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Mettler-Toledo International Inc. Reports Third Quarter 2011 Results
Date:11/3/2011

COLUMBUS, Ohio, Nov. 3, 2011 /PRNewswire/ -- Mettler-Toledo International Inc. (NYSE: MTD) today announced third quarter results for 2011.  Provided below are the highlights:

  • Sales in local currency increased by 15% in the quarter compared with the prior year.  Reported sales increased 23%, which includes an 8% benefit from currency.

  • Net earnings per diluted share as reported (EPS) were $2.09, compared with $1.82 in the third quarter of 2010.  Adjusted EPS was $2.01, an 18% increase over the prior-year amount of $1.71.  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.  

  • Third Quarter ResultsOlivier Filliol, President and Chief Executive Officer, stated, "Business demand was strong and broad-based in the quarter, with most product lines and geographies achieving excellent sales growth.   Despite tough currency headwinds on earnings, we had very good growth in operating profit and EPS."

    EPS was $2.09, compared with the prior-year amount of $1.82.  Adjusted EPS was $2.01, an increase of 18% over the prior-year amount of $1.71.  

    Sales were $601.1 million, a 15% increase in local currency sales, compared with $490.2 million in the prior year.  Reported sales growth was 23%, which included an 8% benefit from currency.  By region, local currency sales increased 16% in Europe, 10% in the Americas and 21% in Asia / Rest of World.  Adjusted operating income amounted to $98.5 million, a 15% increase from the prior-year amount of $85.8 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 $84.1 million, compared with $86.0 million in the prior year.

    Nine Month Results EPS was $5.31, compared with the prior-year amount of $4.41.  Adjusted EPS was $5.35, an increase of 22% over the prior-year amount of $4.39.  

    Sales were $1.661 billion, a 14% increase in local currency sales, compared with $1.375 billion in the prior year.  Reported sales growth was 21%, which included a 7% benefit from currency.  By region, local currency sales increased 14% in Europe, 10% in the Americas and 21% in Asia / Rest of World.  Adjusted operating income amounted to $266.8 million, an 18% increase from the prior-year amount of $226.1 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 $177.7 million, compared with $205.3 million in the prior year.

    Outlook  Based on today's assessment, management anticipates that local currency sales growth in the fourth quarter will be in the range of 4% to 6% and Adjusted EPS in the range of $2.75 to $2.80, an increase of 7% to 9%.  The Company stated that Adjusted EPS guidance for the fourth quarter (and full year 2011) is negatively impacted due to unfavorable currency rates, principally due to the strengthening of the Swiss franc versus the euro.  

    For the full year 2011, local currency sales growth is expected to be in the range of 11% to 12% and Adjusted EPS in the range of $8.09 to $8.14, an increase of 17%.  This compares with previous guidance of Adjusted EPS in the range of $7.95 to $8.05.  

    The Company stated that based on its assessment of market conditions today, management anticipates local currency sales growth in 2012 will be in the range of 4% to 7% while Adjusted EPS will be in the range of $9.00 to $9.30.  Using the midpoint of the 2011 Adjusted EPS range, this reflects an increase of 11% to 15%.  

    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 are very pleased with our competitive position and the strong momentum in our business.  We expect to continue to strengthen our leadership positions and grow faster than the underlying markets.  However, we recognize we are not immune to economic weakness and remain alert to signs of market weakness.  Based on market conditions today, we are assuming that economic growth will continue but at a slower rate than 2011.  Most importantly, we remain confident in the strength of the franchise, the execution of our strategies and our ability to compete effectively in our markets."  

    Other MattersThe Company will host a conference call to discuss its quarterly results today (Thursday, November 3) 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 endedSeptember 30, 2011% of salesSeptember 30, 2010% of salesNet sales

    $601,114

    (a)

