Why Water Purification Services Provider Ecolab's Shares Are Trading Lower Today
Portfolio Pulse from Shivani Kumaresan
Ecolab Inc (NYSE:ECL) shares are trading lower after the company reported second-quarter FY24 sales growth of 3% year-on-year to $3.985 billion, missing the analyst consensus estimate of $4.028 billion. Despite an increase in operating income and adjusted EPS beating estimates, higher selling, general and administrative expenses and a revised FY24 adjusted EPS outlook have contributed to the decline in share price.
July 30, 2024 | 2:30 pm
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Ecolab Inc (NYSE:ECL) shares are down 5.96% after reporting Q2 FY24 sales growth of 3% to $3.985 billion, missing the analyst consensus estimate of $4.028 billion. Despite a 36% increase in operating income and adjusted EPS beating estimates, higher selling, general and administrative expenses and a revised FY24 adjusted EPS outlook have negatively impacted the stock.
Ecolab's Q2 FY24 sales missed analyst estimates, which is a key driver for the stock's decline. Although operating income and adjusted EPS were positive, the increase in selling, general and administrative expenses and the revised FY24 EPS outlook have created a negative sentiment among investors, leading to a 5.96% drop in share price.
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