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Press Release

Mettler-Toledo International Inc. Reports Second Quarter 2017 Results

Mettler-Toledo International
Posted on: 29 Jul 17

COLUMBUS, Ohio, July 27, 2017 /PRNewswire/ -- Mettler-Toledo International Inc. (NYSE: MTD) today announced second quarter results for 2017.  Provided below are the highlights:

Sales in local currency increased 10% in the quarter compared with the prior year. Reported sales increased 7% as currency reduced sales growth by 3% in the quarter.

Net earnings per diluted share as reported (EPS) were $3.84, compared with $2.93 in the prior-year period. Adjusted EPS was $3.92, an increase of 22% over the prior-year amount of $3.22. Adjusted EPS is a non-GAAP measure and we have included a reconciliation to EPS on the last page of the attached schedules.

Second Quarter Results

Olivier Filliol, President and Chief Executive Officer, stated, "Sales growth in the quarter was very strong with excellent growth in Asia/Rest of World and the Americas.  We continue to benefit from our productivity and margin initiatives which contributed to further margin expansion and excellent growth in EPS." 

EPS in the quarter was $3.84, compared with the prior-year amount of $2.93.  Adjusted EPS was $3.92, an increase of 22% over the prior-year amount of $3.22.  

Sales were $653.7 million, a 10% increase in local currency sales, compared with $608.3 million in the prior-year quarter.  Reported sales increased 7% as currency reduced sales growth by 3% in the quarter.  As compared to the prior year, local currency sales increased 10% in the Americas, 4% in Europe and 15% in Asia/Rest of World.  Adjusted operating income amounted to $148.5 million, a 15% increase from the prior-year amount of $129.1 million.  Adjusted operating income is a non-GAAP measure, and a reconciliation to earnings before taxes is provided in the attached schedules.

Six Month Results

EPS for the six months was $7.32, compared with the prior-year amount of $5.32.  Adjusted EPS was $7.25, an increase of 28% over the prior-year amount of $5.68.  

Sales were $1.248 billion, an 11% increase in local currency sales, compared with $1.148 billion in the prior-year period.  Reported sales increased 9% as currency reduced sales growth by 2% in the period.  As compared to the prior year, local currency sales increased 12% in the Americas, 8% in Europe and 12% in Asia/Rest of World.  Adjusted operating income amounted to $275.9 million, a 19% increase from the prior-year amount of $231.1 million.  Adjusted operating income is a non-GAAP measure, and a reconciliation to earnings before taxes is provided in the attached schedules.

Outlook 

The Company said that based on its assessment of market conditions today, management anticipates local currency sales growth in 2017 will be approximately 8%.  This sales growth is expected to result in Adjusted EPS in the range of $17.25 to $17.35, an increase of 17%.  This compares to previous guidance of Adjusted EPS in the range of $16.95 to $17.15. 

For the third quarter 2017, local currency sales growth is expected to be approximately 5% and Adjusted EPS in the range of $4.25 to $4.30, an increase of 9% to 11%. 

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.  The Company noted in making its outlook that economic uncertainty remains in certain regions of the world and market conditions are subject to change.   

Conclusion

Filliol concluded, "Our operating results for the last several quarters have been excellent.  Our Field Turbo investments, Spinnaker sales and marketing initiatives and new product launches are yielding tangible results and we continue to further our margin and productivity initiatives.  We will face more challenging comparisons for the remainder of the year but with continued strong execution, we believe we can continue to gain share and deliver a strong performance in 2017."    

Other Matters

The Company will host a conference call to discuss its quarterly results today (Thursday, July 27) at 4:30 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 (NYSE: MTD) is a leading global supplier of precision instruments and services. We have strong leadership positions in all of our businesses and believe we hold global number-one market positions in most of them. We are recognized as an innovation leader and our solutions are critical in key R&D, quality control, and manufacturing processes for customers in a wide range of industries including life sciences, food, and chemicals. Our sales and service network is one of the most extensive in the industry. Our products are sold in more than 140 countries and we have a direct presence in approximately 40 countries. With proven growth strategies and a focus on execution, we have achieved a long-term track record of strong financial performance. For more information, please visit www.mt.com.

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.  

For more information:
www.prnewswire.com/news-releases/mettler-toledo-international-inc-reports-second-quarter-2017-results-300495670.html

Editor's Details

Mike Wood
PharmiWeb.com
www.pharmiweb.com
editor@pharmiweb.com

Last updated on: 29/07/2017

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