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NALCO REPORTS HIGHER SECOND QUARTER SALES/EARNINGS

 NALCO REPORTS HIGHER SECOND QUARTER SALES/EARNINGS
 NAPERVILLE, Ill., July 27 /PRNewswire/ -- Nalco Chemical Company


(NYSE: NLC) today reported that second quarter earnings from continuing operations increased 10 percent from a year ago on a sales improvement of 7 percent.
 Earnings from continuing operations for the second quarter were $36.4 million, or 45 cents a share on a fully diluted basis, up 10 percent over restated earnings of $33.1 million or 42 cents per share a year ago. Net earnings for the second quarter were also $36.4 million, or 45 cents a share fully diluted, 6 percent higher than the $34.3 million or 43 cents a share reported last year. Earnings from continuing operations for the first six months were $69.4 million, or 86 cents a share on a fully diluted basis, up 8 percent over the $64.4 million of a year ago.
 Sales from continuing operations for the quarter were up 7 percent to $340.3 million over restated sales of $318.1 million from a year ago. Sales for the first six months increased 14 percent to $666.8 million, up from restated sales of $585.8 million last year. The year-to-date sales increase would have been 7 percent excluding sales of five former affiliated companies which were acquired late in the first quarter last year.
 Domestically, the process chemicals division turned in a strong sales performance led by double-digit increases from absorbent chemicals and the pulp and paper chemicals group. Sales by the water and waste treatment division continued an upward trend including near double-digit increases by the WATERGYR and UNISOLVR Groups. Petroleum chemicals division sales declined slightly due to operating conditions in that industry. However, the additives group recorded another solid performance with a strong double-digit sales increase.
 Sales by international operations continued stronger with Italy and Brazil leading the way with double-digit sales increases. Overall, Nalco Chemical's subsidiary companies in the Pacific Rim turned in a double-digit sales gain, while its European and Latin American subsidiaries recorded more modest sales improvements.
 Commenting on operations, W. H. Clark, chairman and chief executive officer, said, "We are encouraged by these results considering the pace of the slowly reviving U.S. and worldwide economies. The continued improvement of our performance during these difficult times is the result of a lot of hard work and dedication on the part of all our employees worldwide. While we are optimistic that conditions will improve in the industries we serve, there are still many factors that could impede the recovery.
 "Our technology is the best in the industry, and we are proceeding with many new initiatives to develop the treatment programs and equipment required by our customers to help them operate more efficiently. Our organization remains lean and strong and we continue to control costs. We are on track and remain enthusiastic about our future and ability to meet the challenges and opportunities ahead."
 NALCO CHEMICAL COMPANY
 Summaries of Consolidated Earnings
 (In thousands except per share figures)
 Periods ended Three Months Six Months
 June 30 1992 1991 1992 1991
 Net sales $340,341 $318,109 $666,756 $585,819
 Operating costs and
 expenses:
 CPS 151,068 144,830 297,825 265,590
 GS & A 123,607 114,677 242,389 215,054
 Total 274,675 259,507 540,214 480,644
 Operating earnings 65,666 58,602 126,542 105,175
 Other income (expense):
 Interest income 4,013 3,218 8,671 7,699
 Interest expense (10,419) ( 6,581) (20,765) (10,240)
 Earnings before taxes 59,260 55,239 114,448 102,634
 Income taxes 23,450 22,200 45,180 41,210
 Earnings from
 consolidated opers. 35,810 33,039 69,268 61,424
 Equity in earnings -
 affiliated companies 577 62 162 2,942
 Earnings from continuing
 operations 36,387 33,101 69,430 64,366
 Discontinued operations,
 net of taxes -- 1,199 -- 1,354
 Net earnings $ 36,387 $ 34,300 $ 69,430 $ 65,720
 Per common share
 earnings - primary:
 Continuing operations $.48 $.44 $.91 $.85
 Discontinued operations -- .01 -- .01
 Net earnings $.48 $.45 $.91 $.86
 Per common share
 earnings - fully diluted:
 Continuing operations $.45 $.42 $.86 $.81
 Discontinued operations -- .01 -- .01
 Net earnings $.45 $.43 $.86 $.82
 Cash dividends $.21 $.21 $.42 $.41
 Average primary shares
 outstanding 70,986 70,325 70,991 70,237
 Average fully diluted
 shares outstanding 79,267 78,618 79,254 78,531
 -0- 7/27/92
 /CONTACT: Andrew A. Rauwerda, 708-305-1275, or Charles Goding, 708-305-1276, both of Nalco Chemical/
 (NLC) CO: Nalco Chemical Company ST: Illinois IN: CHM SU: ERN


GK -- NY082 -- 3571 07/27/92 13:48 EDT
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Date:Jul 27, 1992
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