COLUMBUS, Ohio, Nov. 5, 2020 /PRNewswire/ -- Mettler-Toledo
International Inc. (NYSE: MTD) today announced third quarter
results for 2020. Provided below are the highlights:
- Reported sales increased 7% compared with the prior year.
In local currency, sales increased 6% in the quarter as currency
benefited reported sales growth by 1%.
- Net earnings per diluted share as reported (EPS) were
$6.68, compared with $5.20 in the prior-year period. Adjusted
EPS was $7.02, an increase of 22%
over the prior-year amount of $5.77. Adjusted EPS is a non-GAAP measure,
and a reconciliation to EPS is included on the last page of the
attached schedules.
Quarterly Results
Olivier Filliol, President and
Chief Executive Officer, stated, "Outstanding growth in
China and strong growth in our
Laboratory business resulted in excellent performance in the
quarter despite negative impacts on our business from COVID-19. Our
strong product portfolio combined with innovative sales and
marketing strategies are yielding very good results despite the
overall challenging environment. With the benefit of our temporary
cost initiatives as well as ongoing margin and productivity
initiatives, we had a strong increase in Adjusted Operating Profit
margins and excellent growth in Adjusted EPS. Finally, cash flow
generation was also very robust."
GAAP Results
EPS in the quarter was $6.68,
compared with the prior-year amount of $5.20.
Compared with the prior year, total reported sales increased 7%
to $807.4 million. By region,
reported sales increased 2% in the Americas, 9% in Europe and 11% in Asia/Rest of World. Earnings before taxes
amounted to $205.8 million, compared
with $169.4 million in the prior
year.
Non-GAAP Results
Adjusted EPS was $7.02, an
increase of 22% over the prior-year amount of $5.77.
Compared with the prior year, total sales in local currency
increased 6% as currency benefited sales growth by 1%. By
region, local currency sales increased 3% in the Americas, 4% in
Europe and 10% in Asia/Rest of World. Adjusted Operating
Profit amounted to $230.0 million, a
17% increase from the prior-year amount of $196.2 million.
Adjusted EPS and Adjusted Operating Profit are non-GAAP
measures. Reconciliations to the most comparable GAAP measures are
provided in the attached schedules.
Year-to-Date Results
GAAP Results
EPS was $15.92, compared with the
prior-year amount of $14.67.
Compared with the prior year, total reported sales decreased 1%
to $2.147 billion. By region,
reported sales decreased 1% in the Americas and 1% in Europe and was constant in Asia/Rest of World. Earnings before
taxes amounted to $479.6 million,
compared with $450.3 million in the
prior year.
Non-GAAP Results
Adjusted EPS was $16.30, compared
with the prior-year amount of $15.02.
Compared with the prior year, total sales in local currency was
constant as currency reduced reported sales by 1%. By region,
local currency sales decreased 1% in the Americas and 2% in
Europe and increased 1% in
Asia/Rest of World. Adjusted
Operating Profit amounted to $547.9
million, a 5% increase from the prior-year amount of
$521.8 million.
Adjusted EPS and Adjusted Operating Profit are non-GAAP
measures. Reconciliations to the most comparable GAAP measures are
provided in the attached schedules.
Share Repurchase Authorization
The Company has $0.9 billion
remaining under the current authorization for the share repurchase
program. The Company announced that the Board of Directors
authorized an additional $2.5 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
The Company stated that forecasting continues to be challenging
given the significant uncertainty surrounding COVID-19 and ensuing
impact to the global economic environment. While the Company is
providing an estimate for sales growth and Adjusted EPS for 2020
and 2021, management cautions that market dynamics and impacts
related to COVID-19 are fluid and changes to the business
environment can happen quickly. The estimates include significant
uncertainty and management acknowledges that market conditions are
subject to change.
Based on today's assessment of market conditions, management
anticipates the local currency sales growth in the fourth quarter
2020 will be in the range of 4% to 5%, and Adjusted EPS is
forecasted to be in the range of $8.60 to $8.70, an
increase of 11% to 12%.
For the full year 2020, local currency sales growth is expected
to be approximately 1% and Adjusted EPS is forecasted to be
$24.87 to $24.97, a growth rate of 9% to 10%. This
compares with previous guidance for Adjusted EPS of $22.70 to $23.20.
