COLUMBUS, Ohio, Aug. 1, 2019 /PRNewswire/ -- Mettler-Toledo
International Inc. (NYSE: MTD) today announced second quarter
results for 2019. Provided below are the highlights:
- Reported sales increased 1% compared with the prior year.
In local currency, sales increased 5% in the quarter as currency
reduced sales growth by 4%.
- Net earnings per diluted share as reported (EPS) were
$5.06, compared with $4.31 in the prior-year period. Adjusted
EPS was $5.16, an increase of 11%
over the prior-year amount of $4.65. 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, "Sales growth was solid in the
quarter with excellent growth in our Laboratory product lines and
good growth in our Core Industrial business. Sales growth in
the Americas and China was
particularly strong while sales growth in Europe was impacted by strong prior-year
comparisons. With the benefit of our margin initiatives, and
despite significant challenges from the adverse impact of currency
and tariff costs, we achieved strong growth in earnings in the
quarter."
GAAP Results
EPS in the quarter was $5.06,
compared with the prior-year amount of $4.31.
Compared with the prior year, total reported sales increased 1%
to $731.4 million. By region,
reported sales increased 7% in the Americas and 2% in Asia/Rest of World. Reported sales in
Europe declined by 6%.
Earnings before taxes amounted to $155.2
million, compared with $143.6
million in the prior year.
Non-GAAP Results
Adjusted EPS was $5.16, an
increase of 11% over the prior-year amount of $4.65.
Compared with the prior year, total sales in local currency
increased 5% as currency reduced reported sales growth by 4%.
By region, local currency sales increased 7% in the Americas and 7%
in Asia/Rest of World. Local
currency sales declined 1% in Europe. Adjusted Operating
Profit amounted to $177.7 million, a
5% increase from the prior-year amount of $169.3 million.
Adjusted EPS and Adjusted Operating Profit are non-GAAP
measures. Reconciliations to the most comparable GAAP measures are
provided in the attached schedules.
Six Month Results
GAAP Results
EPS was $9.48, compared with the
prior-year amount of $7.88.
Compared with the prior year, total reported sales increased 2%
to $1.411 billion. By region,
reported sales increased 5% in the Americas and 3% in Asia/Rest of World. Reported sales in
Europe declined 2%. Earnings
before taxes amounted to $280.9
million, compared with $261.0
million in the prior year.
Non-GAAP Results
Adjusted EPS was $9.26, an
increase of 11% over the prior-year amount of $8.38.
Compared with the prior year, total sales in local currency
increased 6% as currency reduced reported sales growth by 4%.
By region, local currency sales increased 5% in the Americas, 4% in
Europe and 8% in Asia/Rest of World. Adjusted Operating
Profit amounted to $325.6 million, a
5% increase from the prior-year amount of $308.8 million.
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 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 $22.60 to $22.75, a
growth rate of 11% to 12%. This compares with previous
Adjusted EPS guidance of $22.55 to
$22.75.
Based on today's assessment of market conditions, management
anticipates that local currency sales growth in the third quarter
2019 will be in the range of 4% to 5%, and Adjusted EPS is
forecasted to be in the range of $5.65 to $5.75, an
increase of 10% to 12%.
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, "With the exception of our Food Retail
business, demand in our markets is favorable and our growth
initiatives continue to generate tangible results. We assume
market conditions will remain unchanged and our outlook for the
third quarter is positive. As we look to the later part of
the year, we acknowledge there is more uncertainty due to
macroeconomic data. We remain focused on our growth strategy
and believe we can continue to gain market share regardless of the
economy. Based on market conditions today, we believe we can
deliver strong results in 2019."
Other Matters
The Company will host a conference call to discuss its quarterly
results today (Thursday, August 1) 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.
