Exhibit 99.2

Picture 16

Third Quarter 2019
Teleconference
Supplemental Data

 

 

 

 

 

 

 

Picture 12

    

Picture 11

    

Picture 10

 

 

 

 

 

 

 

Picture 9

 

Picture 8

 

Picture 4

 

 

 

 

Cautionary Statement

Forward-Looking Information    This communication contains forward looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, the anticipated spin-off of our Upstream Energy business into a new stand-alone company, statements regarding our future financial and business performance and prospects, including forecasted 2019 fourth quarter and full year business and financial results, margins, pricing, delivered product costs, investments, M&A activity, and restructuring or efficiency initiative activities. These statements are based on the current expectations of management of Ecolab Inc. (“the Company”). There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties are set forth under Item 1A of our most recent Annual Report on Form 10-K and our other our public filings with the Securities and Exchange Commission (the “SEC”) and include the vitality of the markets we serve, including the markets served by our Global Energy segment; the impact of economic factors such as the worldwide economy, capital flows, interest rates and foreign currency risk, including reduced sales and earnings in other countries resulting from the weakening of local currencies versus the U.S. dollar; our ability to execute key business initiatives, including upgrades to our information technology systems; potential information technology infrastructure failures and cybersecurity attacks; the proposed spin-off of our Upstream Energy business may be delayed or not completed at all and may not achieve the intended benefits; our ability to attract and retain high caliber management talent to lead our business; our ability to develop competitive advantages through innovation and to commercialize digital solutions; exposure to global economic, political and legal risks related to our international operations including trade sanctions; difficulty in procuring raw materials or fluctuations in raw material costs; and other uncertainties or risks reported from time to time in our reports to the SEC. In light of these risks, uncertainties and factors, the forward-looking events discussed in this communication may not occur. We caution that undue reliance should not be placed on forward-looking statements, which speak only as of the date made. Ecolab does not undertake, and expressly disclaims, any duty to update any forward-looking statement, except as required by law.

Non-GAAP Financial Information    This communication includes Company information that does not conform to generally accepted accounting principles (GAAP). Management believes that a presentation of this information is meaningful to investors because it provides insight with respect to ongoing operating results of the Company and allows investors to better evaluate the financial results of the Company. These measures should not be viewed as an alternative to GAAP measures of performance. Furthermore, these measures may not be consistent with similar measures provided by other companies. Reconciliations of our non-GAAP measures included within this presentation are included in the “Non-GAAP Financial Measures” section of this presentation.

 

 

 

Picture 1

Please see Ecolab’s news release dated October 29, 2019 for additional information, including additional discussion on use of Non-GAAP financial measures. 

2

 

 

3Q 2019 Overview

Sales: 

§

Reported sales +2%; fixed currency sales +3% with acquisition adjusted fixed currency sales +2%. Steady growth in the Institutional and Other segments was partially offset by a 3% decline in Energy segment sales and moderately softer Industrial markets.

 Operating Income: 

§

Reported operating margin +160 bps; adjusted operating and adjusted fixed currency operating margin were both     +140 bps.

§

Reported operating income +14% with adjusted operating income +11%; adjusted fixed currency operating income +12%.

§

Growth was led by double-digit gains in our Industrial and Energy segments, as pricing and cost efficiency initiatives more than offset investments in the business during the quarter.    

Earnings: 

§

Reported diluted  EPS $1.59, +7%.

§

Adjusted diluted EPS $1.71, +12% as strong operating income growth, led by pricing and cost efficiency initiatives, drove the gain.

Outlook:

§

2019: Adjusted diluted EPS forecast narrowed to $5.80 to $5.90, +10% to 12%. The prior forecast was $5.80 to $6.00.

§

4Q 2019: Adjusted diluted EPS forecast of $1.64 to $1.74, +6% to 13%.

 

 

 

 

The outlook provided above is for consolidated Ecolab operations and continues to include the Upstream Energy business.

 

 

 

Picture 1

Please see Ecolab’s news release dated October 29, 2019 for additional information, including additional discussion on use of Non-GAAP financial measures. 

