Attached files
| file | filename |
|---|---|
| EX-99.5 - EX-99.5 - ECOLAB INC. | ecl-20200724xex99d5.htm |
| EX-99.4 - EX-99.4 - ECOLAB INC. | ecl-20200724xex99d4.htm |
| EX-99.3 - EX-99.3 - ECOLAB INC. | ecl-20200724xex99d3.htm |
| EX-99.1 - EX-99.1 - ECOLAB INC. | ecl-20200724xex99d1.htm |
| 8-K - 8-K - ECOLAB INC. | ecl-20200724x8k.htm |
Exhibit 99.2
ECOLAB INC.
SUPPLEMENTAL REVISED CONSOLIDATED STATEMENT OF INCOME FOR EACH OF THE
THREE MONTH PERIODS ENDED MARCH 31, JUNE 30, SEPTEMBER 30 AND
DECEMBER 31, 2019, THE TWELVE MONTHS ENDED DECEMBER 31, 2019 AND THE
THREE MONTH PERIOD ENDED MARCH 31, 2020
(unaudited)
(millions) | | 2019 | | 2020 | | ||||||||
| | | | | | | | | | | | | |
| | Three Months Ended | | Three Months Ended | | Three Months Ended | | Three Months Ended | | Twelve Months Ended | | Three Months Ended | |
Product and equipment sales | | $2,359.8 | | $2,560.0 | | $2,591.8 | | $2,617.4 | | $10,129.0 | | $2,424.0 | |
Service and lease sales | | 564.9 | | 609.1 | | 632.2 | | 626.8 | | 2,433.0 | | 596.6 | |
Net sales | | 2,924.7 | | 3,169.1 |
| 3,224.0 | | 3,244.2 | | 12,562.0 | | 3,020.6 | |
Product and equipment cost of sales | | 1,340.6 | | 1,422.1 | | 1,413.0 | | 1,441.8 | | 5,617.5 | | 1,364.7 | |
Service and lease sales | | 334.9 | | 358.2 | | 367.9 | | 367.3 | | 1,428.3 | | 355.5 | |
Cost of sales (including special charges (a)) | | 1,675.5 | | 1,780.3 |
| 1,780.9 | | 1,809.1 | | 7,045.8 | | 1,720.2 | |
Selling, general, and administrative expenses | | 896.1 | | 900.0 | | 869.2 | | 885.5 | | 3,550.8 | | 908.3 | |
Special (gains) and charges | | 39.5 | | 24.4 | | 24.9 | | 31.4 | | 120.2 | | 15.9 | |
Operating income | | 313.6 | | 464.4 | | 549.0 | | 518.2 | | 1,845.2 | | 376.2 | |
Other (income) expense (including special charges (b)) | | (21.2) | | (20.9) | | (20.8) | | (14.1) | | (77.0) | | (15.4) | |
Interest expense, net (including special charges (c)) | | 49.3 | | 49.2 | | 46.1 | | 46.1 | | 190.7 | | 48.3 | |
Income before income taxes | | 285.5 | | 436.1 | | 523.7 | | 486.2 | | 1,731.5 | | 343.3 | |
Provision for income taxes | | 29.9 | | 88.8 | | 83.4 | | 86.5 | | 288.6 | | 47.0 | |
Net income from continuing operations, including noncontrolling interest | | 255.6 | | 347.3 | | 440.3 | | 399.7 | | 1,442.9 | | 296.3 | |
Net income from continuing operations attributable to noncontrolling interest | | 4.0 | | 3.9 | | 4.4 | | 5.0 | | 17.3 | | 4.3 | |
Net income from continuing operations attributable to Ecolab | | 251.6 | | 343.4 | | 435.9 | | 394.7 | | 1,425.6 | | 292.0 | |
Net income from discontinued operations, net of tax | | 44.9 | | 25.2 | | 28.3 | | 34.9 | | 133.3 | | (8.6) | |
Net income attributable to Ecolab | | $296.5 | | $368.6 | | $464.2 | | $429.6 | | $1,558.9 | | $283.4 | |
| | | | | | | | | | | | | |
Earnings attributable to Ecolab per common share | | | | | | | | | | | | | |
Basic | | | | | | | | | | | | | |
Continuing operations | | $0.87 | | $1.19 | | $1.51 | | $1.37 | | $4.95 | | $1.01 | |
Discontinued operations | | $0.16 | | $0.09 | | $0.10 | | $0.12 | | $0.46 | | ($0.03) | |
Earnings attributable to Ecolab | | $1.03 | | $1.28 | | $1.61 | | $1.49 | | $5.41 | | $0.98 | |