METTLER-TOLEDO
INTERNATIONAL INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(amounts in
thousands except share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
|
|
|
June 30,
2019
|
|
|
% of sales
|
|
|
June 30,
2018
|
|
|
% of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$731,366
|
|
(a)
|
|
100.0
|
|
|
|
|
$721,996
|
|
|
|
100.0
|
|
|
Cost of
sales
|
|
|
311,828
|
|
|
|
42.6
|
|
|
|
|
309,371
|
|
|
|
42.8
|
|
|
Gross
profit
|
|
|
419,538
|
|
|
|
57.4
|
|
|
|
|
412,625
|
|
|
|
57.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
36,582
|
|
|
|
5.0
|
|
|
|
|
35,315
|
|
|
|
4.9
|
|
|
Selling, general and
administrative
|
|
|
205,215
|
|
|
|
28.1
|
|
|
|
|
208,024
|
|
|
|
28.8
|
|
|
Amortization
|
|
|
12,326
|
|
|
|
1.7
|
|
|
|
|
11,970
|
|
|
|
1.7
|
|
|
Interest
expense
|
|
|
8,882
|
|
|
|
1.2
|
|
|
|
|
8,309
|
|
|
|
1.2
|
|
|
Restructuring
charges
|
|
|
2,891
|
|
|
|
0.4
|
|
|
|
|
7,321
|
|
|
|
1.0
|
|
|
Other charges
(income), net
|
|
|
(1,574)
|
|
|
|
(0.2)
|
|
|
|
|
(1,916)
|
|
|
|
(0.3)
|
|
|
Earnings before
taxes
|
|
|
155,216
|
|
|
|
21.2
|
|
|
|
|
143,602
|
|
|
|
19.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
taxes
|
|
|
28,056
|
|
|
|
3.8
|
|
|
|
|
32,134
|
|
|
|
4.5
|
|
|
Net
earnings
|
|
|
$127,160
|
|
|
|
17.4
|
|
|
|
|
$111,468
|
|
|
|
15.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
$5.15
|
|
|
|
|
|
|
|
|
$4.41
|
|
|
|
|
|
|
Weighted average
number of common shares
|
|
|
24,698,032
|
|
|
|
|
|
|
|
|
25,299,414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
$5.06
|
|
|
|
|
|
|
|
|
$4.31
|
|
|
|
|
|
|
Weighted average
number of common
|
|
|
25,118,352
|
|
|
|
|
|
|
|
|
25,867,383
|
|
|
|
|
|
|
and common
equivalent shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Local currency sales increased 5% as compared to the
same period in 2018.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
|
|
|
June 30,
2019
|
|
|
% of sales
|
|
|
June 30,
2018
|
|
|
% of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before
taxes
|
|
|
$155,216
|
|
|
|
|
|
|
|
|
$143,602
|
|
|
|
|
|
|
Amortization
|
|
|
12,326
|
|
|
|
|
|
|
|
|
11,970
|
|
|
|
|
|
|
Interest
expense
|
|
|
8,882
|
|
|
|
|
|
|
|
|
8,309
|
|
|
|
|
|
|
Restructuring
charges
|
|
|
2,891
|
|
|
|
|
|
|
|
|
7,321
|
|
|
|
|
|
|
Other charges
(income), net
|
|
|
(1,574)
|
|
|
|
|
|
|
|
|
(1,916)
|
|
|
|
|
|
|
Adjusted operating
profit
|
|
|
$177,741
|
|
(b)
|
|
24.3
|
|
|
|
|
$169,286
|
|
|
|
23.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) Adjusted operating profit increased 5% as compared to
the same period in 2018.