The Company said that based on its assessment of market
conditions today, management anticipates local currency sales
growth in 2021 to be in the range of 4% to 6%. This sales growth is
expected to result in Adjusted EPS in the range of $27.50 to $28.30. Using the mid-point of 2020
guidance, this would result in Adjusted EPS growth of 10% to
14%.
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
Filliol concluded, "The regional dynamics surrounding COVID-19
continue to change rapidly and the outlook for the global economy
remains uncertain. We remain focused on factors we can control,
namely ensuring the safety of our employees while serving our
customers, the majority of which are in essential end markets
including life sciences and food manufacturing. We continue to
launch leading-edge instruments and services and have adapted our
innovative digital sales and marketing approaches to ensure our
go-to-market approach is highly effective given current market
conditions. As we look to the remainder of 2020 and to 2021, we
believe we will continue to gain share and deliver solid results.
We will remain agile and adapt as necessary to changes in market
conditions."
Other Matters
The Company will host a conference call to discuss its quarterly
results today (Thursday, Nov 5) 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, 2019 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
|
|
|
|
|
|
|
|
September 30,
2020
|
|
% of sales
|
|
September 30,
2019
|
|
% of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$807,357
|
|
(a)
|
|
100.0
|
|
|
|
|
$753,866
|
|
|
|
100.0
|
|
|
Cost of
sales
|
|
|
337,749
|
|
|
|
41.8
|
|
|
|
|
318,810
|
|
|
|
42.3
|
|
|
Gross
profit
|
|
|
469,608
|
|
|
|
58.2
|
|
|
|
|
435,056
|
|
|
|
57.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
34,656
|
|
|
|
4.3
|
|
|
|
|
36,015
|
|
|
|
4.8
|
|
|
Selling, general and
administrative
|
|
|
204,974
|
|
|
|
25.4
|
|
|
|
|
202,826
|
|
|
|
26.9
|
|
|
Amortization
|
|
|
14,121
|
|
|
|
1.7
|
|
|
|
|
12,329
|
|
|
|
1.6
|
|
|
Interest
expense
|
|
|
9,310
|
|
|
|
1.2
|
|
|
|
|
9,800
|
|
|
|
1.3
|
|
|
Restructuring
charges
|
|
|
4,570
|
|
|
|
0.6
|
|
|
|
|
6,732
|
|
|
|
0.9
|
|
|
Other charges
(income), net
|
|
|
(3,832)
|
|
|
|
(0.5)
|
|
|
|
|
(2,005)
|
|
|
|
(0.3)
|
|
|
Earnings before
taxes
|
|
|
205,809
|
|
|
|
25.5
|
|
|
|
|
169,359
|
|
|
|
22.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
taxes
|
|
|
44,042
|
|
|
|
5.5
|
|
|
|
|
39,964
|
|
|
|
5.3
|
|
|
Net
earnings
|
|
|
$161,767
|
|
|
|
20.0
|
|
|
|
|
$129,395
|
|
|
|
17.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
$6.76
|
|
|
|
|
|
|
|
|
$5.28
|
|
|
|
|
|
|
Weighted average
number of common shares
|
|
|
23,922,272
|
|
|
|
|
|
|
|
|
24,487,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
$6.68
|
|
|
|
|
|
|
|
|
$5.20
|
|
|
|
|
|
|
Weighted average
number of common
|
|
|
24,225,204
|
|
|
|
|
|
|
|
|
24,880,179
|
|
|
|
|
|
|
and common
equivalent shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Local currency sales
increased 6% as compared to the same period in 2019.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
|
September 30,
2020
|
|
% of sales
|
|
September 30,
2019
|
|
% of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before
taxes
|
|
|
$205,809
|
|
|
|
|
|
|
|
|
$169,359
|
|
|
|
|
|
|
Amortization
|
|
|
14,121
|
|
|
|
|
|
|
|
|
12,329
|
|
|
|
|
|
|
Interest
expense
|
|
|
9,310
|
|
|
|
|
|
|
|
|
9,800
|
|
|
|
|
|
|
Restructuring
charges
|
|
|
4,570
|
|
|
|
|
|
|
|
|
6,732
|
|
|
|
|
|
|
Other charges
(income), net
|
|
|
(3,832)
|
|
|
|
|
|
|
|
|
(2,005)
|
|
|
|
|
|
|
Adjusted operating
profit
|
|
|
$229,978
|
|
(b)
|
|
28.5
|
|
|
|
|
$196,215
|
|
|
|
26.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
|
Adjusted operating
profit increased 17% as compared to the same period in
2019.
