Ecolab, Inc.

**Strong Q3 Performance**: Ecolab reported a 19% growth in adjusted earnings, supported by a 4% increase in organic sales and 2% volume growth, indicating strong execution, customer loyalty, and effective pricing strategies in a challenging market environment. This volume growth is a notable improvement over the 1% in the previous quarter.

**Margin Expansion and Guidance**: The company achieved a 220 basis point increase in gross margin, reaching 43.5%, and NOI margin expanded by 260 basis points to 17.9%. Ecolab upgraded its full-year earnings guidance, anticipating a 50 basis point improvement over previous targets, showcasing strong operational performance amidst inflationary pressures.

**Robust Growth Engines**: Ecolab sees significant potential in growth areas like clean tech, high tech, and biotech, particularly in institutional and specialty markets, which grew 7% and 8%, respectively. The strong innovation pipeline, with nearly $1.5 billion earmarked for 2024, is expected to drive future growth.