includes charges of |
|
|
(2) |
Discrete tax expenses (benefits) for 2023 includes |
|
|
(3) |
Special (gains) and charges for 2024 includes charges of |
|
|
(4) |
Discrete tax (benefits) for 2024 includes |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240729182245/en/
Investor Contact:
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