-
Return to top line growth – 10 percent nominal and 4 percent
organic sales increase
-
Bottom line leverage – Adjusted EPS up 82 percent; Adjusted
EBITDA Up 20 percent
-
Continued strong productivity achievement
Nalco (NYSE:NLC), providing essential expertise for water, energy
and air, generated solid first-quarter revenue and earnings growth.
Revenues increased 10 percent nominally. All three segments
contributed positively to 4 percent organic improvement and
currency effects added most of the remaining growth.
Net earnings of $25 million resulted in diluted earnings per
share (EPS) of 18 cents that were up 6 percent compared to 17 cents
per share on $23 million in net earnings in the prior
year. Adjusted EPS, adding back unusual items such as an $18
million Venezuela currency devaluation, was 31 cents in the first
quarter of 2010 compared to 17 cents in the prior-year first
quarter. (See Attachment 7)
Adjusted EBITDA of $164 million (see Attachment 5) was the
Company's best historical first quarter performance and well above
2009 first quarter Adjusted EBITDA of $136 million. On an
unadjusted basis, EBITDA was up 6 percent. Productivity gains
of $28 million helped to more than offset continued BRIC+
investments and other cost elements. As a result, direct
contribution margins expanded in all three segments, with Water and
Paper segments each showing more than 4 percentage point margin
improvements.
"The year started reasonably with a first quarter characterized
by a slowly improving global industrial economy, increased
operating efficiency, and early gains from our aggressive growth
investments in technology, training and BRIC+ capability," said
Chairman and Chief Executive Officer Erik Fyrwald. "We are
encouraged by signs that our end markets should continue to improve
gradually through the rest of the year. Our longer term
outlook remains very positive."
Paper Services sales grew 8 percent organically on strong
recovery in the Asian paper market and nearly double-digit growth
in North America. Water Services sales increased 4 percent
organically, as manufacturing, mining, primary metals and food and
beverage sales improved meaningfully from prior-year
results. Energy Services sales increased 2 percent
organically, with growth in Asia and the Middle East and a return
to growth in Adomite offsetting particularly weak refinery market
conditions in North America.
Geographically, respective nominal and organic percentage sales
changes were as follows: Latin America (+18, +4), Asia (+24,
+11), Europe, Africa and Middle East (+17, +8) and North America
(+1, -1). BRIC+ growth was more than 40 percent nominally,
reflecting the early impact of our aggressive growth investment
strategy in these key markets. Excluding the Downstream refining
market and Nalco Mobotec air protection business, North American
revenues would have grown 4 percent organically.
"We have a lot of work to do to achieve our goals this year
given continued economic uncertainties and our need to push price
to address rising raw material costs," Fyrwald said. "Despite these
pressures, we remain confident in our ability to deliver top- and
bottom-line growth. New technology we are bringing to the
market continues to increase the return on investment we deliver to
our customers by saving water and energy, by preventing maintenance
shutdowns and by improving product quality – among other
benefits."
Free Cash Flow was negative in the quarter, as uses of working
capital for growth contributed to a negative change from high
levels of cash generation in the first quarter of 2009. Days
of receivables and inventory increased from year-end 2009, but
remained well below prior-year period levels. The effective tax
rate in the quarter was 45 percent, with tax effects of the
Venezuela currency devaluation, recent U.S. health care legislation
and restructuring expenses increasing the level from an Adjusted
Effective Tax Rate of 34 percent. (See Attachment 8)
2010 Expectations
Following first quarter results, Nalco upgraded elements of its
outlook for 2010 performance. The Company continues to expect
mid-single-digit organic sales growth for the year. Adjusted
EBITDA is now expected to exceed $710 million for the year, with an
improving tax rate contributing to an Adjusted EPS target of more
than $1.30. Productivity targets remain at $100 million and
Free Cash Flow is still expected to exceed $100
million. Working capital tied to growth is becoming a use of
cash and capital expenditures are projected to increase from 2009's
depressed level on growth of automation and other high return
investments at customer sites. The effective tax rate for the
year is still expected to be approximately 35 percent.
"We are pleased with our performance in the first quarter and
are positioned to participate in continuing economic recovery,"
noted CEO Fyrwald.
Investor Day
Nalco will host an Investor and Analyst Day at its corporate
headquarters beginning with a dinner on Monday, May 17 and with
presentations during the morning of Tuesday, May 18. For
additional details and to request an invitation, please send an
e-mail to Mike Bushman at mbushman@nalco.com.