3

 

 

3Q 2019 Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter Ended September 30

 

 

Reported

 

 

 

 

Adjusted *

 

 

 

(unaudited)

 

Public Currency Rates

 

%  

 

Public Currency Rates

 

%  

(millions, except per share)

 

2019

 

2018

 

Change

 

2019

 

 

2018

 

Change

Net sales

 

$
3,817.9

 

 

$
3,747.2

 

 

2

%

 

$
3,817.9

 

 

$
3,747.2

 

 

2

%

Operating income

 

587.6

 

 

516.2

 

 

14

%

 

659.3

 

 

595.4

 

 

11

%

Net income attributable to Ecolab

 

464.2

 

 

435.4

 

 

7

%

 

501.4

 

 

448.3

 

 

12

%

Diluted earnings per share

 

$
1.59

 

 

$
1.48

 

 

7

%

 

$
1.71

 

 

$
1.53

 

 

12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted *

 

 

 

 

 

Fixed Currency Rates *

 

%  

 

Fixed Currency Rates

 

%  

 

 

2019

 

2018

 

Change

 

2019

 

 

2018

 

Change

Net sales

 

$
3,855.3

 

 

$
3,740.2

 

 

3

%

 

$
3,855.3

 

 

$
3,740.2

 

 

3

%

Operating income

 

594.0

 

 

515.0

 

 

15

%

 

665.7

 

 

594.2

 

 

12

%

 

 

 

 

 

 

*See “Non-GAAP Financial Measures” section of this presentation for corresponding reconciliations.

 

 

 

 

 

 

 

Picture 1

Please see Ecolab’s news release dated October 29, 2019 for additional information, including additional discussion on use of Non-GAAP financial measures. 

4

 

 

3Q 2019 Sales Growth Detail

 

 

 

 

 

 

 

 

 

 

    

Fixed Rate

    

Acq./Div. Adj.

    

 

    

 

Global Industrial

 

% Change

 

% Change

 

Consolidated

 

% Change

Water

 

5%

 

5%

 

Volume & mix

 

0%

Food & Beverage

 

8%

 

4%

 

Pricing

 

2%

Paper

 

 -2% 

 

 -2% 

 

Subtotal

 

2%

Textile Care

 

2%

 

2%

 

Acq./Div.

 

1%

Life Sciences

 

32%

 

7%

 

Fixed currency growth

 

3%

Total Global Industrial

 

5%

 

3%

 

Currency impact

 

 -1% 

 

 

 

 

 

 

Total

 

2%

Global Institutional

 

 

 

 

 

 

 

 

Institutional

 

2%

 

2%

 

 

 

 

Specialty

 

12%

 

9%

 

 

 

 

Healthcare

 

3%

 

3%

 

 

 

 

Total Global Institutional

 

4%

 

3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Energy

 

 -3% 

 

 -3% 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

Pest Elimination

 

6%

 

6%

 

 

 

 

Colloidal Technologies

 

11%

 

11%

 

 

 

 

Total Other

 

7%

 

7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

3%

 

2%

 

 

 

 

 

 

 

 

Picture 1

Please see Ecolab’s news release dated October 29, 2019 for additional information, including additional discussion on use of Non-GAAP financial measures. 

5

 

 

3Q 2019 Income Statement / Margins

 

 

 

 

 

 

 

 

 

 

 

 

 

($ millions, unaudited)

2019

 

% sales

 

2018

 

% sales

 

% change

  Comments*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

$
1,610.5

 

42.2%

 

$
1,556.5

 

41.5%

 

3

%

Adjusted gross margins were 42.5% in 2019 and 41.6% in 2018, increasing 90 bps, reflecting increased pricing and cost savings.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SG&A

962.5

 

25.2%

 

964.7

 

25.7%

 

0

%

The ratio decreased 50 bps as sales leverage and cost savings actions more than offset investments in the business.

