Ecolab boosts quarterly profit

Ecolab Inc., reported an 11% per-share increase in third-quarter profit Friday, citing strength in its core food services and hospitality businesses. The cleaning, sanitation and maintenance company said net income for the three months ended Sept. 30, rose to $103.7 million, or 40 cents a share, up from a year-ago profit of $94.9 million, or 36 cents a share. Sales rose 7% in the quarter to $1.16 billion from $1.1 billion in the same period a year earlier, with North America, Asia Pacific and Latin American markets yielding continued strong growth. European operations lagged, however. Ecolab shares spiked briefly to $31.89 on the results during the first minutes of trade then backed down to a narrow 5-cent loss at $32.07. The company projects earnings of 31 to 33 cents a share for the fourth quarter, surrounding Wall Street’s current consensus estimate of 32 cents a share. Foreign currency rates, however, may hurt fourth-quarter results.