|
|
|
METTLER-TOLEDO
INTERNATIONAL INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(amounts in
thousands except share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
|
|
|
|
|
Six months
ended
|
|
|
|
|
|
|
|
|
|
June 30,
2019
|
|
|
% of sales
|
|
|
June 30,
2018
|
|
|
% of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$1,410,818
|
|
(a)
|
|
100.0
|
|
|
|
|
$1,382,817
|
|
|
|
100.0
|
|
|
Cost of
sales
|
|
|
602,961
|
|
|
|
42.7
|
|
|
|
|
595,259
|
|
|
|
43.0
|
|
|
Gross
profit
|
|
|
807,857
|
|
|
|
57.3
|
|
|
|
|
787,558
|
|
|
|
57.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
72,635
|
|
|
|
5.1
|
|
|
|
|
70,028
|
|
|
|
5.1
|
|
|
Selling, general and
administrative
|
|
|
409,640
|
|
|
|
29.0
|
|
|
|
|
408,698
|
|
|
|
29.6
|
|
|
Amortization
|
|
|
24,548
|
|
|
|
1.7
|
|
|
|
|
23,705
|
|
|
|
1.7
|
|
|
Interest
expense
|
|
|
17,976
|
|
|
|
1.4
|
|
|
|
|
16,668
|
|
|
|
1.2
|
|
|
Restructuring
charges
|
|
|
4,414
|
|
|
|
0.3
|
|
|
|
|
11,734
|
|
|
|
0.8
|
|
|
Other charges
(income), net
|
|
|
(2,248)
|
|
|
|
(0.1)
|
|
|
|
|
(4,316)
|
|
|
|
(0.3)
|
|
|
Earnings before
taxes
|
|
|
280,892
|
|
|
|
19.9
|
|
|
|
|
261,041
|
|
|
|
18.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
taxes
|
|
|
41,927
|
|
|
|
3.0
|
|
|
|
|
56,269
|
|
|
|
4.1
|
|
|
Net
earnings
|
|
|
$238,965
|
|
|
|
16.9
|
|
|
|
|
$204,772
|
|
|
|
14.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
$9.65
|
|
|
|
|
|
|
|
|
$8.07
|
|
|
|
|
|
|
Weighted average
number of common shares
|
|
|
24,774,262
|
|
|
|
|
|
|
|
|
25,383,402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
$9.48
|
|
|
|
|
|
|
|
|
$7.88
|
|
|
|
|
|
|
Weighted average
number of common
|
|
|
25,217,359
|
|
|
|
|
|
|
|
|
25,979,508
|
|
|
|
|
|
|
and common
equivalent shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Local currency sales increased 6% as compared to the
same period in 2018.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
|
|
|
|
|
Six months
ended
|
|
|
|
|
|
|
|
|
|
June 30,
2019
|
|
|
% of sales
|
|
|
June 30,
2018
|
|
|
% of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before
taxes
|
|
|
$280,892
|
|
|
|
|
|
|
|
|
$261,041
|
|
|
|
|
|
|
Amortization
|
|
|
24,548
|
|
|
|
|
|
|
|
|
23,705
|
|
|
|
|
|
|
Interest
expense
|
|
|
17,976
|
|
|
|
|
|
|
|
|
16,668
|
|
|
|
|
|
|
Restructuring
charges
|
|
|
4,414
|
|
|
|
|
|
|
|
|
11,734
|
|
|
|
|
|
|
Other charges
(income), net
|
|
|
(2,248)
|
|
|
|
|
|
|
|
|
(4,316)
|
|
|
|
|
|
|
Adjusted operating
profit
|
|
|
$325,582
|
(b)
|
|
23.1
|
|
|
|
|
$308,832
|
|
|
|
22.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) Adjusted operating profit increased 5% as compared to
the same period in 2018.
