Record Q3 Earnings for Ecolab

Ecolab Inc. reported record third quarter earnings as strong sales growth in its Kay, Asia Pacific and Latin American operations, along with solid U.S. profit improvement, benefited results.

Ecolab’s reported net sales rose 1% to $1.6 billion in the third quarter of 2010; measured in fixed currencies, sales rose 3%. Net income attributable to shareholders increased 20% to a record $174 million, with reported diluted earnings per share up 23% to $0.74.

Third quarter 2010 and 2009 results included special gains and charges and discrete tax items. Excluding those items, adjusted third quarter 2010 diluted earnings per share were a record $0.66, an 8% increase from adjusted third quarter 2009 diluted earnings per share of $0.61. Currency translation had an immaterial effect on reported and adjusted diluted earnings per share in the third quarter of 2010.

Third quarter 2010 sales for Ecolab’s U.S. Cleaning & Sanitizing operations rose 4% to $719 million. Ecolab’s U.S. Cleaning & Sanitizing operating income increased 5% to $149 million.

U.S. Other Services third quarter sales were flat when compared with last year at $118 million. Operating income grew 7% to $20 million.