COLUMBUS, Ohio, May 6, 2021 /PRNewswire/ -- Mettler-Toledo
International Inc. (NYSE: MTD) today announced first quarter
results for 2021. Provided below are the highlights:
- Reported sales increased 24% compared with the prior
year. In local currency, sales increased 18% in the quarter
as currency benefited reported sales growth by
6%.
- Net earnings per diluted share as reported (EPS) were
$6.32, compared with $4.03 in the prior-year period. Adjusted
EPS was $6.56, an increase of
64% over the prior-year amount of $4.00. Adjusted EPS is a non-GAAP measure,
and a reconciliation to EPS is included on the last page of the
attached schedules.
First Quarter Results
Patrick Kaltenbach, President and
Chief Executive Officer, stated, "We have had an excellent start to
the year with strong broad-based sales growth in all regions.
China in particular had
outstanding performance, and our results in the Americas and
Europe were also better than
expected. We capitalized on robust market demand and executed well
to meet customer needs. Outstanding sales growth, combined with
continued good cost control and the execution of our margin and
productivity initiatives, resulted in excellent growth in Adjusted
Operating Profit, Adjusted EPS and cash flow generation."
GAAP Results
EPS in the quarter was $6.32,
compared with the prior-year amount of $4.03.
Compared with the prior year, total reported sales increased 24%
to $804.4 million. By region,
reported sales increased 15% in the Americas, 24% in Europe and 37% in Asia/Rest of World. Earnings before taxes
amounted to $185.4 million, compared
with $118.5 million in the prior
year.
Non-GAAP Results
Adjusted EPS was $6.56, an
increase of 64% over the prior-year amount of $4.00.
Compared with the prior year, total sales in local currency
increased 18% as currency benefited sales growth by 6%. By
region, local currency sales increased 14% in the Americas, 14% in
Europe and 29% in Asia/Rest of World. Adjusted Operating
Profit amounted to $210.7 million, a
49% increase from the prior-year amount of $141.3 million.
Adjusted EPS and Adjusted Operating Profit are non-GAAP
measures. Reconciliations to the most comparable GAAP measures are
provided in the attached schedules.
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
|
|
|
|
|
|
|
Weighted average
number of common shares
|
|
|
23,365,077
|
|
|
|
|
|
|
|
|
24,027,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
$6.32
|
|
|
|
|
|
|
|
|
$4.03
|
|
|
|
|
|
|
Weighted average
number of common
|
|
|
23,685,665
|
|
|
|
|
|
|
|
|
24,353,477
|
|
|
|
|
|
|
and common
equivalent shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Local currency sales increased 18% as
compared to the same period in 2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
|
March 31,
2021
|
|
% of sales
|
|
March 31,
2020
|
|
% of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before
taxes
|
|
|
$185,414
|
|
|
|
|
|
|
|
|
$118,499
|
|
|
|
|
|
|
Amortization
|
|
|
13,884
|
|
|
|
|
|
|
|
|
13,998
|
|
|
|
|
|
|
Interest
expense
|
|
|
9,471
|
|
|
|
|
|
|
|
|
10,219
|
|
|
|
|
|
|
Restructuring
charges
|
|
|
1,193
|
|
|
|
|
|
|
|
|
1,905
|
|
|
|
|
|
|
Other charges
(income), net
|
|
|
710
|
|
|
|
|
|
|
|
|
(3,343)
|
|
|
|
|
|
|
Adjusted operating
profit
|
|
|
$210,672
|
(b)
|
|
|
26.2
|
|
|
|
|
$141,278
|
|
|
|
21.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
Adjusted operating profit increased 49%
as compared to the same period in 2020.
|
|
|
|
METTLER-TOLEDO
INTERNATIONAL INC.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(amounts in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2021
|
|
|
December 31,
2020
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$106,654
|
|
|
|
|
$94,254
|
|
Accounts receivable,
net
|
|
|
574,418
|
|
|
|
|
593,809
|
|
Inventories
|
|
|
321,341
|
|
|
|
|
297,611
|
|
Other current assets
and prepaid expenses
|
|
|
77,795
|
|
|
|
|
71,230
|
|
Total current
assets
|
|
|
1,080,208
|
|
|
|
|
1,056,904
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
780,166
|
|
|
|
|
798,868
|
|
Goodwill and other
intangibles assets, net
|
|
|
939,332
|
|
|
|
|
747,055
|
|
Other non-current
assets
|
|
|
228,662
|
|
|
|
|
211,722
|
|
Total
assets
|
|
|
$3,028,368
|
|
|
|
|
$2,814,549
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
and maturities of long-term debt
|
|
|
$52,505
|
|
|
|
|
$50,317
|
|
Trade accounts
payable
|
|
|
189,289
|
|
|
|
|
175,801
|
|
Accrued and other
current liabilities
|
|
|
600,015
|
|
|
|
|
614,209
|
|
Total current
liabilities
|
|
|
841,809
|
|
|
|
|
840,327
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
1,561,054
|
|
|
|
|
1,284,174
|
|
Other non-current
liabilities
|
|
|
422,862
|
|
|
|
|
407,373
|
|
Total
liabilities
|
|
|
2,825,725
|
|
|
|
|
2,531,874
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
202,643
|
|
|
|
|
282,675
|
|
Total liabilities and
shareholders' equity
|
|
|
$3,028,368
|
|
|
|
|
$2,814,549
