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Mettler-Toledo International Inc. Reports Third Quarter 2009 Results
Date:10/29/2009

prior-year amount of $76.5 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 $79.6 million, compared with $76.6 million in 2008.

Nine-Month Results

EPS was $3.02, compared with the prior-year amount of $3.96. Adjusted EPS was $3.48, compared with the prior-year amount of $3.85.

Sales were $1.217 billion, compared with $1.464 billion in 2008, reflecting a 12% decline in local currency sales. Reported sales declined by 17% due to a negative 5% currency impact. By region, local currency sales decreased 15% in Europe, 13% in the Americas and 4% in Asia / Rest of World. Adjusted operating income amounted to $187.2 million, an 11% decrease from the prior-year amount of $210.0 million.

Cash flow from operations was $188.5 million, compared with $160.6 million in 2008.

Cost Reduction Program

Earlier in the year, the Company announced a Cost Reduction Program aimed at reducing costs by approximately $100 million annually. The Program, which is substantially completed, consisted primarily of work force reductions and other cost efficiency measures. The Company reported that the Program will meet its target. Total restructuring charges associated with the Program are expected to be $40 million, of which $34.8 million has been incurred to date.

Fourth Quarter Outlook

The Company stated that forecasting continues to be difficult given the ongoing uncertainty in the global economy. For the fourth quarter 2009, management expects a local currency sales decline in the range of -6% to -7% and Adjusted EPS in the range of $1.90 to $2.00. For the full-year 2009, this results in a local currency sales decline of approximately -10% and Adjusted EPS in the range of $5.39 to $5.50. This compares with previous full-year Adjusted
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SOURCE Mettler-Toledo International Inc.
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