WASHINGTON (dpa-AFX) - Cleaning and pest-control service provider Ecolab Inc. (ECL) Tuesday said second-quarter net income attributable to the company improved to $311.4 million from $213.1 million in the prior year. Earnings per share advanced to $1.02 from $0.69.
Adjusted earnings per share were $1.03, while it totaled $0.86 last year. On average, 18 analysts polled by Thomson Reuters expected earnings of $1.02 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales increased to $3.568 billion from $3.338 billion in the prior year. Analysts expected revenues of $3.55 billion.
Douglas Baker, Jr., Ecolab's chairman and chief executive officer said, 'Record second quarter results were driven by solid sales gains and margin expansion that once again reflected the strength of our business model and our continued growth focus.'
Baker expects that its solid first half momentum coupled with increasing global needs for its comprehensive solutions will drive accelerated second half sales and full-year upper-teens adjusted earnings per share growth.
Ecolab expects third-quarter adjusted earnings per share in the $1.18 to $1.22 range, representing a 13 to 17 percent increase when compared with adjusted earnings per share of $1.04 a year ago. Wall Street looks for earnings of $1.20 per share for the quarter.
The company now expects 2014 full-year adjusted earnings per share forecast to be in the $4.14 to $4.20 range, compared to the previous projection of $4.10 - $4.20, representing a 17 to 19 percent increase over the prior year. Wall Street expects earnings of $4.18 per share for 2014.
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