Navigation Links
Mettler-Toledo International Inc. Reports Second Quarter 2014 Results
Date:7/24/2014

COLUMBUS, Ohio, July 24, 2014 /PRNewswire/ -- Mettler-Toledo International Inc. (NYSE: MTD) today announced second quarter results for 2014.  Provided below are the highlights:

  • Sales in local currency increased by 4% in the quarter compared with the prior year. Reported sales increased 5% which included a 1% benefit from currency.
  • Net earnings per diluted share as reported (EPS) were $2.49, compared with $2.24 in the second quarter of 2013. Adjusted EPS was $2.57, an increase of 9% over the prior-year amount of $2.35. Adjusted EPS is a non-GAAP measure and excludes purchased intangible amortization, discrete tax items, restructuring charges and other one-time items. A reconciliation to EPS is provided on the last page of the attached schedules.
  • Second Quarter ResultsOlivier Filliol, President and Chief Executive Officer, stated, "Market conditions were good in the Americas and solid in Europe, and we are benefitting from our growth strategies.  China's market conditions continued to stabilize, which contributed to improved growth in Asia / Rest of the World in the quarter.  Despite currency headwinds, we generated solid EPS growth as we continue to benefit from our various margin and cost control initiatives."  

    EPS in the quarter was $2.49, compared with the prior-year amount of $2.24.  Adjusted EPS was $2.57, an increase of 9% over the prior-year amount of $2.35.Sales were $608.8 million, a 4% increase in local currency sales, compared with $578.7 million in the prior-year quarter.  Reported sales increased 5%, and included a 1% benefit from currency in the quarter.  By region, local currency sales increased 3% in Europe, 5% in the Americas and 3% in Asia / Rest of World as compared to the prior year.  Adjusted operating income amounted to $112.9 million, a 6% increase from the prior-year amount of $106.4 million.  Adjusted operating income is a non-GAAP measure, and a reconciliation to earnings before taxes is provided in the attached schedules.

    Cash flow from operations was $108.1 million, compared with $91.0 million in the prior-year quarter.

    Six Month ResultsEPS for the six months was $4.41, compared with the prior-year amount of $3.93.  Adjusted EPS was $4.56, an increase of 9% over the prior-year amount of $4.19.Sales for the first six months were $1.159 billion, a 4% increase in local currency sales, compared with $1.103 billion in the prior-year period.  Reported sales increased 5%, and included a 1% benefit from currency.  By region, local currency sales increased 6% in Europe, 4% in the Americas and 2% in Asia / Rest of World as compared to the prior year.  Adjusted operating income amounted to $203.9 million, a 6% increase from the prior-year amount of $191.8 million.  Adjusted operating income is a non-GAAP measure, and a reconciliation to earnings before taxes is provided in the attached schedules.

    Cash flow from operations was $151.0 million, compared with $114.6 million in the prior-year period.

    Outlook  The Company updated its outlook for 2014 and noted that uncertainty in demand in some markets makes forecasting challenging.  Based on today's assessment, management anticipates that local currency sales growth in 2014 will be approximately 4% and Adjusted EPS will be in the range of $11.45 to $11.60, an increase of 8% to 10%.  This guidance remains the same as the Company's previously provided guidance. 

    The Company stated that based on its assessment of market conditions today, management anticipates local currency sales growth in the third quarter of 2014 will be approximately 4%.  This sales growth will result in Adjusted EPS in the range of $2.82 to $2.87, an increase of 8% to 10%. 

    Adjusted EPS excludes purchased intangible amortization, discrete tax items, restructuring charges and other one-time items.  While the Company has provided an outlook for Adjusted EPS, it has not provided an outlook for EPS as it would require an estimate of non-recurring items, which are not yet known.Conclusion Filliol concluded, "We remain cautiously optimistic that market conditions will remain favorable.  We expect to benefit from relatively easier comparisons in China in the second half of the year, but will face more difficult comparisons in Europe.  Globally, we are seeking growth opportunities by leveraging existing field resources and making selected additions to capitalize on penetration opportunities.  We will also continue to benefit from our strong sales and marketing programs and excellent pipeline of new products.  As always, we remain focused on execution and are convinced we can continue to gain market share."Other MattersThe Company will host a conference call to discuss its quarterly results today (Thursday July 24) at 5:00 p.m. Eastern Time.  To hear a live webcast or replay of the call, visit the investor relations page on the Company's website at www.mt.com/investors.  The presentation referenced in the conference call will be located on the website prior to the call.

