Ecolab beats third-quarter profit estimates on higher prices

Oct 31 (Reuters) - EcoLab beat estimates for third-quarter profit on Tuesday, buoyed by higher prices and new business wins for its water, hygiene and infection prevention solutions.

Its global institutional & specialty segment, which provides specialized cleaning and sanitizing products to a diverse set of industries, reported a 28% year-on-year rise in quarterly operating income to $249.9 million.

The segment's operating income margin widened to 19.1% from 16.7% last year.

Price increases helped the company offset most of the cost inflation it experienced as clients spent more to boost their operational efficiencies.

St. Paul, Minnesota-based Ecolab reported an adjusted profit of $1.54 per share for the quarter ended Sept. 30, compared with analysts' average estimate of $1.52 per share, according to LSEG data.

"We remain focused on driving new business wins and further pricing improvements," said Chief Executive Officer Christophe Beck.

For the current quarter, EcoLab expects its adjusted profit between $1.48 per share and $1.58 per share, supported by continued growth likely in volume and price hikes.

Analysts were expecting an adjusted profit of $1.49 for the fourth quarter.

(Reporting by Tanay Dhumal in Bengaluru; Editing by Shweta Agarwal)