Mettler-Toledo Reports Fourth Quarter 2014 Results

COLUMBUS, Ohio, Feb. 5, 2015 /PRNewswire/ -- Mettler-Toledo International Inc. (NYSE: MTD) today announced fourth quarter results for 2014.  Provided below are the highlights:

  • Sales in local currency increased 6% in the quarter compared with the prior year.  Reported sales increased 2% as currency reduced sales growth by 4% in the quarter.
  • Net earnings per diluted share as reported (EPS) were $4.17, compared with $3.63 in the fourth quarter of 2013.  Adjusted EPS was $4.24, an increase of 11% over the prior-year amount of $3.82.  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. 

Fourth Quarter Results

Olivier Filliol, President and Chief Executive Officer, stated, "We ended the year with very solid broad-based sales growth in the fourth quarter.  Growth in Europe exceeded expectations and I am pleased with our continued strong execution in this region.  We also continue to perform well in the Americas where market conditions remain favorable.  We had solid results in Asia / Rest of World and China's sales met expectations although weakness in certain industrial end markets continues to limit its growth.  EPS growth was good as we continue to benefit from our ongoing margin enhancement and cost control initiatives.  Finally, we had excellent cash flow generation in the quarter and for the full year." 

EPS in the quarter was $4.17, compared with the prior-year amount of $3.63.  Adjusted EPS was $4.24, an increase of 11% over the prior-year amount of $3.82.  

Sales were $697.4 million, a 6% increase in local currency sales, compared with $684.3 million in the prior-year quarter.  Reported sales increased 2% as currency reduced sales growth by 4% in the quarter.  By region, local currency sales increased 6% in both Europe and the Americas and 5% in Asia / Rest of World as compared to the prior year.  Adjusted operating income amounted to $176.3 million, a 7% increase from the prior-year amount of $165.0 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 $140.7 million, compared with $108.5 million in the prior-year quarter.

Full Year Results

EPS in 2014 was $11.44, compared with the prior-year amount of $9.96.  Adjusted EPS was $11.72, an increase of 11% over the prior-year amount of $10.58.  

Sales were $2.486 billion, a 5% increase in local currency sales, compared with $2.379 billion in the prior-year period.  Reported sales increased 4% as currency reduced sales growth by 1% for the full year.  By region, local currency sales increased 5% in Europe, 6% in the Americas and 4% in Asia / Rest of World as compared to the prior year.  Adjusted operating income amounted to $506.9 million, a 7% increase from the prior-year amount of $472.9 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 $418.9 million, compared with $345.9 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 in the range of 4% to 5% and Adjusted EPS in the range of $12.70 to $12.90, an increase of 8% to 10%. 

The Company said that based on its assessment of market conditions today, management anticipates local currency sales growth in the first quarter of 2015 will be in the range of 4% to 5%.  This sales growth is expected to result in Adjusted EPS in the range of $2.13 to $2.18, an increase of 7% to 9%.

The Company also stated that the above guidance reflects the estimated impact of recent changes in foreign exchange rates.  Specifically, assuming foreign exchange rates remain constant at current levels, the Company estimates that Adjusted EPS growth is reduced by approximately 4% for the full year 2015 and by approximately 5% in the first quarter 2015 as compared to the foreign exchange rate environment that was in place last year.  This reduction in earnings growth includes the impact of previously-disclosed Swiss Franc / Euro foreign currency forward contracts.    

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.  

To read full press release, please click here.

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