Conference Call/Webcast
Nalco will discuss first quarter 2010 results in a conference
call and audio-only Webcast to be held on Wednesday, April 28 at 10
a.m. ET. Information on the conference call and Webcast is
available on our website at www.nalco.com/investors.
About Nalco
Nalco is the world's leading water treatment and process
improvement company, delivering significant environmental, social
and economic performance benefits to our customers. We help our
customers reduce energy, water and other natural resource
consumption, enhance air quality, minimize environmental releases
and improve productivity and end products while boosting the bottom
line. Together our comprehensive solutions contribute to the
sustainable development of customer operations. Nalco is a member
of the Dow Jones Sustainability World Index. More than 11,500 Nalco
employees operate in 130 countries supported by a comprehensive
network of manufacturing facilities, sales offices and research
centers to serve a broad range of end markets. In 2009, Nalco
achieved sales of more than $3.7 billion. For more information
visit www.nalco.com.
Follow us on Twitter at www.twitter.com/Nalco_News and
www.twitter.com/NalcoCompany.
The Nalco Company logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=1135
Several non-GAAP measures are discussed in today's press
release. Management believes that discussion of these measures
provides investors with additional insight into the ongoing
operations of Nalco Holding Company. Non-GAAP measures are
reconciled to the closest GAAP measure in schedules attached to
this press release, which may also be found at www.nalco.com.
EBITDA is a non-GAAP measure used by management as an internal
operating metric and for enterprise valuation purposes. Adjusted
EBITDA is a non-GAAP measure that includes adjusting for
restructuring expenses and unusual items. Reconciliation to net
earnings is included in Attachment 5. Free Cash Flow is reconciled
on Attachment 6 to Cash from Operations as shown on Nalco's Cash
Flow Statement, and is defined as Cash from Operations less Capital
Expenditures and Noncontrolling Interest charges. Adjusted EPS is a
non-GAAP measure that includes adjusting for restructuring expenses
and unusual items. Reconciliation to reported EPS as shown on
Nalco's Statement of Operations is included in Attachment 7.
Adjusted Effective Tax Rate is defined as the income tax provision
excluding the tax expense (benefit) of specified transactions,
divided by earnings before income taxes excluding the earnings
(loss) before income taxes attributable to those specified
transactions. It is reconciled to the actual effective tax
rate on Attachment 8. In addition, Nalco may discuss sales
growth in terms of nominal (actual), organic (nominal less foreign
currency and acquisition/divestiture/merger/joint venture/perimeter
impacts), and real (organic growth less that portion of the growth
which consists of price increases that simply pass along higher
purchased material and freight costs). The non-GAAP measures should
not be viewed as alternatives to GAAP measures of performance.
Furthermore, these measures may not be consistent with similar
measures provided by other companies.
This news release includes forward-looking statements,
reflecting current analysis and expectations, based on what are
believed to be reasonable assumptions. Forward-looking statements
may involve known and unknown risks, uncertainties and other
factors, which may cause the actual results to differ materially
from those projected, stated or implied, depending on many factors,
including, without limitation: ability to generate cash, ability to
raise capital, ability to refinance, the result of the pursuit of
strategic alternatives, ability to execute work process redesign
and reduce costs, ability to execute price increases, business
climate, business performance, economic and competitive
uncertainties, higher manufacturing costs, reduced level of
customer orders, changes in strategies, risks in developing new
products and technologies, environmental and safety regulations and
clean-up costs, foreign exchange rates, the impact of changes in
the regulation or value of pension fund assets and
liabilities, changes in generally accepted accounting principles,
adverse legal and regulatory developments, including increases in
the number or financial exposures of claims, lawsuits, settlements
or judgments, or the inability to eliminate or reduce such
financial exposures by collecting indemnity payments from insurers,
the impact of increased accruals and reserves for such exposures,
weather-related factors, and adverse changes in economic and
political climates around the world, including terrorism and
international hostilities, and other risk factors identified by the
Company. Accordingly, there can be no assurance that the Company
will meet future results, performance or achievements expressed or
implied by such forward-looking statements. This paragraph is
included to provide safe harbor for forward-looking statements,
which are not generally required to be publicly revised as
circumstances change, and which the Company does not intend to
update.
