Mettler-Toledo International Inc. Reports First Quarter 2021 Results

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

Outlook

The Company emphasized that forecasting continues to be challenging. Management cautions that market conditions are dynamic and changes to the business environment can happen quickly. Uncertainty remains surrounding the impact of COVID-19 on the global economic environment. The estimates include uncertainty and management acknowledges that market conditions are subject to change. 

Based on today's assessment of market conditions, management anticipates local currency sales growth in 2021 will be in the range of 10% to 12%, and Adjusted EPS is forecasted to be in the range of $31.45 to $31.90, an increase of 22% to 24%.  This compares with previous guidance of Adjusted EPS in the range of $29.20 to $29.80.

For the second quarter of 2021, based on current market conditions, the Company anticipates that local currency sales growth will be in the range of 19% to 21%, and Adjusted EPS is forecasted to be $7.50 to $7.65, a growth rate of 42% to 45%.

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. 

Conclusion

Kaltenbach concluded, "Our end markets have good momentum, and we are ideally positioned to capitalize on this growth potential by leveraging our Spinnaker sales and marketing initiatives, excellent product portfolio and outstanding service offering. The organization continues to demonstrate utmost resilience and agility in reacting and adapting to rapidly changing market conditions. Our focus remains serving our customer needs and gaining market share. We also continue to diligently implement our margin and productivity initiatives, which are important contributors to our results. Execution has always been a competitive advantage, and it is particularly important now given current market dynamics. We believe we can deliver very strong results in 2021."

Other Matters

The Company will host a conference call to discuss its quarterly results today (Thursday, May 6) 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. You should not rely on forward-looking statements to predict our actual results. Our actual results or performance may be materially different than reflected in forward-looking statements because of various risks and uncertainties, including statements about expected revenue growth and long-term impacts of the COVID-19 pandemic. 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." We make forward-looking statements about future events or our future financial performance, including earnings and sales growth, earnings per share, strategic plans and contingency plans, growth opportunities or economic downturns, our ability to respond to changes in market conditions, customer demand, our competitive position, pricing, our supply chain, adequacy of our facilities, access to and the costs of raw materials, shipping and supplier costs, gross margins, planned research and development efforts and product introductions, capital expenditures, cash flow, tax-related matters, the impact of foreign currencies, compliance with laws, effects of acquisitions and the impact of the COVID-19 pandemic on our businesses. Our forward-looking statements may not be accurate or complete, and we do not intend to update or revise them in light of actual results. New risks also periodically arise. Please consider the risks and factors that could cause our results to differ materially from what is described in our forward-looking statements, including the uncertain duration and severity of the COVID-19 pandemic. See in particular "Factors Affecting Our Future Operating Results" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2020 and other reports filed with the SEC from time to time.

METTLER-TOLEDO INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands except share data)
(unaudited)
		Three months ended									Three months ended
		March 31, 2021					% of sales				March 31, 2020					% of sales
Net sales				$804,390	(a)			100.0					$649,162				100.0
Cost of sales				332,694				41.4					274,753				42.3
Gross profit				471,696				58.6					374,409				57.7
Research and development				39,272				4.9					34,387				5.3
Selling, general and administrative				221,752				27.6					198,744				30.6
Amortization				13,884				1.7					13,998				2.2
Interest expense				9,471				1.2					10,219				1.6
Restructuring charges				1,193				0.1					1,905				0.3
Other charges (income), net				710				0.1					(3,343)				(0.5)
Earnings before taxes				185,414				23.0					118,499				18.2
Provision for taxes				35,751				4.4					20,384				3.1
Net earnings				$149,663				18.6					$98,115				15.1
Basic earnings per common share:
Net earnings				$6.41									$4.08
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