 

Operating Income (fixed FX)

 

 

 

 

 

 

 

 

 

 

 

 

Global Industrial

240.1

 

16.9%

 

212.8

 

15.8%

 

13

%

Acquisition adjusted margins were 17.3% in 2019 and 15.7% in 2018.  Margins increased 160 bps as pricing and cost savings more than offset investments in the business.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Institutional

313.0

 

23.1%

 

286.6

 

22.0%

 

9

%

Acquisition adjusted margins were 22.9% in 2019 and 22.0% in 2018.  Margins increased 90 bps as pricing and cost savings more than offset investments in the business. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Energy

103.6

 

12.4%

 

88.9

 

10.3%

 

17

%

Acquisition adjusted margins were 12.4% in 2019 and 10.4% in 2018.  Margins increased 200 bps as pricing, lower delivered product costs and cost savings more than offset the impact of lower volume.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

48.8

 

20.1%

 

48.0

 

21.1%

 

2

%

Acquisition adjusted fixed currency margins were 20.1% in 2019 vs. 21.1% in 2018. Margins declined due to investments in the business and the comparison to a strong period last year.

 

Subtotal at fixed FX

705.5

 

18.3%

 

636.3

 

17.0%

 

11

%

 

 

FX

(6.8)

 

 

 

1.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

Corp. Expense

(39.4)

 

 

 

(42.1)

 

 

 

 

 

Nalco intangible amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Special Gains/(Ch.)

(71.7)

 

 

 

(79.2)

 

 

 

 

 

2019: Primarily restructuring charges and Upstream Energy spin-off charges.
2018: Primarily restructuring charges.

 

Total Corporate Exp.

(111.1)

 

 

 

(121.3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Op. Inc.

$
587.6

 

15.4%

 

$
516.2

 

13.8%

 

14

%

2019 acquisition adjusted fixed currency operating margins were 17.3%, a 140 bps increase vs. the equivalent 2018 margin of 15.9%.  Pricing and cost savings initiatives more than offset the impact of investments in the business during the quarter.

 

 

 

 

 

 

 

*See “Non-GAAP Financial Measures” section of this presentation for corresponding reconciliations.

 

 

 

 

 

Picture 1

Please see Ecolab’s news release dated October 29, 2019 for additional information, including additional discussion on use of Non-GAAP financial measures. 

6

 

 

3Q 2019 Balance Sheet / Cash Flow

 

 

 

 

 

 

 

 

 

 

 

Summary Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

September 30

 

 

 

September 30

(millions, unaudited)

 

2019

 

2018

 

(millions, unaudited)

 

2019

 

2018

Cash and cash eq.

    

$
135.9

    

$
203.6

    

Short-term debt

    

$
779.1

    

$
769.4

Accounts receivable, net

 

2,722.5

 

2,652.7

 

Accounts payable

 

1,269.4

 

1,195.3

Inventories

 

1,586.7

 

1,587.9

 

Other current liabilities

 

1,871.0

 

1,625.1

Other current assets

 

425.0

 

378.1

 

Long-term debt

 

5,966.9

 

6,334.8

PP&E, net

 

3,861.5

 

3,778.0

 

Pension/Postretirement

 

793.6

 

966.9

Goodwill and intangibles

 

10,948.9

 

10,898.8

 

Other liabilities

 

1,543.2

 

1,088.1

Other assets

 

1,155.1

 

463.5

 

Total equity

 

8,612.4

 

7,983.0

Total assets

 

$
20,835.6

 

$
19,962.6

 

Total liab. and equity

 

$
20,835.6

 

$
19,962.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Cash Flow items

 

 

 

 

 

Selected Balance Sheet measures

 

 

 

 

Nine Months Ended

 

 

 

 

 

 

 

 

September 30

 

 

 

September 30

(millions, unaudited)

    

2019

 

2018

    

(unaudited)

    

2019

 

2018

Cash from op. activities

 

$
1,599.7

 

$
1,450.4

 

Total Debt/Total Capital

 

43.9%

 

47.1%

Depreciation

 

488.3

 

461.5

 

Net Debt/Total Capital

 

43.4%

 

46.4%

Amortization

 

240.2

 

238.9

 

Net Debt/EBITDA(*)

 

2.1

 

2.3

Capital expenditures

 

550.4

 

634.1

 

Net Debt/Adjusted EBITDA(*)

 

2.0

 

2.3

 

 

 

 

 

 

 

(*) EBITDA and Adjusted EBITDA are non-GAAP measures.  EBITDA is defined as the sum of earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as the sum of EBITDA and special (gains) and charges impacting EBITDA. The inputs to EBITDA reflect the trailing twelve months of activity for the period presented. See “Non-GAAP Financial Measures” section of this presentation corresponding reconciliations. 