Attachments
-
Condensed Consolidated Balance Sheets (Unaudited)
-
Condensed Consolidated Statements of Operations (Unaudited)
-
Condensed Consolidated Statements of Cash Flows (Unaudited)
-
Segment Information (Unaudited)
-
EBITDA (Unaudited)
-
Free Cash Flow (Unaudited)
-
Earnings Per Share Data (Unaudited)
-
Adjusted Effective Income Tax Rate (Unaudited)
-
2009 Company Results Reclassified to Conform with 2010
Presentation (Unaudited)
-
2009 Segment Results Reclassified to Conform with 2010
Presentation (Unaudited)
|
|
|
Nalco Holding Company and Subsidiaries
|
Condensed Consolidated Balance Sheets
|
(dollars in millions)
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
March 31,
|
December 31,
|
|
2010
|
2009
|
Assets
|
|
|
Current assets:
|
|
|
Cash and cash equivalents
|
$211.6
|
$127.6
|
Accounts receivable, less allowances of $19.8 in 2010
and
|
|
|
$17.8 in 2009
|
684.7
|
681.2
|
Inventories:
|
|
|
Finished products
|
260.1
|
232.6
|
Materials and work in process
|
77.5
|
81.2
|
|
337.6
|
313.8
|
Prepaid expenses, taxes and other current assets
|
157.3
|
122.2
|
Total current assets
|
1,391.2
|
1,244.8
|
|
|
|
Property, plant, and equipment, net
|
665.9
|
678.1
|
Intangible assets:
|
|
|
Goodwill
|
1,784.7
|
1,800.0
|
Other intangibles, net
|
1,055.2
|
1,055.9
|
Other assets
|
175.1
|
186.0
|
Total assets
|
$5,072.1
|
$4,964.8
|
|
|
|
Liabilities and equity
|
|
|
Current liabilities:
|
|
|
Accounts payable
|
$315.5
|
$315.4
|
Short-term debt
|
362.2
|
229.8
|
Other current liabilities
|
333.7
|
380.6
|
Total current liabilities
|
1,011.4
|
925.8
|
|
|
|
Other liabilities:
|
|
|
Long-term debt
|
2,695.0
|
2,714.3
|
Deferred income taxes
|
247.7
|
202.9
|
Accrued pension benefits
|
398.0
|
418.1
|
Other liabilities
|
210.1
|
212.1
|
|
|
|
Equity:
|
|
|
Nalco Holding Company shareholders' equity
|
482.4
|
471.6
|
Noncontrolling interest
|
27.5
|
20.0
|
Total equity
|
509.9
|
491.6
|
Total liabilities and equity
|
$5,072.1
|
$4,964.8
|
|
|
|
ATTACHMENT 1
|
|
|
|
|
|
Nalco Holding Company and Subsidiaries
|
Condensed Consolidated Statements of Operations (Unaudited)
|
(dollars in millions, except per share amounts)
|
|
|
|
|
|
|
|
Three Months
ended
March 31,
2010
|
Three Months
ended
March 31,
2009
|
|
|
|
Net sales
|
$956.6
|
$868.4
|
Operating costs and expenses:
|
|
|
Cost of product sold
|
514.8
|
489.4
|
Selling, administrative, and research expenses
|
306.5
|
277.0
|
Amortization of intangible assets
|
10.7
|
11.6
|
Restructuring expenses
|
1.5
|
0.3
|
Total operating costs and expenses
|
833.5
|
778.3
|
|
|
|
Operating earnings
|
123.1
|
90.1
|
|
|
|
Other income (expense), net
|
(18.9)
|
2.8
|
Interest income
|
2.2
|
1.3
|
Interest expense
|
(58.7)
|
(57.9)
|
|
|
|
Earnings before income taxes
|
47.7
|
36.3
|
|
|
|
Income tax provision
|
21.6
|
11.6
|
|
|
|
Net earnings
|
26.1
|
24.7
|
|
|
|
Less: Net earnings attributable to
noncontrolling interests
|
0.9
|
1.5
|
|
|
|
Net earnings attributable to
Nalco Holding Company
|
$25.2
|
$23.2
|
|
|
|
Net earnings per share
attributable to Nalco Holding Company
common shareholders:
|
|
|
Basic
|
$0.18
|
$0.17
|
Diluted
|
$0.18
|
$0.17
|