    100.0 $490,213100.0 Cost of sales

    286,69747.7 234,15847.8 Gross profit

    314,41752.3 256,05552.2 Research and development

    30,0685.0 24,9925.1 Selling, general and administrative

    185,83230.9 145,30329.6 Amortization

    4,7950.8 3,6670.7 Interest expense

    5,8931.0 4,7921.0 Restructuring charges

    3620.0 5660.1 Other charges (income), net

    4090.1 (127)0.0 Earnings before taxes

    87,05814.5 76,86215.7 Provision for taxes

    18,8623.1 14,7813.0 Net earnings

    $68,19611.4 $62,08112.7 Basic earnings per common share:Net earnings

    $2.15$1.87Weighted average number of common shares

    31,760,27033,171,017Diluted earnings per common share:Net earnings

    $2.09$1.82Weighted average number of common  and common equivalent shares

    32,664,48234,027,191Note:(a)  Local currency sales increased 15% as compared to the same period in 2010.RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING INCOMEThree months endedThree months endedSeptember 30, 2011% of salesSeptember 30, 2010% of salesEarnings before taxes

    $87,058$76,862Amortization

    4,7953,667Interest expense

    5,8934,792Restructuring charges

    362566Other charges (income), net

    409(127)Adjusted operating income

    $98,517

    (b)

    16.4$85,76017.5Note:(b)  Adjusted operating income increased 15% as compared to the same period in 2010.METTLER-TOLEDO INTERNATIONAL INC.CONSOLIDATED STATEMENTS OF OPERATIONS(amounts in thousands except share data)(unaudited)Nine months endedNine months endedSeptember 30, 2011% of salesSeptember 30, 2010% of salesNet sales

    $1,660,968

    (a)

    100.0$1,375,413100.0Cost of sales

    788,85347.5654,80747.6Gross profit

    872,11552.5720,60652.4Research and development

    86,0245.270,5625.1Selling, general and administrative

    519,26431.3423,91930.8Amortization

    12,7420.810,6130.8Interest expense

    17,2961.014,7571.1Restructuring charges

    2,8310.22,4760.2Other charges (income), net

    2,2850.18570.0Earnings before taxes

    231,67313.9197,42214.4Provision for taxes

    56,4623.446,1263.4Net earnings

    $175,21110.5$151,29611.0Basic earnings per common share:Net earnings

    $5.47$4.52Weighted average number of common shares

    32,016,23833,488,099Diluted earnings per common share:Net earnings

    $5.31$4.41Weighted average number of common  and common equivalent shares

    32,990,00034,318,582Note:(a)  Local currency sales increased 14% compared to the same period in 2010.RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING INCOMENine months endedNine months endedSeptember 30, 2011% of salesSeptember 30, 2010% of salesEarnings before taxes

    $231,673 $197,422 Amortization

    12,742 10,613 Interest expense

    17,296 14,757 Restructuring charges

    2,831 2,476 Other charges (income), net

    2,285 857 Adjusted operating income

    $266,827

    (b)

    16.1 $226,125 16.4 Note:(b)  Adjusted operating income increased 18% compared to the same period in 2010.METTLER-TOLEDO INTERNATIONAL INC.CONDENSED CONSOLIDATED BALANCE SHEETS(amounts in thousands)(unaudited)September 30, 2011December 31, 2010Cash and cash equivalents

    $262,473$447,577Accounts receivable, net

    398,402368,936Inventories

    265,351217,104Other current assets and prepaid expenses

    126,920111,278Total current assets

    1,053,1461,144,895Property, plant and equipment, net

    408,156364,472Goodwill and other intangibles assets, net

    576,065539,071Other non-current assets

    258,070234,625Total assets

    $2,295,437$2,283,063Short-term borrowings and maturities of long-term debt

    $31,143$10,902Trade accounts payable

    167,919138,105Accrued and other current liabilities

    418,221393,179Total current liabilities

    617,283542,186Long-term debt

    550,554670,301Other non-current liabilities

    308,191298,992Total liabilities

    1,476,0281,511,479Shareholders' equity

    819,409771,584Total liabilities and shareholders' equity

    $2,295,437$2,283,063METTLER-TOLEDO INTERNATIONAL INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands) (unaudited)Three months endedNine months endedSeptember 30,September 30,2011201020112010Cash flow from operating activities:Net earnings

    $  68,196$  62,081$175,211$151,296Adjustments to reconcile net earnings tonet cash provided by operating activities:Depreciation

    8,5167,79623,37022,261Amortization

    4,7953,66712,74210,613Deferred tax provision

    (1,695)(2,858)(9,753)(7,392)Excess tax benefits from share-based payment arrangements

