ST. PAUL, MN — Amid rising costs for raw goods and diminishing demand, JanSan chemical manufacturer Ecolab Inc.
posted a 44 percent decrease in first-quarter profits when compared to the year-ago quarter, according to MarketWatch
Ecolab''s earnings were $57.4 million, down from $102.9 million the same quarter from last year, the story stated.
What the company is calling "the effects of global recession" hurt revenue by 8 percent and came in at $1.35 billion, the story noted.
Douglas Baker Jr., chief executive, said: "We performed well in the face of a very difficult global economy and results netted out where we expected. Our team did a great job delivering on key market share, pricing and cost savings objectives, and I am proud of their performance."
Quarterly earnings of 24 cents a share fell just short of analysts'' predictions that Ecolab shares would earn 33 cents, the story added.