Weighted-average shares outstanding
(millions):
|
|
|
Basic
|
138.3
|
138.1
|
Diluted
|
139.2
|
138.2
|
Cash dividends declared per share
|
$0.035
|
$0.035
|
|
|
|
ATTACHMENT 2
|
|
|
|
|
|
|
|
|
Nalco Holding Company and Subsidiaries
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
(dollars in millions)
|
|
|
|
|
|
|
|
Three Months
ended
March 31,
2010
|
Three Months
ended
March 31,
2009
|
Operating activities
|
|
|
Net earnings
|
$26.1
|
$24.7
|
Adjustments to reconcile net earnings
to net cash provided by operating activities:
|
|
|
Depreciation
|
30.2
|
32.9
|
Amortization
|
10.7
|
11.6
|
Amortization of deferred financing costs
|
3.0
|
2.3
|
Other, net
|
29.3
|
14.4
|
Changes in operating assets and liabilities
|
(97.6)
|
80.8
|
Net cash provided by operating activities
|
1.7
|
166.7
|
|
|
|
Investing activities
|
|
|
Additions to property, plant, and equipment, net
|
(26.4)
|
(18.8)
|
Business purchases, net of cash acquired
|
--
|
(23.7)
|
Other, net
|
--
|
0.4
|
Net cash used for investing activities
|
(26.4)
|
(42.1)
|
|
|
|
Financing activities
|
|
|
Cash dividends
|
(9.7)
|
(4.8)
|
Changes in short-term debt, net
|
130.6
|
(22.3)
|
Proceeds from long-term debt
|
--
|
5.0
|
Other, net
|
0.6
|
(0.1)
|
Net cash provided by (used for) financing activities
|
121.5
|
(22.2)
|
Effect of exchange rate changes on cash and cash equivalents
|
(12.8)
|
(0.9)
|
Increase in cash and cash equivalents
|
84.0
|
101.5
|
Cash and cash equivalents at beginning of period
|
127.6
|
61.8
|
Cash and cash equivalents at end of period
|
$211.6
|
$163.3
|
|
|
|
ATTACHMENT 3
|
|
|
|
|
|
|
|
|
Nalco Holding Company and Subsidiaries
|
Segment Information (Unaudited)
|
(dollars in millions)
|
|
|
|
|
|
|
Net sales by reportable segment were as follows:
|
|
|
|
|
|
Three Months ended March 31, 2010
|
Three Months ended March 31, 2009
|
|
|
|
Segment net sales:
|
|
|
Water Services
|
$415.8
|
$369.2
|
Paper Services
|
178.4
|
157.7
|
Energy Services
|
362.4
|
341.5
|
Total segment net sales
|
$956.6
|
$868.4
|
|
|
|
The following table presents direct contribution by reportable
segment and reconciles the total segment direct contribution
to earnings before income taxes:
|
|
|
|
|
Three Months ended March 31, 2010
|
Three Months ended March 31, 2009
|
|
|
|
Segment direct contribution:
|
|
|
Water Services
|
$82.7
|
$56.4
|
Paper Services
|
29.7
|
19.2
|
Energy Services
|
82.3
|
74.2
|
Total segment direct contribution
|
194.7
|
149.8
|
|
|
|
Expenses not allocated to segments:
|
|
|
Administrative expenses
|
59.4
|
47.8
|
Amortization of intangible assets
|
10.7
|
11.6
|
Restructuring expenses
|
1.5
|
0.3
|
Operating earnings
|
123.1
|
90.1
|
Other income (expense), net
|
(18.9)
|
2.8
|
Interest income
|
2.2
|
1.3
|
Interest expense
|
(58.7)
|
(57.9)
|
Earnings before income taxes
|
$47.7
|
$36.3
|
|
|
|
ATTACHMENT 4
|
|
|
|
|
|
|
|
|
Nalco Holding Company and Subsidiaries
|
EBITDA (Unaudited)
|
(dollars in millions)
|
|
|
|
|
|
|
|
Three Months
ended
March 31,
2010
|
Three Months
ended
March 31,
2009
|
|
|
|
Net earnings attributable to Nalco Holding Company
|
$25.2
|
$23.2
|
Income tax provision
|
21.6
|
11.6
|
Interest expense, net of interest income