    (1,328)(692)(6,259)(3,410)Other

    3,0543,0598,2619,197Increase (decrease) in cash resulting from changes in  operating assets and liabilities

    2,57312,959(25,908)22,705Net cash provided by operating activities

    84,11186,012177,664205,270Cash flows from investing activities:Proceeds from sale of property, plant and equipment

    100552,402157Purchase of property, plant and equipment

    (23,989)(18,761)(64,506)(38,564)Acquisitions

    (19,199)-(34,662)(12,557)Other investing activities

    (21)-(903)-Net cash used in investing activities

    (43,109)(18,706)(97,669)(50,964)Cash flows from financing activities:Proceeds from borrowings

    19,55041,55465,99393,697Repayments of borrowings

    (66,526)(5,057)(170,726)(52,115)Proceeds from exercise of stock options

    4,6062,86011,18912,244Excess tax benefits from share-based payment arrangements

    1,3286926,2593,410Repurchases of common stock

    (57,000)(76,000)(171,179)(148,794)Acquisition contingent consideration paid

    (7,750)-(7,750)-Other financing activities

    (178)(3,403)(111)(6,941)Net cash used in financing activities

    (105,970)(39,354)(266,325)(98,499)Effect of exchange rate changes on cash and cash equivalents

    (1,322)3,3411,2262,046Net (decrease) increase in cash and cash equivalents

    (66,290)31,293(185,104)57,853Cash and cash equivalents:Beginning of period

    328,763111,591447,57785,031End of period

    $262,473$142,884$262,473$142,884RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOWNet cash provided by operating activities

    $  84,111$  86,012$177,664$205,270Excess tax benefits from share-based payment arrangements

    1,3286926,2593,410Payments in respect of restructuring activities

    1,2652,2574,1038,883Proceeds from sale of property, plant and equipment

    100552,402157Purchase of property, plant and equipment

    (23,989)(18,761)(64,506)(38,564)Free cash flow

    $  62,815$  70,255$125,922$179,156METTLER-TOLEDO INTERNATIONAL INC.OTHER OPERATING STATISTICSSALES GROWTH BY DESTINATION(unaudited)EuropeAmericasAsia/RoWTotalU.S. Dollar Sales GrowthThree Months Ended September 30, 201128%11%30%23%Nine Months Ended September 30, 201124%11%29%21%Local Currency Sales GrowthThree Months Ended September 30, 201116%10%21%15%Nine Months Ended September 30, 201114%10%21%14%RECONCILIATION OF DILUTED EPS AS REPORTED TO ADJUSTED DILUTED EPS (unaudited)Three months endedNine months endedSeptember 30,September 30,20112010% Growth20112010% GrowthEPS as reported, diluted

    $2.09$ 1.8215%$5.31$4.4120%Restructuring charges, net of tax

    0.01

    (a)

    0.01

    (a)0.06

    (a)

    0.05

    (a)Purchased intangible amortization, net of tax

    0.03

    (b)

    0.03

    (b)0.09

    (b)

    0.08

    (b)Discrete tax items

    (0.12)

    (c)

    (0.15)

    (c)(0.11)

    (c)

    (0.15)

    (c)Adjusted EPS, diluted

    $2.01$1.7118%$5.35$4.3922%Notes:(a)

    Represents the EPS impact of restructuring charges of $0.4 million ($0.3 million after tax) and $0.6 million ($0.4 million after tax) for the three months ended September 30, 2011 and 2010, respectively and $2.8 million ($2.1 million after tax) and $2.5 million ($1.8 million after tax) for the nine months ended September 30, 2011 and 2010, respectively.(b)

    Represents the EPS impact of purchased intangibles amortization, net of tax, of $1.1 million and $0.9 million for the three months ended September 30, 2011 and 2010, respectively and $2.9 million and $2.7 million for the nine months ended September 30, 2011 and 2010, respectively.(c)

    Represents the EPS impact of discrete tax items of $3.8 million and $5.2 million for the three months and nine months ended September 30, 2011 and 2010, respectively primarily related to the favorable resolution of certain prior year tax matters.
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    SOURCE Mettler-Toledo International Inc.
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