Ecolab Delivers Strong Third Quarter

Third quarter 2012 reported operating income increased 67% to $401 million. Both third quarter reported 2012 and third quarter pro forma 2011 results include special gains and charges and discrete tax items. Excluding special gains and charges, third quarter 2012 adjusted operating income of $432 million increased 14% compared with third quarter 2011 pro forma adjusted operating income. Excluding special gains and charges and at fixed currency rates, third quarter 2012 adjusted fixed currency operating income of $434 million increased 19% when compared with third quarter 2011 pro forma adjusted fixed currency operating income.

Third quarter 2012 reported net income attributable to Ecolab increased 54% to $238 million, representing $0.80 per diluted share, and included Nalco merger integration and restructuring charges.

Third quarter 2012 adjusted net income attributable to Ecolab rose 46% to $259 million, and adjusted diluted earnings per share increased 16% to $0.87. Third quarter 2011 adjusted diluted earnings per share were $0.75. Currency translation had an unfavorable effect of $0.03 on reported and adjusted diluted earnings per share in the third quarter of 2012.

Segment review Third quarter 2012 sales for U.S. Cleaning & Sanitizing operations rose 1% to $774 million. Adjusted for the transfer of certain water treatment-related business from the U.S. Cleaning and Sanitizing segment to the Global Water segment, sales increased 4% when compared with third quarter 2011 pro forma sales. Kay and Healthcare led the growth. U.S. Cleaning & Sanitizing operating income increased 17% to $184 million compared with the year ago period; U.S. Cleaning & Sanitizing operating income increased 14% when compared with third quarter 2011 pro forma operating income.

U.S. Other Services sales increased 4% to $124 million in the third quarter. Operating income grew 3% to $22 million.

Sales for International Cleaning, Sanitizing and Other Services operations, when measured at fixed currency rates, grew 3% to $813 million in the third quarter. Adjusted for the transfer of certain water treatment-related business from the International Cleaning, Sanitizing and Other Services segment to the Global Water segment, sales increased 5% in fixed currencies when compared with third quarter 2011 pro forma fixed currency sales, led by strong growth in Latin America operations and moderate growth in Asia Pacific and Europe. International Cleaning, Sanitizing and Other Services fixed currency operating income increased 12% to $97 million in the third quarter when compared with a year ago; fixed currency operating income increased 14% when compared with third quarter 2011 pro forma fixed currency operating income, led by margin improvement in Europe. When measured at public currency rates, International Cleaning, Sanitizing and Other Services sales were $802 million and operating income was $96 million.

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