|
56.5
|
56.6
|
Depreciation
|
30.2
|
32.9
|
Amortization
|
10.7
|
11.6
|
EBITDA
|
144.2
|
135.9
|
Restructuring expenses
|
1.5
|
0.3
|
Foreign exchange loss from devaluation of
Venezuelan bolivar fuerte
|
18.4
|
--
|
Adjusted EBITDA
|
$164.1
|
$136.2
|
|
|
|
ATTACHMENT 5
|
|
|
|
|
|
|
|
|
Nalco Holding Company and Subsidiaries
|
Free Cash Flow (Unaudited)
|
(dollars in millions)
|
|
|
|
|
|
|
|
Three Months
ended
March 31,
2010
|
Three Months
ended
March 31,
2009
|
|
|
|
Net cash provided by operating activities
|
$1.7
|
$166.7
|
Net earnings attributable to noncontrolling interests
|
(0.9)
|
(1.5)
|
Additions to property, plant, and equipment, net
|
(26.4)
|
(18.8)
|
Free cash flow
|
$(25.6)
|
$146.4
|
|
|
|
ATTACHMENT 6
|
|
|
|
|
|
Nalco Holding Company and Subsidiaries
|
Earnings Per Share Data (Unaudited)
|
|
|
|
|
|
|
|
Three Months ended March 31, 2010
|
Three Months ended March 31,
2009
|
|
|
|
Adjusted earnings per share attributable to Nalco
Holding Company*
|
$0.31
|
$0.17
|
Restructuring expenses, net of tax
|
0.01
|
--
|
Foreign exchange loss from devaluation of
Venezuelan bolivar fuerte, net of tax
|
0.10
|
--
|
Deferred tax adjustment for reduced tax deductibility
of postretirement prescription drug benefits
|
0.02
|
--
|
Diluted net earnings per share attributable to
Nalco Holding Company, as reported
|
$0.18
|
$0.17
|
|
|
|
* Excludes after-tax impact of restructuring expenses,
foreign exchange loss from devaluation of Venezuelan
bolivar fuerte, and deferred tax adjustment for reduced tax
deductibility of postretirement prescription drug benefits.
|
|
|
|
ATTACHMENT 7
|
|
|
|
|
|
|
|
|
|
Nalco Holding Company and Subsidiaries
|
|
Adjusted Effective Income Tax Rate (Unaudited)
|
|
(dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended March 31, 2010
|
|
Earnings before Income Taxes
|
Income Tax Provision
|
Effective Income Tax Rate
|
|
|
|
|
As reported
|
$47.7
|
$21.6
|
45.3%
|
Less:
|
|
|
|
Restructuring expenses
|
(1.5)
|
0.1
|
|
Foreign exchange loss from devaluation
of Venezuelan bolivar fuerte
|
(18.4)
|
(4.2)
|
|
Deferred tax adjustment for reduced tax deductibility of
postretirement prescription drug benefits
|
--
|
2.6
|
|
As adjusted
|
$67.6
|
$23.1
|
34.2%
|
|
|
|
|
ATTACHMENT 8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nalco Holding Company and Subsidiaries
|
Condensed Consolidated Statements of Operations
|
2009 Results Reclassified to Conform with 2010
Presentation
|
(Unaudited)
|
(dollars in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
Three Months
|
Three Months
|
Three Months
|
Year
|
|
ended
|
ended
|
ended
|
ended
|
ended
|
|
March 31,
|
June 30,
|
September 30,
|
December 31,
|
December 31,
|
|
2009
|
2009
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
Net sales
|
$ 868.4
|
$ 913.1
|
$ 957.0
|
$ 1,008.3
|
$ 3,746.8
|
Operating costs and expenses:
|
|
|
|
|
|
Cost of product sold
|
489.4
|
502.7
|
505.4
|
543.4
|
2,040.9
|
Selling, administrative, and research expenses
|
277.0
|
304.8
|
317.4
|
307.1
|
1,206.3
|
Amortization of intangible assets
|
11.6
|
11.7
|
12.3
|
12.3
|
47.9
|
Restructuring expenses
|
0.3
|
43.9
|
2.7
|
0.9
|
47.8
|