 

 

 

 

 

Picture 1

Please see Ecolab’s news release dated October 29, 2019 for additional information, including additional discussion on use of Non-GAAP financial measures. 

7

 

 

 

 

 

 

 

 

Appendix

 

 

 

 

 

 

Picture 1

Please see Ecolab’s news release dated October 29, 2019 for additional information, including additional discussion on use of Non-GAAP financial measures. 

8

 

 

Non-GAAP Financial Measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Third Quarter Ended

    

Nine Months Ended

(unaudited)

 

September 30

 

September 30

(millions, except percent)

 

2019

   

2018

 

2019

   

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

Reported GAAP net sales

 

$
3,817.9

 

 

$
3,747.2

 

 

$
11,082.7

 

 

$
10,907.7

 

Effect of foreign currency translation

 

37.4

 

 

(7.0)

 

 

83.9

 

 

(155.9)

 

Non-GAAP fixed currency sales

 

3,855.3

 

 

3,740.2

 

 

11,166.6

 

 

10,751.8

 

Effect of acquisitions and divestitures

 

(36.6)

 

 

(1.5)

 

 

(92.4)

 

 

(13.3)

 

Non-GAAP acquisition adjusted fixed currency sales

 

$
3,818.7

 

 

$
3,738.7

 

 

$
11,074.2

 

 

$
10,738.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Sales

 

 

 

 

 

 

 

 

 

 

 

 

Reported GAAP cost of sales

 

$
2,207.4

 

 

$
2,190.7

 

 

$
6,505.2

 

 

$
6,409.1

 

Special (gains) and charges

 

11.3

 

 

3.6

 

 

22.8

 

 

3.5

 

Non-GAAP adjusted cost of sales

 

$
2,196.1

 

 

$
2,187.1

 

 

$
6,482.4

 

 

$
6,405.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Margin

 

 

 

 

 

 

 

 

 

 

 

 

Reported GAAP gross margin

 

42.2

%

 

41.5

%

 

41.3

%

 

41.2

%

Non-GAAP adjusted gross margin

 

42.5

%

 

41.6

%

 

41.5

%

 

41.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

Reported GAAP operating income

 

$
587.6

 

 

$
516.2

 

 

$
1,453.4

 

 

$
1,365.1

 

Effect of foreign currency translation

 

6.4

 

 

(1.2)

 

 

11.9

 

 

(23.8)

 

Non-GAAP fixed currency operating income

 

594.0

 

 

515.0

 

 

1,465.3

 

 

1,341.3

 

Special (gains) and charges

 

71.7

 

 

79.2

 

 

173.4

 

 

117.2

 

Non-GAAP adjusted fixed currency operating income

 

665.7

 

 

594.2

 

 

1,638.7

 

 

1,458.5

 

Effect of acquisitions and divestitures

 

(3.9)

 

 

(0.6)

 

 

4.8

 

 

(0.2)

 

Non-GAAP acquisition adjusted fixed currency operating income

 

$
661.8

 

 

$
593.6

 

 

$
1,643.5

 

 

$
1,458.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income Margin

 

 

 

 

 

 

 

 

 

 

 

 

Reported GAAP operating income margin

 

15.4

%

 

13.8

%

 

13.1

%

 

12.5

%

Non-GAAP adjusted fixed currency operating income margin

 

17.3

%

 

15.9

%

 

14.7

%

 

13.6

%

 

 

 

 

Picture 1

Please see Ecolab’s news release dated October 29, 2019 for additional information, including additional discussion on use of Non-GAAP financial measures. 

