SAINT PAUL, Minn. (AP) – Ecolab Inc. on Tuesday reported a second-quarter loss of $2.04 billion, after reporting a profit in the same period a year earlier.
On a per-share basis, the Saint Paul, Minnesota-based company said it had a loss of $6.98. Earnings, adjusted for one-time gains and costs, came to 65 cents per share.
The results fell short of Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.
The cleaning, food-safety and pest-control services company posted revenue of $2.69 billion in the period, which also fell short of Street forecasts. Seven analysts surveyed by Zacks expected $2.84 billion.
Ecolab shares surrendered most of their year-to-date gains on Tuesday. The stock had been up 10% before the earnings release, while the Standard & Poor’s 500 index has stayed nearly flat.