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Mettler-Toledo International Inc.$729.19$10.061.40%

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 Mettler-Toledo International Inc. Reports Third Quarter 2018 Results
   Thursday, November 08, 2018 4:10:00 PM ET

COLUMBUS, Ohio, Nov. 8, 2018 /PRNewswire/ -- Mettler-Toledo International Inc. (NYSE: MTD) today announced third quarter results for 2018.  Provided below are the highlights:

  • Reported sales increased 5% compared with the prior year.  In local currency, sales increased 7% in the quarter as currency reduced sales growth by 2%. 
  • Net earnings per diluted share as reported (EPS) were $4.93, compared with $3.99 in the prior-year period.  Adjusted EPS was $5.12, an increase of 17% over the prior-year amount of $4.36.  Adjusted EPS is a non-GAAP measure, and we have included a reconciliation to EPS on the last page of the attached schedules. 


Third Quarter Results

Olivier Filliol, President and Chief Executive Officer, stated, "We had very good sales growth with particularly strong results in our Laboratory products.  In addition, China had very good growth despite a difficult comparison with excellent sales growth in the prior year.  Earnings growth was again strong as we continue to benefit from our margin and productivity initiatives."

GAAP Results

EPS in the quarter was $4.93, compared with the prior-year amount of $3.99.  

Compared with the prior year, total reported sales increased 5% to $734.8 million.  By region, reported sales increased 5% in the Americas, 1% in Europe and 9% in Asia/Rest of World.  Earnings before tax amounted to $160.4 million, compared with $139.6 million in the prior year. 

Non-GAAP Results

Adjusted EPS was $5.12, an increase of 17% over the prior-year amount of $4.36.      

Compared with the prior year, total sales in local currency increased 7% as currency reduced reported sales growth by 2%.  By region, local currency sales increased 5% in the Americas, 3% in Europe and 11% in Asia/Rest of World.  Adjusted Operating Income amounted to $182.0 million, a 13% increase from the prior-year amount of $161.7 million

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

Nine Month Results

GAAP Results

EPS in the first nine months was $12.81, compared with the prior-year amount of $11.31.  

Compared with the prior-year period, total reported sales increased 9% to $2.118 billion.  By region, reported sales increased 5% in the Americas, 9% in Europe and 14% in Asia/Rest of World.  Earnings before tax amounted to $421.4 million, compared with $380.3 million in the prior year. 

Non-GAAP Results

Adjusted EPS was $13.50, an increase of 16% over the prior-year amount of $11.61.     

Compared with the prior-year period, total sales in local currency increased 6% as currency benefited reported sales growth by 3%. 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 $490.8 million, a 13% increase from the prior-year amount of $435.7 million

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

Share Repurchase Authorization 

The Company has a $4.5 billion stock repurchase program of which $4.3 billion has been utilized.  The Company announced that the Board of Directors authorized an additional $2.0 billion to the share repurchase program.  Any amount remaining under the existing program will be incorporated into the new authorization.  Filliol commented, "The additional authorization allows us to continue the share repurchase program which has provided strong returns for our shareholders over many years.  We are confident in our future growth prospects and our balance sheet and cash flow generation remain very strong."  The Company expects the additional authorization will be utilized over the next several years.  The Company added that the repurchases will be made through open market transactions, and the amount and timing will depend on business and market conditions, stock price, trading restrictions, the level of acquisition activity and other factors. 

Outlook

Based on today's assessment of market conditions, management anticipates that local currency sales growth in the fourth quarter 2018 will be approximately 6%, and Adjusted EPS is forecasted to be in the range of $6.72 to $6.77, an increase of 13%.  Included in the fourth quarter guidance is an estimated 5% headwind to Adjusted EPS growth due to adverse currency and higher tariff costs. 

For the full year 2018, local currency sales growth is expected to be approximately 6%.  This sales growth is expected to result in Adjusted EPS in the range of $20.20 to $20.25, an increase of 15%.  This compares with previous guidance of Adjusted EPS in the range of $20.10 to $20.25.

The Company said that based on its assessment of market conditions today, management anticipates local currency sales growth in 2019 will be approximately 5%.  This sales growth is expected to result in Adjusted EPS in the range of $22.40 to $22.60.  Using the mid-point of 2018 guidance, this would result in Adjusted EPS growth of 11% to 12%.  The percentage headwind to Adjusted EPS growth in 2019 due to adverse currency and higher tariff costs will be similar to what we expect in the fourth quarter 2018. 

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 are benefiting from our growth initiatives including investments in our field force, Spinnaker sales and marketing programs and new product launches. While global business activity remains good overall, we are more cautious on the global economy compared with earlier in the year.  We will monitor closely and remain agile and adapt our plans if market conditions change.  We are confident in our ability to execute on our growth initiatives and believe we are well positioned to continue to gain market share.  Looking ahead to 2019, we assume current market conditions will remain largely unchanged.  With the benefit of our margin and productivity initiatives, and despite greater headwinds due to currency and tariffs, we believe we can continue to deliver strong results for 2018 and 2019."

Other Matters

The Company will host a conference call to discuss its quarterly results today (Thursday, Nov. 8) 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 (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 caption "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-third-quarter-2018-results-300747089.html

SOURCE Mettler-Toledo International Inc.



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