Mettler-Toledo International Inc. Reports Second Quarter 2015 Results

EPS for the six months was $4.91, compared with the prior-year amount of $4.41.  Adjusted EPS was $5.05, an increase of 11% over the prior-year amount of $4.56.  

Sales were $1.118 billion, a 4% increase in local currency sales, compared with $1.159 billion in the prior-year period.  Reported sales decreased 4%, as currency reduced sales growth by 8% in the period.  By region, local currency sales increased 6% in the Americas, 3% in Europe and 2% in Asia / Rest of World as compared to the prior-year period.  Adjusted operating income amounted to $215.6 million, a 6% increase from the prior-year amount of $203.9 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 $163.8 million, compared with $151.0 million in the prior-year period.

Outlook 

The Company updated its outlook for 2015 and noted that forecasting remains challenging due to continued uncertainty in demand in some markets and greater volatility in foreign exchange rates.  Based on today's assessment, management anticipates that local currency sales growth in 2015 will be approximately 3%.  Adjusted EPS is forecasted to be in the range of $12.75 to $12.90, an increase of 9% to 10%.  This Adjusted EPS guidance remains the same as the Company's previously provided guidance.    

The Company said that based on its assessment of market conditions today, management anticipates local currency sales growth in the third quarter of 2015 will be in the range of 2% to 3%.  This sales growth is expected to result in Adjusted EPS in the range of $3.15 to $3.20, an increase of 7% to 8%.

Adjusted EPS excludes purchased intangible amortization, discrete tax items, restructuring charges and other one-time items.  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.  

Conclusion

Filliol concluded, "We continue to execute well, however market conditions in certain emerging markets, most notably our China industrial business, remain stubbornly weak.  We expect global market demand to largely remain in the current range for the remainder of this year.  We believe our excellent product pipeline, proven success of our sales and marketing programs and growth potential from the expansion of our front-end resources position us well for above-market growth.  We remain focused on our margin enhancement initiatives which will continue to drive earnings growth."

Other Matters

The Company will host a conference call to discuss its quarterly results today (Thursday, July 30) 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 has strong leadership positions in all businesses and believes it holds global number-one market positions in a majority of them. Specifically, METTLER TOLEDO is the largest provider of weighing instruments for use in laboratory, industrial and food retailing applications. The Company is also a leading provider in analytical instruments for use in life science, reaction engineering and real-time analytic systems used in drug and chemical compound development and process analytics instruments used for in-line measurement in production processes. In addition, METTLER TOLEDO is the largest supplier of end-of-line inspection systems used in production and packaging for food, pharmaceutical and other industries. Additional information about METTLER TOLEDO can be found at www.mt.com/investors.

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.  

METTLER-TOLEDO INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands except share data)
(unaudited)
			Three months ended									Three months ended
			June 30, 2015				% of sales					June 30, 2014				% of sales
Net sales				$582,057	(a)			100.0					$608,834				100.0
Cost of sales				259,145				44.5					280,658				46.1
Gross profit				322,912				55.5					328,176				53.9
Research and development				29,794				5.1					32,125				5.3
Selling, general and administrative				174,808				30.1					183,103				30.1
Amortization				7,634				1.3					7,283				1.2
Interest expense				6,942				1.2					5,956				1.0
Restructuring charges				1,720				0.3					1,905				0.3
Other charges (income), net				(33)				0.0					406				0.0
Earnings before taxes				102,047				17.5					97,398				16.0
Provision for taxes				24,490				4.2					23,376				3.8
Net earnings				$77,557				13.3					$74,022				12.2
Basic earnings per common share:
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