Ecolab Inc

ECL: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$291.00	Wvh	Qfkdfpvdz

Ecolab Earnings: Pricing Gains Drive Profit Recovery and Margin Expansion

Seth Goldstein

Aug 1, 2023

Ecolab's second-quarter results exemplified our near- and long-term outlook for the business. Adjusted operating income was up 21% versus the prior-year quarter, including 130 basis points of margin expansion. This is consistent with our near-term view that the company's strong pricing power, which underpins our wide moat rating, would restore profit growth after cost inflation weighed on 2022 results.

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