| | | | | | | | | | | | | |
Diluted | | | | | | | | | | | | | |
Continuing operations | | $0.86 | | $1.18 | | $1.49 | | $1.35 | | $4.87 | | $1.00 | |
Discontinued operations | | $0.15 | | $0.08 | | $0.10 | | $0.12 | | $0.46 | | ($0.03) | |
Earnings attributable to Ecolab | | $1.01 | | $1.26 | | $1.59 | | $1.47 | | $5.33 | | $0.97 | |
| | | | | | | | | | | | | |
Weighted-average common shares outstanding | | | | | | | | | | | | | |
Basic | | 288.2 | | 287.6 | | 288.1 | | 288.3 | | 288.1 | | 288.8 | |
Diluted | | 292.3 | | 292.1 | | 292.8 | | 292.6 | | 292.5 | | 292.6 | |
| | | | | | | | | | | | | |
Diluted Earnings per Share from continuing operations attributable to Ecolab | | | | | | | | | | | | | |
GAAP diluted EPS from continuing operations | | $0.86 | | $1.18 | | $1.49 | | $1.35 | | $4.87 | | $1.00 | |
Special (gains) and charges, after tax | | 0.11 | | 0.09 | | 0.08 | | 0.16 | | 0.44 | | 0.06 | |
Discrete tax net expense (benefit) | | (0.09) | | - | | (0.05) | | (0.06) | | (0.20) | | (0.07) | |
Non-GAAP adjusted diluted EPS from continuing operations | | $0.88 | | $1.27 | | $1.52 | | $1.45 | | $5.12 | | $0.99 | |
| | | | | | | | | | | | | |
| (a) | Total cost of sales includes special charges of $3.6, $7.9, $11.3, and $15.7 in the three months ended March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019, respectively, and $9.1 in the three months ended March 31, 2020 which are recorded in Product and equipment cost of sales. |
| (b) | Other (income) expense includes special charges of $9.5 in the three months ended December 31, 2019. |
| (c) | Net interest expense includes special charges of $0.2 in the three months ended March 31, 2019. |
Notes:
Per share amounts do not necessarily sum due to rounding.
The revised Consolidated Statement of Income for each of the three months ended March 31, 2019, June 30, 2019, September 30, 2019, and December 31, 2019, the twelve months ended December 31, 2019 and the three months ended March 31, 2020 reflect the historical results of ChampionX as discontinued operations for the periods presented.
The revised diluted earnings per share (“EPS”) table includes financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (“GAAP”), including revised non-GAAP adjusted diluted EPS. The table above provides a reconciliation of diluted earnings per share, as revised, to the non-GAAP measure of adjusted diluted earnings per share. We use this non-GAAP measure internally to evaluate our performance and in making financial and operational decisions, including with respect to incentive compensation. We believe that our presentation of this measure provides investors with greater transparency with respect to our results of operations and that these measures are useful for period-to-period comparison of results. This non-GAAP financial measure is not in accordance with, or an alternative to, GAAP and may be different from non-GAAP measures used by other companies. Investors should not rely on any single financial measure when evaluating our business. We recommend that investors view this measure in conjunction with the GAAP measure included in the table.