|
|
|
|
METTLER-TOLEDO
INTERNATIONAL INC.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(amounts in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2019
|
|
|
December 31,
2018
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$124,439
|
|
|
|
|
$178,110
|
|
Accounts receivable,
net
|
|
|
498,723
|
|
|
|
|
535,528
|
|
Inventories
|
|
|
286,347
|
|
|
|
|
268,821
|
|
Other current assets
and prepaid expenses
|
|
|
71,937
|
|
|
|
|
63,401
|
|
Total current
assets
|
|
|
981,446
|
|
|
|
|
1,045,860
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
728,007
|
|
|
|
|
717,526
|
|
Goodwill and other
intangibles assets, net
|
|
|
745,768
|
|
|
|
|
752,088
|
|
Other non-current
assets
|
|
|
205,637
|
(a)
|
|
103,373
|
|
Total
assets
|
|
|
$2,660,858
|
|
|
|
|
$2,618,847
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
and maturities of long-term debt
|
|
|
$51,918
|
|
|
|
|
$49,670
|
|
Trade accounts
payable
|
|
|
160,584
|
|
|
|
|
196,641
|
|
Accrued and other
current liabilities
|
|
|
494,749
|
(a)
|
|
488,123
|
|
Total current
liabilities
|
|
|
707,251
|
|
|
|
|
734,434
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
1,087,874
|
|
|
|
|
985,021
|
|
Other non-current
liabilities
|
|
|
361,647
|
(a)
|
|
309,329
|
|
Total
liabilities
|
|
|
2,156,772
|
|
|
|
|
2,028,784
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
504,086
|
|
|
|
|
590,063
|
|
Total liabilities and
shareholders' equity
|
|
|
$2,660,858
|
|
|
|
|
$2,618,847
|
|
|
|
|
(a)
|
Includes a lease
right-of-use asset of $88.1 million, a short-term lease liability
of $26.4 million and
a long-term lease
liability of $62.3 million in accordance with ASC 842 "Leases" that
went into
effect on January 1,
2019.
|
|
METTLER-TOLEDO
INTERNATIONAL INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(amounts in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
operating activities:
|
|
|
|
|
|
|
|
|
Net earnings
|
$127,160
|
|
$111,468
|
|
$238,965
|
|
$204,772
|
|
Adjustments to reconcile net earnings to
|
|
|
|
|
|
|
|
|
net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
Depreciation
|
9,623
|
|
9,449
|
|
19,390
|
|
18,606
|
|
Amortization
|
12,326
|
|
11,970
|
|
24,548
|
|
23,705
|
|
Deferred tax expense (benefit)
|
58
|
|
(3,693)
|
|
(14,881)
|
|
(10,109)
|
|
Other
|
4,286
|
|
3,951
|
|
8,790
|
|
7,036
|
|
Increase (decrease) in cash
resulting from changes in
|
|
|
|
|
|
|
|
|
operating assets and liabilities
|
(26,383)
|
|
7,050
|
|
(50,947)
|
|
(27,251)
|
|
Net cash provided by operating activities
|
127,070
|
|
140,195
|
|
225,865
|
|
216,759
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Proceeds from sale of property, plant and equipment
|
1,144
|
|
23
|
|
1,216
|
|
4,530
|
|
Purchase of property, plant and equipment
|
(22,295)
|
|
(31,812)
|
|
(44,699)
|
|
(61,586)
|
|
Acquisitions
|
(504)
|
|
-
|
|
(504)
|
|
(500)
|
|
Net hedging settlements on intercompany loans
|
(6,028)
|
|
3,738
|
|
(1,226)
|
|
7,042
|
|
Net cash used in investing activities
|
(27,683)
|
|
(28,051)
|
|
(45,213)
|
|
(50,514)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from borrowings
|
336,123
|
|
266,668
|
|
638,830
|
|
603,180
|
|
Repayments of borrowings
|
(261,083)
|
|
(171,410)
|
|
(532,729)
|
|
(502,524)
|
|
Proceeds from exercise of stock options
|
8,767
|
|
4,291
|
|
37,757
|
|
9,960
|
|
Repurchases of common stock
|
(186,249)
|
|
(118,749)
|
|
(372,500)
|
|
(237,499)
|
|
Acquisition contingent consideration payment
|
-
|
|
-
|
|
(10,000)
|
|
-
|
|
Other financing activities
|
1,753
|
|
(1,635)
|
|
1,753
|
|
(1,635)
|
|
Net cash used in financing activities
|
(100,689)
|
|
(20,835)
|
|
(236,889)
|
|
(128,518)
