Feb. 21--Ecolab's burgeoning oil and gas services business delivered skyrocketing sales growth during the fourth quarter, which helped the sanitizing, cleaning and water treatment chemical maker post solid fourth quarter earnings.
Results were helped by Ecolab's energy service division, which saw sales jump a whopping 78 percent to $1.06 billion. In comparison, the St. Paul-based specialty chemical maker, saw sales rise just 4 percent in each of its institutional and industrial divisions.
Total sales exceeded expectations, rising 17 percent to $3.56 billion. Earnings rose 24 percent to $287 million or 93 cents a share. Excluding one-time items, adjusted earnings rose 17 percent to $1.04 a share, missing analysts' consensus expectations by a penny.
CEO Douglas Baker said in a statement that the company's recently acquired Nalco and Champion energy servicing business were integrating well and helped deliver strong results.
"2013 was a year of outstanding accomplishments for Ecolab," Baker said. "We delivered solid organic sales growth in a tough global economy, using our product innovation, industry-leading sales and service force expertise, and our focus on delivering the best results at the lowest total costs for our customers. We made terrific progress integrating our Nalco and Champion acquisitions, outpacing our own timelines and strengthening our combined offerings."
Dee DePass -- 612-673-7725
(c)2014 the Star Tribune (Minneapolis)
Visit the Star Tribune (Minneapolis) at www.startribune.com
Distributed by MCT Information Services