Mettler-Toledo Reports First Quarter 2011 Results

COLUMBUS, Ohio, May 4, 2011 /PRNewswire/ -- Mettler-Toledo International Inc. (NYSE: MTD) today announced first quarter results for 2011. Provided below are the highlights:

• Sales in local currency increased by 17% in the quarter compared with the prior year. Reported sales growth increased 20%, which includes a 3% benefit from currency.

• Net earnings per diluted share as reported (EPS) were $1.41, compared with $1.10 in the first quarter of 2010. Adjusted EPS was $1.45, a 28% increase over the prior-year amount of $1.13. Adjusted EPS is a non-GAAP measure and excludes purchased intangible amortization, discrete tax items, restructuring charges and other one-time items. A reconciliation to EPS is provided on the last page of the attached schedules.

First Quarter Results

Olivier Filliol, President and Chief Executive Officer, stated, Favorable momentum in our markets continued in the quarter and sales growth was excellent in most product lines and geographic regions. We continue to benefit from the strong execution of our business strategies and had solid growth in operating profit and EPS despite currency headwinds.

EPS was $1.41, compared with the prior-year amount of $1.10. Adjusted EPS was $1.45, an increase of 28% over the prior-year amount of $1.13.

Sales were $498.8 million, a 17% increase in local currency sales, compared with $416.7 million in the prior year. Reported sales growth was 20%, which included a 3% benefit from currency. By region, local currency sales increased 16% in Europe, 12% in the Americas and 25% in Asia / Rest of World. Adjusted operating income amounted to $73.8 million, a 22% increase from the prior-year amount of $60.4 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 $6.5 million, compared with $44.5 million in the prior year.

Outlook

The Company updated its outlook for 2011. Based on todays assessment, management anticipates that local currency sales growth in 2011 will be in the range of 8% to 9% and Adjusted EPS in the range of $7.90 to $8.00, an increase of 14% to 15%. This compares with previous 2011 guidance of Adjusted EPS in the range of $7.70 to $7.80. Adjusted EPS excludes purchased intangible amortization, discrete tax items, restructuring charges and other one-time items.

The Company stated that based on its assessment of market conditions today, management anticipates local currency sales growth in the second quarter 2011 will be in the range of 8% to 9% while Adjusted EPS will be in the range of $1.82 to $1.86, an increase of 17% to 20%.

While the Company has provided an outlook for Adjusted EPS, it has not provided an outlook for EPS. EPS guidance would require an estimate of non-recurring items, which are not yet known.

Conclusion

Filliol concluded, We are pleased with the strong start to the year. While our growth rate for the remainder of 2011 will be against tougher comparisons, we have the strategies and franchise in place to continue to compete successfully in our markets. Our substantial emerging markets presence, sophisticated marketing programs and strong product pipeline position us well for growth. While uncertainty remains in the global economy, I am confident in our ability to continue to execute on our strategies.

Other Matters

The Company will host a conference call to discuss its quarterly results today (Wednesday, May 4) at 5:00 p.m. Eastern Time. To hear a live webcast or replay of the call, visit the investor relations page on the Companys 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 Managements 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.