|
|
|
|
|
|
|
|
|
|
|
|
|
METTLER-TOLEDO
INTERNATIONAL INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(amounts in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Cash flow from
operating activities:
|
|
|
|
|
|
|
Net earnings
|
|
|
$149,663
|
|
$98,115
|
|
Adjustments to reconcile net earnings to
|
|
|
|
|
|
|
net cash provided by
operating activities:
|
|
|
|
|
|
|
Depreciation
|
|
|
10,943
|
|
10,133
|
|
Amortization
|
|
|
13,884
|
|
13,998
|
|
Deferred tax
benefit
|
|
|
(5,068)
|
|
(3,718)
|
|
Other
|
|
|
4,575
|
|
4,395
|
|
Decrease in cash
resulting from changes in
|
|
|
|
|
|
|
operating
assets and liabilities
|
|
|
(15,120)
|
|
(57,408)
|
|
Net cash provided by operating activities
|
|
|
158,877
|
|
65,515
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
|
|
(24,605)
|
|
(18,835)
|
|
Acquisitions
|
|
|
(185,074)
|
|
(5,610)
|
|
Net hedging settlements on intercompany loans
|
|
|
18,226
|
|
(10,008)
|
|
Net cash used in investing activities
|
|
|
(191,453)
|
|
(34,453)
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
Proceeds from borrowings
|
|
|
827,991
|
|
832,268
|
|
Repayments of borrowings
|
|
|
(523,146)
|
|
(551,319)
|
|
Proceeds from exercise of stock options
|
|
|
5,049
|
|
7,135
|
|
Repurchases of common stock
|
|
|
(262,500)
|
|
(200,000)
|
|
Other financing activities
|
|
|
(714)
|
|
(800)
|
|
Net cash provided by financing activities
|
|
|
46,680
|
|
87,284
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
(1,704)
|
|
(2,546)
|
|
|
|
|
|
|
|
|
|
Net increase in cash
and cash equivalents
|
|
|
12,400
|
|
115,800
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
Beginning of period
|
|
|
94,254
|
|
207,785
|
|
End of period
|
|
|
$106,654
|
|
$323,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET
CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH
FLOW
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
|
$158,877
|
|
$65,515
|
|
Payments in respect of restructuring activities
|
|
|
4,573
|
|
1,626
|
|
Payments for acquisition costs
|
|
|
117
|
|
-
|
|
Purchase of property, plant and equipment
|
|
|
(24,605)
|
|
(18,835)
|
|
Adjusted free cash
flow
|
|
|
$138,962
|
|
$48,306
|
|
|
|
|
|
|
|
|
|
METTLER-TOLEDO
INTERNATIONAL INC.
|
OTHER OPERATING
STATISTICS
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
SALES GROWTH BY
DESTINATION
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Europe
|
|
Americas
|
|
Asia/RoW
|
|
Total
|
|
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|
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|
|
|
|
|
|
|
U.S. Dollar Sales
Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2021
|
|
|
24%
|
|
15%
|
|
37%
|
|
24%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local Currency Sales
Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2021
|
|
|
14%
|
|
14%
|
|
29%
|
|
18%
|
|
|
|
|
|
|
|
|
|
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|
RECONCILIATION OF
DILUTED EPS AS REPORTED TO ADJUSTED DILUTED
EPS
|
(unaudited)
|
|
|
|
|
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|
|
|
|
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|
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|
Three months
ended
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
|
2021
|
|
|
2020
|
|
% Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS as reported,
diluted
|
|
|
|
|
$6.32
|
|
|
$4.03
|
|
57%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased intangible
amortization, net of tax
|
|
|
|
|
0.12
|
(a)
|
|
0.12
|
(a)
|
|
|
|
Restructuring
charges, net of tax
|
|
|
|
|
0.04
|
(b)
|
|
0.06
|
(b)
|
|
|
|
Acquisition costs,
net of tax
|
|
|
|
|
0.10
|
(c)
|
|
-
|
|
|
|
|
Income tax
expense
|
|
|
|
|
(0.02)
|
(d)
|
|
(0.21)
|
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS,
diluted
|
|
|
|
|
$6.56
|
|
|
$4.00
|
|
64%
|
|
|
|
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|
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|
|
|
Notes:
|
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|
(a)
|
Represents the EPS
impact of purchased intangibles amortization of $3.8 million ($2.9
million after tax) and $3.7 million ($2.8 million after tax) for
the three months ended March 31, 2021 and 2020,
respectively.
|
(b)
|
Represents the EPS
impact of restructuring charges of $1.2 million ($1.0 million after
tax) and $1.9 million ($1.5 million after tax) for the three months
ended March 31, 2021 and 2020, respectively, which primarily
include employee related costs.
|
(c)
|
Represents the EPS
impact of acquisition costs of $2.8 million ($2.3 million after
tax) for the three months ended March 31, 2021.
|
(d)
|
Represents the EPS
impact of the difference between our quarterly and estimated annual
tax rate before non-recurring discrete items during the three
months ended March 31, 2021 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-first-quarter-2021-results-301286119.html
SOURCE Mettler-Toledo International Inc.