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(739)
|
|
(7,067)
|
|
2,566
|
|
(3,224)
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents
|
(2,041)
|
|
84,242
|
|
(53,671)
|
|
34,503
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
|
Beginning of period
|
126,480
|
|
98,948
|
|
178,110
|
|
148,687
|
|
End of period
|
$124,439
|
|
$183,190
|
|
$124,439
|
|
$183,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET
CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH
FLOW
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$127,070
|
|
$140,195
|
|
$225,865
|
|
$216,759
|
|
Payments in respect of restructuring activities
|
3,154
|
|
8,167
|
|
6,846
|
|
13,409
|
|
Transition tax payment
|
4,289
|
|
4,200
|
|
4,289
|
|
4,200
|
|
Proceeds from sale of property, plant and equipment
|
1,144
|
|
23
|
|
1,216
|
|
4,530
|
|
Purchase of property, plant and equipment
|
(22,295)
|
|
(31,812)
|
|
(44,699)
|
|
(61,586)
|
|
Adjusted free cash
flow
|
$113,362
|
|
$120,773
|
|
$193,517
|
|
$177,312
|
|
|
|
|
|
|
|
|
|
|
|
METTLER-TOLEDO
INTERNATIONAL INC.
|
|
OTHER OPERATING
STATISTICS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SALES GROWTH BY
DESTINATION
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
Americas
|
|
Asia/RoW
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Dollar Sales
Growth (Decrease)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2019
|
|
|
(6%)
|
|
7%
|
|
2%
|
|
1%
|
|
|
|
Six Months Ended June
30, 2019
|
|
|
(2%)
|
|
5%
|
|
3%
|
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local Currency Sales
Growth (Decrease)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2019
|
|
|
(1%)
|
|
7%
|
|
7%
|
|
5%
|
|
|
|
Six Months Ended June
30, 2019
|
|
|
4%
|
|
5%
|
|
8%
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
DILUTED EPS AS REPORTED TO ADJUSTED DILUTED
EPS
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
Six months
ended
|
|
|
June 30,
|
June 30,
|
|
|
2019
|
|
2018
|
|
% Growth
|
|
2019
|
|
2018
|
|
% Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS as reported,
diluted
|
$5.06
|
|
$4.31
|
|
17%
|
|
$9.48
|
|
$7.88
|
|
20%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
charges, net of tax
|
0.09
|
(a)
|
0.22
|
(a)
|
|
|
0.14
|
(a)
|
0.35
|
(a)
|
|
Purchased intangible
amortization, net of tax
|
0.10
|
(b)
|
0.10
|
(b)
|
|
|
0.21
|
(b)
|
0.19
|
(b)
|
|
Income tax
expense
|
(0.09)
|
(c)
|
0.02
|
(c)
|
|
|
(0.57)
|
(c)
|
(0.04)
|
(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS,
diluted
|
$5.16
|
|
$4.65
|
|
11%
|
|
$9.26
|
|
$8.38
|
|
11%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Represents the EPS
impact of restructuring charges of $2.9 million ($2.3 million after
tax) and $7.3 million ($5.7 million after tax) for the
three months ended
June 30, 2019 and 2018, and $4.4 million ($3.5 million after tax)
and $11.7 million ($9.2 million after tax) for the six
months ended June 30,
2019 and 2018, respectively, which primarily include employee
related costs.
|
(b)
|
Represents the EPS
impact of purchased intangibles amortization, net of tax, of $2.6
million and $2.5 million for the three months
ended June 30, 2019
and 2018, and $5.2 million and $5.0 million for the six months
ended June 30, 2019 and 2018, respectively.
|
(c)
|
Represents the EPS
impact on our reported tax rate during the three and six months
ending June 30, 2019 and 2018, respectively, due
to excess tax
benefits associated with stock option exercises.
|
View original
content:http://www.prnewswire.com/news-releases/mettler-toledo-international-inc-reports-second-quarter-2019-results-300895320.html
SOURCE Mettler-Toledo International Inc.