By Denny Jacob

Ecolab posted an increase in 1Q sales while also raising its 2024 adjusted earnings per-share outlook.

The hygiene and infection-prevention company recorded net income of $412.1 million, or $1.43 a share, for the first quarter ended March 31, up from $233.4 million, or 82 cents a share, a year earlier. Adjusted earnings were $1.34 a share, matching analysts' estimates.

Sales rose 5% to $3.75 billion from $3.57 billion. Analysts polled by FactSet expected $3.74 billion.

For 2024, Ecolab forecast adjusted earnings per-share between $6.40 and $6.70. It previously guided for adjusted earnings per-share in the range of $6.10 and $6.50.

"We remain firmly on our long-term 12-15% earnings growth trajectory, with our exceptional growth in the first quarter the result of strong fundamentals and the additional benefit of lower delivered product costs," said Chief Executive Christophe Beck.

Ecolab also disclosed it reached a definitive agreement to sell its global surgical solutions business to Medline for a total consideration of $950 million cash, with an anticipated gain being recorded in special gains and charges at closing. The sale is expected to close in the second half of 2024.

Write to Denny Jacob at

(END) Dow Jones Newswires

04-30-24 0836ET