    METTLER TOLEDO is a leading global supplier of precision instruments and services. The Company has strong leadership positions in all businesses and believes it holds global number-one market positions in a majority of them. Specifically, METTLER TOLEDO is the largest provider of weighing instruments for use in laboratory, industrial and food retailing applications. The Company is also a leading provider in analytical instruments for use in life science, reaction engineering and real-time analytic systems used in drug and chemical compound development and process analytics instruments used for in-line measurement in production processes. In addition, METTLER TOLEDO is the largest supplier of end-of-line inspection systems used in production and packaging for food, pharmaceutical and other industries. Additional information about METTLER TOLEDO can be found at www.mt.com/investors.

    Statements in this press release which are not historical facts constitute "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934.  These statements involve known and unknown risks, uncertainties and other factors that may cause our or our businesses' actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements.  In some cases, you can identify forward-looking statements by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or "continue" or the negative of those terms or other comparable terminology.  For a discussion of these risks and uncertainties, please see the discussion on forward-looking statements in our current report on Form 8-K to which this release has been furnished as an exhibit.  All of the forward-looking statements are qualified in their entirety by reference to the factors discussed under the captions "Factors affecting our future operating results" and in the "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our annual report on Form 10-K for the most recently completed fiscal year, which describe risks and factors that could cause results to differ materially from those projected in those forward-looking statements. METTLER-TOLEDO INTERNATIONAL INC.CONSOLIDATED STATEMENTS OF OPERATIONS(amounts in thousands except share data)(unaudited)Three months endedThree months endedJune 30, 2014% of salesJune 30, 2013% of salesNet sales$608,834

    (a)100.0$578,680100.0Cost of sales280,65846.1269,83746.6Gross profit328,17653.9308,84353.4Research and development32,1255.329,0035.0Selling, general and administrative 183,10330.1173,43430.0Amortization7,2831.25,8071.0Interest expense5,9561.05,5431.0Restructuring charges1,9050.33,1960.6Other charges (income), net4060.09870.1Earnings before taxes97,39816.090,87315.7Provision for taxes23,3763.821,8113.8Net earnings$74,02212.2$69,06211.9Basic earnings per common share:Net earnings $2.55$2.29Weighted average number of common shares29,074,69530,119,889Diluted earnings per common share:Net earnings $2.49$2.24Weighted average number of common 29,750,81530,849,934  and common equivalent sharesNote:(a) Local currency sales increased 4% as compared to the same period in 2013.RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING INCOMEThree months endedThree months endedJune 30, 2014% of salesJune 30, 2013% of salesEarnings before taxes$97,398$90,873Amortization7,2835,807Interest expense5,9565,543Restructuring charges1,9053,196Other charges (income), net406987Adjusted operating income $112,948

    (b)18.6$106,40618.4Note:(b) Adjusted operating income increased 6% as compared to the same period in 2013. 

     METTLER-TOLEDO INTERNATIONAL INC.CONSOLIDATED STATEMENTS OF OPERATIONS(amounts in thousands except share data)(unaudited)Six months endedSix months endedJune 30, 2014% of salesJune 30, 2013% of salesNet sales$1,159,455

    (a)100.0$1,103,033100.0Cost of sales538,63846.5515,03246.7Gross profit620,81753.5588,00153.3Research and development61,6225.356,7035.1Selling, general and administrative 355,29430.6339,45930.8Amortization14,3771.210,9291.0Interest expense11,6221.010,9431.0Restructuring charges3,3970.38,1980.7Other charges (income), net7230.11,7600.2Earnings before taxes173,78215.0160,00914.5Provision for taxes41,7093.638,4033.5Net earnings$132,07311.4$121,60611.0Basic earnings per common share:Net earnings $4.52$4.03Weighted average number of common shares29,221,64730,209,729Diluted earnings per common share:Net earnings $4.41$3.93Weighted average number of common 29,918,45630,975,957  and common equivalent sharesNote:(a)  Local currency sales increased 4% as compared to the same period in 2013.RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING INCOMESix months endedSix months endedJune 30, 2014% of salesJune 30, 2013% of salesEarnings before taxes$173,782$160,009Amortization14,37710,929Interest expense11,62210,943Restructuring charges3,3978,198Other charges (income), net7231,760Adjusted operating income $203,901

    (b)17.6$191,83917.4Note:(b)  Adjusted operating income increased 6% as compared to the same period in 2013. 

