Mettler-Toledo International Inc. Reports First Quarter 2010 Results

COLUMBUS, Ohio, April 29 /PRNewswire-FirstCall/ -- Mettler-Toledo International Inc. (NYSE: MTD) today announced first quarter results for 2010.  Provided below are the highlights:

• Sales in local currency increased by 6% in the quarter compared with the prior year.  Reported sales growth increased 11%, which includes a 5% benefit from currency.

• Net earnings per diluted share as reported (EPS) were $1.10, compared with $1.00 in the first quarter of 2009.  Adjusted EPS was $1.13, a 19% increase over the prior-year amount of $0.95.  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.  

First Quarter Results

Olivier Filliol, President and Chief Executive Officer, stated, “Business conditions further improved in the first quarter with strong sales in emerging market countries.  Demand for our laboratory solutions was better than expected; from a regional perspective, growth in the Americas exceeded expectations.  We continue to expand gross margins and are pleased with our strong growth in operating profit, EPS and cash flow.”

EPS was $1.10, compared with the prior-year amount of $1.00.  Adjusted EPS was $1.13, compared with the prior-year amount of $0.95.  

Sales were $416.7 million, a 6% increase in local currency sales, compared with $374.1 million in the prior year.  Reported sales growth was 11%, which included a 5% currency benefit.  By region, local currency sales increased 11% in the Americas and 15% in Asia / Rest of the World.  In Europe, local currency sales decreased 1%.  Adjusted operating income amounted to $60.4 million, a 16% increase from the prior-year amount of $52.3 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 $44.5 million, compared with $34.9 million in 2009.

Outlook  

Based on today’s assessment, management anticipates that local currency sales growth in 2010 will be in the range of 6% to 7% and Adjusted EPS will be in the range of $6.26 to $6.36, an increase of 12% to 14%.  This compares with previous guidance of Adjusted EPS in the range of $5.90 to $6.15.  Adjusted EPS excludes purchased intangible amortization, discrete tax items, restructuring charges and other one-time items.      

For the second quarter 2010, the Company anticipates local currency sales growth will be in the range of 7% to 9% and Adjusted EPS in the range of $1.30 to $1.35, an increase of 11% to 15%.

While the Company has provided an outlook for Adjusted EPS, it has not provided an outlook for EPS.  EPS guidance would require an estimate of non-recurring items, which are not yet known.

Conclusion

Filliol concluded, “Our continued investments in new product development and innovative sales and marketing programs during the downturn provide us with momentum now as the economy is improving.  We believe we have enhanced our market position over the past 12 months and will strengthen it further as the global economy continues to recover.  While we are encouraged by improving business momentum, we remain cautious on certain segments, particularly in Europe.”  

Other Matters

The Company will host a conference call to discuss its first quarter results today (Thursday, April 29) 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 is the world’s largest manufacturer and marketer of weighing instruments for use in laboratory, industrial and food retailing applications.  The Company also holds top-three market positions in several related analytical instruments and is a leading provider of automated chemistry systems used in drug and chemical compound discovery and development.  In addition, the Company is the world’s largest supplier of metal detection and other end-of-line inspection systems used in production and packaging and holds a leading position in certain process analytics applications.  Additional information about METTLER TOLEDO can be found at “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.

SOURCE Mettler-Toledo International Inc.