|
|
|
METTLER-TOLEDO
INTERNATIONAL INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(amounts in
thousands except share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
|
|
|
|
Nine months
ended
|
|
|
|
|
|
|
|
September 30,
2020
|
|
% of sales
|
|
September 30,
2019
|
|
% of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$2,147,192
|
|
(a)
|
|
100.0
|
|
|
|
|
$2,164,684
|
|
(a)
|
|
100.0
|
|
|
Cost of
sales
|
|
|
905,205
|
|
|
|
42.2
|
|
|
|
|
921,771
|
|
|
|
42.6
|
|
|
Gross
profit
|
|
|
1,241,987
|
|
|
|
57.8
|
|
|
|
|
1,242,913
|
|
|
|
57.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
100,236
|
|
|
|
4.7
|
|
|
|
|
108,650
|
|
|
|
5.0
|
|
|
Selling, general and
administrative
|
|
|
593,852
|
|
|
|
27.7
|
|
|
|
|
612,466
|
|
|
|
28.3
|
|
|
Amortization
|
|
|
42,008
|
|
|
|
2.0
|
|
|
|
|
36,877
|
|
|
|
1.7
|
|
|
Interest
expense
|
|
|
29,111
|
|
|
|
1.3
|
|
|
|
|
27,776
|
|
|
|
1.3
|
|
|
Restructuring
charges
|
|
|
7,335
|
|
|
|
0.3
|
|
|
|
|
11,146
|
|
|
|
0.5
|
|
|
Other charges
(income), net
|
|
|
(10,118)
|
|
|
|
(0.5)
|
|
|
|
|
(4,253)
|
|
|
|
(0.2)
|
|
|
Earnings before
taxes
|
|
|
479,563
|
|
|
|
22.3
|
|
|
|
|
450,251
|
|
|
|
20.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
taxes
|
|
|
93,119
|
|
|
|
4.3
|
|
|
|
|
81,891
|
|
|
|
3.8
|
|
|
Net
earnings
|
|
|
$386,444
|
|
|
|
18.0
|
|
|
|
|
$368,360
|
|
|
|
17.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
$16.13
|
|
|
|
|
|
|
|
|
$14.93
|
|
|
|
|
|
|
Weighted average
number of common shares
|
|
|
23,963,311
|
|
|
|
|
|
|
|
|
24,677,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
$15.92
|
|
|
|
|
|
|
|
|
$14.67
|
|
|
|
|
|
|
Weighted average
number of common
|
|
|
24,272,354
|
|
|
|
|
|
|
|
|
25,103,173
|
|
|
|
|
|
|
and common
equivalent shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Local currency sales
were flat compared to the same period in 2019.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
|
|
|
|
Nine months
ended
|
|
|
|
|
|
|
|
September 30,
2020
|
|
% of sales
|
|
September 30,
2019
|
|
% of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before
taxes
|
|
|
$479,563
|
|
|
|
|
|
|
|
|
$450,251
|
|
|
|
|
|
|
Amortization
|
|
|
42,008
|
|
|
|
|
|
|
|
|
36,877
|
|
|
|
|
|
|
Interest
expense
|
|
|
29,111
|
|
|
|
|
|
|
|
|
27,776
|
|
|
|
|
|
|
Restructuring
charges
|
|
|
7,335
|
|
|
|
|
|
|
|
|
11,146
|
|
|
|
|
|
|
Other charges
(income), net
|
|
|
(10,118)
|
|
|
|
|
|
|
|
|
(4,253)
|
|
|
|
|
|
|
Adjusted operating
profit
|
|
|
$547,899
|
(b)
|
|
25.5
|
|
|
|
|
$521,797
|
|
|
|
24.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
|
Adjusted operating
profit increased 5% as compared to the same period in
2019.
