Ecolab posts higher-than-expected quarterly profitsby Bill Catlin, Minnesota Public Radio
St. Paul, Minn. — Ecolab reported a higher-than-expected quarterly profit Tuesday, citing strength in emerging markets and demand from food industry customers.
The St. Paul cleaning services company's third-quarter net income rose 20 percent to $174.2 million, from $145 million a year earlier.
Revenue rose 1 percent to $1.56 billion, about matching Wall Street forecasts.
Ecolab, which provides cleaning supplies and services to restaurants, food and drinks makers and hotels, and which generates most of its revenue in the United States, said fourth-quarter profit excluding items would be between 59 cents a share and 61 cents a share.
That falls short of Wall Street expectations, and the company's share price was down 3.6 percent in early afternoon trading.