     METTLER-TOLEDO INTERNATIONAL INC.CONDENSED CONSOLIDATED BALANCE SHEETS(amounts in thousands)(unaudited)June 30, 2014December 31, 2013Cash and cash equivalents$111,012$111,874Accounts receivable, net427,495466,703Inventories224,448210,414Other current assets and prepaid expenses123,433124,996Total current assets886,388913,987Property, plant and equipment, net521,884514,438Goodwill and other intangible assets, net572,016570,260Other non-current assets163,132154,134Total assets$2,143,420$2,152,819Short-term borrowings and maturities of long-term debt$121,306$17,067Trade accounts payable140,105145,993Accrued and other current liabilities378,970401,128Total current liabilities640,381564,188Long-term debt345,364395,960Other non-current liabilities249,961257,619Total liabilities1,235,7061,217,767Shareholders' equity907,714935,052Total liabilities and shareholders' equity$2,143,420$2,152,819 METTLER-TOLEDO INTERNATIONAL INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands) (unaudited)Three months endedSix months endedJune 30,June 30,2014201320142013Cash flow from operating activities:Net earnings

    $
    74,022
    $
    9,062
    $
    32,073
    $
    21,606
    Adjustments to reconcile net earnings to net cash provided by operating activities:Depreciation

    8,4548,56616,87417,447Amortization

    7,2835,80714,37710,929Deferred tax benefit

    (2,747)(2,333)(3,442)(5,687)Excess tax benefits from share-based payment arrangements

    (5,074)(263)(9,569)(519)Other

    3,3393,4296,5776,260Increase (decrease) in cash resulting from changes in operating assets and liabilities22,8556,692(5,913)(35,404)Net cash provided by operating activities

    108,13290,960150,977114,632Cash flows from investing activities:Proceeds from sale of property, plant and equipment

    10779296115Purchase of property, plant and equipment

    (20,404)(17,763)(37,120)(36,781)Acquisitions

    (2,864)(213)(3,255)(213)Net cash used in investing activities

    (23,161)(17,897)(40,079)(36,879)Cash flows from financing activities:Proceeds from borrowings

    164,13969,153310,018211,112Repayments of borrowings

    (163,382)(46,996)(256,611)(136,330)Proceeds from exercise of stock options

    5,5825,4809,03212,549Excess tax benefits from share-based payment arrangements

    5,0742639,569519Repurchases of common stock 

    (101,480)(72,544)(183,978)(144,844)Other financing activities

    154(687)(81)(1,170)Net cash used in financing activities

    (89,913)(45,331)(112,051)(58,164)Effect of exchange rate changes on cash and cash equivalents

    150(724)291(1,074)Net increase (decrease) in cash and cash equivalents

    (4,792)27,008(862)18,515Cash and cash equivalents:Beginning of period

    115,80493,209111,874101,702End of period

    $
    ,012
    $
    20,217
    $
    ,012
    $
    20,217
    RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOWNet cash provided by operating activities

    $
    8,132
    $
    90,960
    $
    50,977
    $
    4,632
    Excess tax benefits from share-based payment arrangements

    5,0742639,569519Payments in respect of restructuring activities

    2,8174,6615,9589,307Proceeds from sale of property, plant and equipment

    10779296115Purchase of property, plant and equipment

    (20,404)(17,763)(37,120)(36,781)Free cash flow

    $
    95,726
    $
    78,200
    $
    29,680
    $
    87,792
     

     METTLER-TOLEDO INTERNATIONAL INC.OTHER OPERATING STATISTICSSALES GROWTH BY DESTINATION(unaudited)EuropeAmericasAsia/RoW

    TotalU.S. Dollar Sales GrowthThree Months Ended June 30, 2014

    8%5%2%5%Six Months Ended June 30, 2014

    10%4%1%5%Local Currency Sales GrowthThree Months Ended June 30, 2014

    3%5%3%4%Six Months Ended June 30, 2014

    6%4%2%4%RECONCILIATION OF DILUTED EPS AS REPORTED TO ADJUSTED DILUTED EPS (unaudited)Three months ended Six months endedJune 30,June 30,20142013% Growth20142013% GrowthEPS as reported, diluted

    $2.49$2.2411%$4.41$3.9312%Restructuring charges, net of tax

    0.05

    (a)

    0.08

    (a)0.09

    (a)

    0.20

    (a)Purchased intangible amortization, net of tax

    0.03

    (b)