|
|
|
|
METTLER-TOLEDO
INTERNATIONAL INC.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(amounts in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2020
|
|
|
December 31,
2019
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$153,686
|
|
|
|
|
$207,785
|
|
Accounts receivable,
net
|
|
|
521,777
|
|
|
|
|
566,256
|
|
Inventories
|
|
|
292,329
|
|
|
|
|
274,285
|
|
Other current assets
and prepaid expenses
|
|
|
78,528
|
|
|
|
|
61,321
|
|
Total current
assets
|
|
|
1,046,320
|
|
|
|
|
1,109,647
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
758,010
|
|
|
|
|
748,657
|
|
Goodwill and other
intangibles assets, net
|
|
|
740,873
|
|
|
|
|
742,221
|
|
Other non-current
assets
|
|
|
221,333
|
|
|
|
|
188,796
|
|
Total
assets
|
|
|
$2,766,536
|
|
|
|
|
$2,789,321
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
and maturities of long-term debt
|
|
|
$55,111
|
|
|
|
|
$55,868
|
|
Trade accounts
payable
|
|
|
146,646
|
|
|
|
|
185,592
|
|
Accrued and other
current liabilities
|
|
|
562,324
|
|
|
|
|
513,052
|
|
Total current
liabilities
|
|
|
764,081
|
|
|
|
|
754,512
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
1,169,136
|
|
|
|
|
1,235,350
|
|
Other non-current
liabilities
|
|
|
390,252
|
|
|
|
|
378,679
|
|
Total
liabilities
|
|
|
2,323,469
|
|
|
|
|
2,368,541
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
443,067
|
|
|
|
|
420,780
|
|
Total liabilities and
shareholders' equity
|
|
|
$2,766,536
|
|
|
|
|
$2,789,321
|
|
|
|
|
|
|
|
|
|
|
|
|
METTLER-TOLEDO
INTERNATIONAL INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(amounts in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
Cash flow from
operating activities:
|
|
|
|
|
|
|
|
Net earnings
|
$161,767
|
|
$129,395
|
|
$386,444
|
|
$368,360
|
Adjustments to reconcile net earnings to
|
|
|
|
|
|
|
|
net cash provided by
operating activities:
|
|
|
|
|
|
|
|
Depreciation
|
10,622
|
|
9,958
|
|
30,949
|
|
29,348
|
Amortization
|
14,121
|
|
12,329
|
|
42,008
|
|
36,877
|
Deferred tax
benefit
|
(2,420)
|
|
(3,082)
|
|
(6,990)
|
|
(17,963)
|
Other
|
4,430
|
|
4,465
|
|
13,248
|
|
13,255
|
Increase (decrease)
in cash resulting from changes in
|
|
|
|
|
|
|
|
operating
assets and liabilities
|
36,559
|
|
22,811
|
|
8,171
|
|
(28,136)
|
Net cash provided by operating activities
|
225,079
|
|
175,876
|
|
473,830
|
|
401,741
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Proceeds from sale of property, plant and equipment
|
1,021
|
|
32
|
|
3,046
|
|
1,248
|
Purchase of property, plant and equipment
|
(20,339)
|
|
(26,928)
|
|
(57,428)
|
|
(71,627)
|
Acquisitions
|
-
|
|
(1,500)
|
|
(6,242)
|
|
(2,004)
|
Net hedging settlements on intercompany loans
|
(140)
|
|
(2,873)
|
|
(9,421)
|
|
(4,099)
|
Net cash used in investing activities
|
(19,458)
|
|
(31,269)
|
|
(70,045)
|
|
(76,482)
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from borrowings
|
72,262
|
|
168,881
|
|
1,148,360
|
|
807,711
|
Repayments of borrowings
|
(63,066)
|
|
(128,066)
|
|
(1,231,191)
|
|
(660,795)
|
Proceeds from exercise of stock options
|
8,444
|
|
159
|
|
26,194
|
|
37,916
|
Repurchases of common stock
|
(199,999)
|
|
(186,250)
|
|
(399,999)
|
|
(558,749)
|
Acquisition contingent consideration payment
|
-
|
|
-
|
|
-
|
|
(10,000)
|
Other financing activities
|
-
|
|
-
|
|
(800)
|
|
1,753
|
Net cash used in financing activities
|
(182,359)
|
|
(145,276)
|
|
(457,436)
|
|
(382,164)
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
3,147
|
|
(3,236)
|
|
(448)