Total operating costs and expenses
|
778.3
|
863.1
|
837.8
|
863.7
|
3,342.9
|
|
|
|
|
|
|
Operating earnings
|
90.1
|
50.0
|
119.2
|
144.6
|
403.9
|
|
|
|
|
|
|
Other income (expense), net
|
2.8
|
(14.3)
|
(0.7)
|
(5.4)
|
(17.6)
|
Interest income
|
1.3
|
0.8
|
0.8
|
1.0
|
3.9
|
Interest expense
|
(57.9)
|
(65.6)
|
(65.4)
|
(65.6)
|
(254.5)
|
|
|
|
|
|
|
Earnings (loss) before income taxes
|
36.3
|
(29.1)
|
53.9
|
74.6
|
135.7
|
|
|
|
|
|
|
Income tax provision (benefit)
|
11.6
|
(1.8)
|
24.4
|
33.6
|
67.8
|
|
|
|
|
|
|
Net earnings (loss)
|
24.7
|
(27.3)
|
29.5
|
41.0
|
67.9
|
|
|
|
|
|
|
Less: Net earnings attributable to
noncontrolling interests
|
1.5
|
1.9
|
1.5
|
2.5
|
7.4
|
|
|
|
|
|
|
Net earnings (loss) attributable to
Nalco Holding Company
|
$ 23.2
|
$ (29.2)
|
$ 28.0
|
$ 38.5
|
$ 60.5
|
|
|
|
|
|
|
Net earnings (loss) per share
attributable to Nalco Holding Company
common shareholders:
|
|
|
|
|
|
Basic
|
$ 0.17
|
$ (0.21)
|
$ 0.20
|
$ 0.28
|
$ 0.44
|
Diluted
|
$ 0.17
|
$ (0.21)
|
$ 0.20
|
$ 0.28
|
$ 0.44
|
Weighted-average shares outstanding
(millions):
|
|
|
|
|
|
Basic
|
138.1
|
138.2
|
138.2
|
138.2
|
138.2
|
Diluted
|
138.2
|
138.2
|
138.7
|
139.1
|
138.6
|
Cash dividends declared per share
|
$ 0.035
|
$ 0.035
|
$ 0.035
|
$ 0.035
|
$ 0.14
|
|
|
|
|
|
|
ATTACHMENT 9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nalco Holding Company and Subsidiaries
|
Segment Information
|
2009 Results Reclassified to Conform with 2010 Presentation
|
(Unaudited)
|
(dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months ended
March 31, 2009
|
Three Months ended
June 30, 2009
|
Three Months ended
September 30, 2009
|
Three Months ended
December 31, 2009
|
Year ended
December 31, 2009
|
|
|
|
|
|
|
Segment net sales:
|
|
|
|
|
|
Water Services
|
$ 369.2
|
$ 397.0
|
$ 425.6
|
$ 444.5
|
$ 1,636.3
|
Paper Services
|
157.7
|
164.6
|
175.7
|
185.5
|
683.5
|
Energy Services
|
341.5
|
351.5
|
355.7
|
378.3
|
1,427.0
|
Total segment net sales
|
$ 868.4
|
$ 913.1
|
$ 957.0
|
$ 1,008.3
|
$ 3,746.8
|
|
|
|
|
|
|
Segment direct contribution:
|
|
|
|
|
|
Water Services
|
$ 56.4
|
$ 68.6
|
$ 96.6
|
$ 93.7
|
$ 315.3
|
Paper Services
|
19.2
|
26.2
|
34.5
|
39.5
|
119.4
|
Energy Services
|
74.2
|
78.2
|
82.2
|
86.7
|
321.3
|
Total segment direct contribution
|
149.8
|
173.0
|
213.3
|
219.9
|
756.0
|
|
|
|
|
|
|
Expenses not allocated to segments:
|
|
|
|
|
|
Administrative expenses
|
47.8
|
67.4
|
79.1
|
62.1
|
256.4
|
Amortization of intangible assets
|
11.6
|
11.7
|
12.3
|
12.3
|
47.9
|
Restructuring expenses
|
0.3
|
43.9
|
2.7
|
0.9
|
47.8
|
Operating earnings
|
90.1
|
50.0
|
119.2
|
144.6
|
403.9
|
Other income (expense), net
|
2.8
|
(14.3)
|
(0.7)
|
(5.4)
|
(17.6)
|
Interest income
|
1.3
|
0.8
|
0.8
|
1.0
|
3.9
|
Interest expense
|
(57.9)
|
(65.6)
|
(65.4)
|
(65.6)
|
(254.5)
|
|
|
|
|
|
|
Earnings (loss) before income taxes
|
$ 36.3
|
$ (29.1)
|
$ 53.9
|
$ 74.6
|
$ 135.7
|
|
|
|
|
|
|
ATTACHMENT 10
|
|
|
|
|
|
|
|
|
|
|
|
CONTACT: Nalco Company
Media Contact:
Charlie Pajor
630 305 1556
cpajor@nalco.com
Investor Contact:
Mike Bushman
630 305 1025
mbushman@nalco.com
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