9

 

 

Non-GAAP Financial Measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Third Quarter Ended

    

Nine Months Ended

(unaudited)

 

September 30

 

September 30

(millions, except percent and per share)

 

2019

   

2018

 

2019

   

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

Reported GAAP interest expense, net

 

$
46.1

 

 

$
55.7

 

 

$
145.0

 

 

$
168.4

 

Special (gains) and charges, after tax

 

 -

 

 

 -

 

 

0.2

 

 

 -

 

Non-GAAP adjusted interest expense, net

 

$
46.1

 

 

$
55.7

 

 

$
144.8

 

 

$
168.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Ecolab

 

 

 

 

 

 

 

 

 

 

 

 

Reported GAAP net income attributable to Ecolab

 

$
464.2

 

 

$
435.4

 

 

$
1,129.3

 

 

$
1,034.0

 

Special (gains) and charges, after tax

 

53.7

 

 

60.1

 

 

131.1

 

 

88.7

 

Discrete tax net expense (benefit)

 

(16.5)

 

 

(47.2)

 

 

(43.2)

 

 

(35.2)

 

Non-GAAP adjusted net income attributable to Ecolab

 

$
501.4

 

 

$
448.3

 

 

$
1,217.2

 

 

$
1,087.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings per Share Attributable to Ecolab ("EPS")

 

 

 

 

 

 

 

 

 

 

 

 

Reported GAAP diluted EPS

 

$
1.59

 

 

$
1.48

 

 

$
3.86

 

 

$
3.53

 

Special (gains) and charges, after tax

 

0.18

 

 

0.20

 

 

0.45

 

 

0.30

 

Discrete tax net expense (benefit)

 

(0.06)

 

 

(0.16)

 

 

(0.15)

 

 

(0.12)

 

Non-GAAP adjusted diluted EPS

 

$
1.71

 

 

$
1.53

 

 

$
4.16

 

 

$
3.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

Reported GAAP tax rate

 

16.5

%

 

9.0

%

 

16.7

%

 

17.2

%

Special gains and charges

 

1.0

 

 

2.1

 

 

0.9

 

 

0.6

 

Discrete tax items

 

2.6

 

 

8.4

 

 

2.8

 

 

2.6

 

Non-GAAP adjusted tax rate

 

20.1

%

 

19.5

%

 

20.4

%

 

20.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA (trailing twelve months ended)

 

 

 

 

 

 

 

 

 

 

 

 

Net income including non-controlling interest

 

$
1,542.1

 

 

$
1,608.5

 

 

 

 

 

 

 

Provision for income taxes

 

377.1

 

 

196.4

 

 

 

 

 

 

 

Interest expense, net

 

198.9

 

 

246.2

 

 

 

 

 

 

 

Depreciation

 

648.1

 

 

610.2

 

 

 

 

 

 

 

Amortization

 

318.3

 

 

318.0

 

 

 

 

 

 

 

EBITDA

 

$
3,084.5

 

 

$
2,979.3

 

 

 

 

 

 

 

Special (gains) and charges impacting EBITDA

 

192.2

 

 

83.4

 

 

 

 

 

 

 

Adjusted EBITDA

 

$
3,276.7

 

 

$
3,062.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Picture 1

Please see Ecolab’s news release dated October 29, 2019 for additional information, including additional discussion on use of Non-GAAP financial measures. 

10

 

 

Non-GAAP Financial Measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter Ended September 30

 

 

2019

 

2018

(millions)

 

Fixed Currency

 

Impact of Acquisitions and Divestitures

 

Acquisition Adjusted

 

Fixed Currency

 

Impact of Acquisitions and Divestitures

 

Acquisition Adjusted

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Global Industrial

 

$
1,418.9

 

($25.9)

 

$
1,393.0

 

$
1,348.5

 

($1.3)

 

$
1,347.2

Global Institutional

 

1,357.1

 

(9.9)

 

1,347.2

 

1,304.9

 

 -

 

1,304.9

Global Energy

 

836.5

 

 -

 

836.5

 

859.4

 

 -

 

859.4

Other

 

242.8

 

(0.8)

 

242.0

 

227.4

 

(0.2)

 

227.2

Subtotal at fixed currency rates

 

3,855.3

 

(36.6)

 

3,818.7

 

3,740.2

 

(1.5)

 

3,738.7

Currency impact

 