|
|
(671)
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
26,409
|
|
(3,905)
|
|
(54,099)
|
|
(57,576)
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
Beginning of period
|
127,277
|
|
124,439
|
|
$207,785
|
|
178,110
|
End of period
|
$153,686
|
|
$120,534
|
|
$153,686
|
|
$120,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET
CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH
FLOW
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$225,079
|
|
$175,876
|
|
$473,830
|
|
$401,741
|
Payments in respect of restructuring activities
|
1,634
|
|
2,604
|
|
6,261
|
|
9,450
|
Transition tax payment
|
4,264
|
|
-
|
|
4,264
|
|
4,289
|
Proceeds from sale of property, plant and equipment
|
1,021
|
|
32
|
|
3,046
|
|
1,248
|
Purchase of property, plant and equipment
|
(20,339)
|
|
(26,928)
|
|
(57,428)
|
|
(71,627)
|
Adjusted free cash
flow
|
$211,659
|
|
$151,584
|
|
$429,973
|
|
$345,101
|
|
|
|
|
|
|
|
|
|
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
September 30, 2020
|
|
|
9%
|
|
2%
|
|
11%
|
|
7%
|
|
|
|
Nine Months Ended
September 30, 2020
|
|
|
(1%)
|
|
(1%)
|
|
0%
|
|
(1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local Currency Sales
Growth (Decrease)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2020
|
|
|
4%
|
|
3%
|
|
10%
|
|
6%
|
|
|
|
Nine Months Ended
September 30, 2020
|
|
|
(2%)
|
|
(1%)
|
|
1%
|
|
0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
DILUTED EPS AS REPORTED TO ADJUSTED DILUTED
EPS
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
Nine months
ended
|
|
|
September
30,
|
September
30,
|
|
|
2020
|
|
2019
|
|
% Growth
|
|
2020
|
|
2019
|
|
% Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS as reported,
diluted
|
$6.68
|
|
$5.20
|
|
28%
|
|
$15.92
|
|
$14.67
|
|
9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
charges, net of tax
|
0.15
|
(a)
|
0.22
|
(a)
|
|
|
0.24
|
(a)
|
0.36
|
(a)
|
|
Purchased intangible
amortization, net of tax
|
0.12
|
(b)
|
0.11
|
(b)
|
|
|
0.35
|
(b)
|
0.32
|
(b)
|
|
Income tax
expense
|
0.07
|
(c)
|
0.24
|
(c)
|
|
|
(0.21)
|
(c)
|
(0.33)
|
(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS,
diluted
|
$7.02
|
|
$5.77
|
|
22%
|
|
$16.30
|
|
$15.02
|
|
9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Represents the EPS
impact of restructuring charges of $4.6 million ($3.6 million after
tax) and $6.7 million ($5.4 million after tax) for the three months
ended September 30, 2020 and 2019, and $7.3 million ($5.8 million
after tax) and $11.1 million ($8.9 million after tax) for the nine
months ended September 30, 2020 and 2019, respectively, which
primarily include employee related costs.
|
(b)
|
Represents the EPS
impact of purchased intangibles amortization of $3.8 million ($2.8
million after tax) and $3.7 million ($2.8 million after tax) for
the three months ended September 30, 2020 and 2019, and of $11.2
million ($8.5 million after tax) and $10.6 million ($8.0 million
after tax) for the nine months ended September 30, 2020 and 2019,
respectively.
|
(c)
|
Represents the EPS
impact of the difference between our quarterly and estimated annual
tax rate before non-recurring discrete items during the three and
nine months ended September 30, 2020 and 2019 due to the timing of
excess tax benefits associated with stock option
exercises.
|
View original
content:http://www.prnewswire.com/news-releases/mettler-toledo-international-inc-reports-third-quarter-2020-results-301167507.html
SOURCE Mettler-Toledo International Inc.