    0.03

    (b)0.06

    (b)

    0.06

    (b)Adjusted EPS, diluted

    $2.57$2.359%$4.56$4.199%Notes:(a)

    Represents the EPS impact of restructuring charges of $1.9 million ($1.4 million after tax) and $3.2 million ($2.4 million after tax) for the three months ended June 30, 2014 and 2013, respectively and $3.4 million ($2.6 million after tax) and $8.2 million ($6.2 million after tax) for the six months ended June 30, 2014 and 2013, respectively, which primarily include employee related costs.(b)

    Represents the EPS impact of purchased intangibles amortization, net of tax, of $1.0 million and $0.9 million for the three months ended June 30, 2014 and 2013, respectively and $1.9 million and $1.8 million for the six months ended June 30, 2014 and 2013, respectively.
    '/>"/>

    SOURCE Mettler-Toledo International Inc.
    Copyright©2014 PR Newswire.
    All rights reserved


    Related medicine technology :

    1. Mettler-Toledo International Inc. Reports Second Quarter 2013 Results
    2. EHE International Certifies Dignity Health Medical Group Nevada, LLC as Its Newest Partner
    3. HeartWare International Announces Preliminary Fourth Quarter 2013 Revenues
    4. 2013 Report on the International Nephrology and Urology Devices Market - Industry Analysis, Size, Share, Trends and Forecast to 2018
    5. 2013 Report on the International Medical Robotic Systems Market - Industry Analysis, Size, Share, Growth, Trends and Forecast to 2018
    6. QardioArm - A Smarter Read on Blood Pressure Available at 2014 International CES
    7. Data Sciences International acquires Buxco Research Company to expand preclinical research solutions offering
    8. SRI International Establishes Metabolite Standards Synthesis Center for National Heart, Lung and Blood Institute
    9. Chindex International, Inc. to Present at 32nd Annual J.P. Morgan Healthcare Conference
    10. NW Bios International Phase III GBM Brain Trial Is Subject Of BBC TV Report In The UK
    11. Nutrastar International Inc. Announces That Acclaimed Value Investor, Accretive Capital Partners, Significantly Increased Its Ownership of the Company through Private Transactions
    Post Your Comments:
    *Name:
    *Comment:
    *Email:
    (Date:5/24/2016)... 24, 2016 ARANZ Medical  Ltd ... healthcare sector, has been named the Coretex Hi-Tech Emerging Company ... Dr Bruce Davey , CEO of ARANZ ...  It,s really good to be recognised for the work we ... are used in 35 countries around the world from Sub-Saharan ...
    (Date:5/24/2016)... 24, 2016 Celsion Corporation (NASDAQ: ... today provided an update on its ongoing OVATION ... combining GEN-1, the Company,s DNA-based immunotherapy, with the ... patients with advanced ovarian cancer who will undergo ... is an IL-12 DNA plasmid vector formulated as ...
    (Date:5/24/2016)... KONG , May 24, 2016 ... , the world , s first ... AV fistula intervention   OrbusNeich, a global ... has expanded its portfolio to include products to treat ... are the company,s first entry devices for lower limb ...
    Breaking Medicine Technology:
    (Date:5/28/2016)... ... May 28, 2016 , ... SuperCloset is proud to officially launch our ... to day issues, struggles and obstacles veterans’ need to overcome in order to face ... active or retired military veteran(s) with a donated SuperCloset product based on the needs ...
    (Date:5/28/2016)... ... ... After a year and a half of planning the Multiple Pathways of Recovery Conference ... of Recovery Conference was held May 2 -4, 2016 at the Mystic Marriott Hotel ... to explore the many pathways individuals use to get into and sustain their recovery. ...
    (Date:5/27/2016)... ... ... Southland Log Homes , designer and manufacturer of America’s Favorite Log ... be found on its website at SouthlandLogHomes.com. , The designs of the wood ... craftsmanship of timber post and beam construction. The result is a barn that ...
    (Date:5/27/2016)... ... May 27, 2016 , ... An influential resource amongst nurses and ... to shed lights on the variety of topics detailing why we appreciate nurses in ... why this career has gone from being in a major recession to one of ...
    (Date:5/27/2016)... New York, NY (PRWEB) , ... May 27, ... ... caregivers to casual readers, this installment is bolstered by inspiring human-interest stories, courtesy ... trends and tech within the industry, from leading advocates, associations and industry leaders ...
    Breaking Medicine News(10 mins):