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Mettler-Toledo International Inc.$719.13($4.95)(.68%)

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 Mettler-Toledo International Inc. Reports Second Quarter 2018 Results
   Thursday, July 26, 2018 4:05:00 PM ET

COLUMBUS, Ohio, July 26, 2018 /PRNewswire/ -- Mettler-Toledo International Inc. (NYSE: MTD) today announced second quarter results for 2018.  Provided below are the highlights:

  • Reported sales increased 10% as compared with the prior year.  In local currency, sales increased 7% in the quarter as currency benefited reported sales growth by 3%. 
  • Net earnings per diluted share as reported (EPS) were $4.31, compared with $3.84 in the prior-year period.  Adjusted EPS was $4.65, an increase of 19% over the prior-year amount of $3.92.  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, "We had very good sales growth in the quarter against an excellent prior year.  Our sales performance was broad-based with China being especially robust.  We also achieved another quarter of strong EPS growth."

GAAP Results
EPS in the quarter was $4.31, compared with the prior-year amount of $3.84.  

As compared with the prior year, total reported sales increased 10% to $722.0 million.  By region, reported sales increased 4% in the Americas, 14% in Europe and 15% in Asia/Rest of World.  Earnings before tax amounted to $143.6 million as compared to $126.8 million in the prior year. 

Non-GAAP Results
Adjusted EPS was $4.65, an increase of 19% over the prior-year amount of $3.92.      

As compared to the prior year, total sales in local currency increased 7% as currency benefited reported sales growth by 3%.  By region, local currency sales increased 4% in the Americas, 7% in Europe and 9% in Asia/Rest of World.  Adjusted operating income amounted to $169.3 million, a 15% increase from the prior-year amount of $147.4 million

Adjusted EPS and Adjusted operating income are non-GAAP measures. Reconciliations to the most comparable GAAP measures are provided in the attached schedules.

Six Month Results

GAAP Results
EPS in the first six months was $7.88, compared with the prior-year amount of $7.32.  

As compared with the prior-year period, total reported sales increased 11% to $1.383 billion.  By region, reported sales increased 5% in the Americas, 13% in Europe and 16% in Asia/Rest of World.  Earnings before tax amounted to $261.0 million as compared to $240.7 million in the prior year. 

Non-GAAP Results
Adjusted EPS was $8.38, an increase of 16% over the prior-year amount of $7.25.     

As compared to the prior-year period, total sales in local currency increased 6% as currency benefited reported sales growth by 5%. By region, local currency sales increased 5% in the Americas, 3% in Europe and 10% in Asia/Rest of World.  Adjusted operating income amounted to $308.8 million, a 13% increase from the prior-year amount of $273.9 million

Adjusted EPS and Adjusted operating income are non-GAAP measures. Reconciliations to the most comparable GAAP measures are 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 2018 will be approximately 6%.  This sales growth is expected to result in Adjusted EPS in the range of $20.10 to $20.25, which reflects growth of 14% to 15%.  This guidance remains the same as previous guidance.   

Management anticipates that local currency sales growth in the third quarter 2018 will be approximately 6%, and Adjusted EPS is forecasted to be in the range of $4.97 to $5.02, an increase of 14% to 15%. 

While the Company has provided an outlook for local currency sales growth and Adjusted EPS, it has not provided an outlook for reported sales growth or EPS as it would require an estimate of currency exchange fluctuations and 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, "Demand remains solid in our markets and we continue to achieve favorable results from our growth initiatives.  Our sales growth achievement in the first half of the year was especially impressive given the excellent growth in the prior-year period.  Earnings growth was very good in the first half and, assuming market conditions do not deteriorate, we remain confident in our outlook for the remainder of the year.  We believe we are well-positioned to continue to gain share and drive further earnings growth through new product launches, sales and marketing programs, sales investments, and margin and productivity initiatives."

Other Matters

The Company will host a conference call to discuss its quarterly results today (Thursday, July 26) 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 10-K.  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.

 















































































































































































































































































































































































































































































































































































































































































































 

 







































































































































































































































































































































































































































































































































































































































































































 



















































































































































































































 

 

 










































































































































































































































































































 

 

 


















































































































































































































































































 

Cision View original content:http://www.prnewswire.com/news-releases/mettler-toledo-international-inc-reports-second-quarter-2018-results-300687466.html

SOURCE Mettler-Toledo International Inc.



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