(37.4)

 

 

 

 

 

7.0

 

 

 

 

Consolidated reported GAAP net sales

 

$
3,817.9

 

 

 

 

 

$
3,747.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

 

 

 

 

 

 

 

 

 

 

 

Global Industrial

 

$
240.1

 

$
0.8

 

$
240.9

 

$
212.8

 

($0.8)

 

$
212.0

Global Institutional

 

313.0

 

(4.7)

 

308.3

 

286.6

 

 -

 

286.6

Global Energy

 

103.6

 

0.1

 

103.7

 

88.9

 

0.2

 

89.1

Other

 

48.8

 

(0.1)

 

48.7

 

48.0

 

 -

 

48.0

Corporate

 

(39.8)

 

 -

 

(39.8)

 

(42.1)

 

 -

 

(42.1)

Adjusted at fixed currency rates

 

665.7

 

(3.9)

 

661.8

 

594.2

 

(0.6)

 

593.6

Special (gains) and charges

 

71.7

 

 

 

 

 

79.2

 

 

 

 

Reported OI at fixed currency rates

 

594.0

 

 

 

 

 

515.0

 

 

 

 

Currency impact

 

(6.4)

 

 

 

 

 

1.2

 

 

 

 

Consolidated reported GAAP operating income

 

$
587.6

 

 

 

 

 

$
516.2

 

 

 

 

 

 

 

 

 

 

Picture 1

Please see Ecolab’s news release dated October 29, 2019 for additional information, including additional discussion on use of Non-GAAP financial measures. 

11

 

 

Non-GAAP Financial Measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30

 

 

2019

 

2018

(millions)

 

Fixed Currency

 

Impact of Acquisitions and Divestitures

 

Acquisition Adjusted

 

Fixed Currency

 

Impact of Acquisitions and Divestitures

 

Acquisition Adjusted

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Global Industrial

 

$
4,102.0

 

($75.0)

 

$
4,027.0

 

$
3,828.9

 

($10.6)

 

$
3,818.3

Global Institutional

 

3,895.9

 

(16.4)

 

3,879.5

 

3,769.4

 

 -

 

3,769.4

Global Energy

 

2,488.6

 

(0.1)

 

2,488.5

 

2,516.9

 

(2.5)

 

2,514.4

Other

 

680.1

 

(0.9)

 

679.2

 

636.6

 

(0.2)

 

636.4

Subtotal at fixed currency rates

 

11,166.6

 

(92.4)

 

11,074.2

 

10,751.8

 

(13.3)

 

10,738.5

Currency impact

 

(83.9)

 

 

 

 

 

155.9

 

 

 

 

Consolidated reported GAAP net sales

 

$
11,082.7

 

 

 

 

 

$
10,907.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

 

 

 

 

 

 

 

 

 

 

 

Global Industrial

 

$
596.3

 

$
3.1

 

$
599.4

 

$
497.6

 

($2.4)

 

$
495.2

Global Institutional

 

767.8

 

1.8

 

769.6

 

729.3

 

 -

 

729.3

Global Energy

 

270.9

 

0.1

 

271.0

 

243.9

 

2.3

 

246.2

Other

 

123.1

 

(0.2)

 

122.9

 

114.0

 

(0.1)

 

113.9

Corporate

 

(119.4)

 

 -

 

(119.4)

 

(126.3)

 

 -

 

(126.3)

Adjusted at fixed currency rates

 

1,638.7

 

4.8

 

1,643.5

 

1,458.5

 

(0.2)

 

1,458.3

Special (gains) and charges

 

173.4

 

 

 

 

 

117.2

 

 

 

 

Reported OI at fixed currency rates

 

1,465.3

 

 

 

 

 

1,341.3

 

 

 

 

Currency impact

 

(11.9)

 

 

 

 

 

23.8

 

 

 

 

Consolidated reported GAAP operating income

 

$
1,453.4

 

 

 

 

 

$
1,365.1

 

 

 

 

 

 

 

 

 

Picture 1

Please see Ecolab’s news release dated October 29, 2019 for additional information, including additional discussion on use of Non-GAAP financial measures. 

12