COLUMBUS, Ohio, May 5, 2016 /PRNewswire/ -- Mettler-Toledo International Inc. (NYSE: MTD) today announced first quarter results for 2016. Provided below are the highlights:
- Sales in local currency increased 4% in the quarter compared with the prior year. Reported sales increased 1% as currency reduced sales growth by 3% in the quarter.
- Net earnings per diluted share as reported (EPS) were $2.40, compared with $2.19 in the prior-year period. Adjusted EPS was $2.46, an increase of 9% over the prior-year amount of $2.25. 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, "We had a solid start to the year with our first quarter results. Americas had another quarter of good sales growth while Europe came in a little below our expectations. Emerging markets had solid growth including growth in China. With good execution and benefit of productivity initiatives, we achieved solid growth in EPS despite currency headwinds."
EPS in the quarter was $2.40, compared with the prior-year amount of $2.19. Adjusted EPS was $2.46, an increase of 9% over the prior-year amount of $2.25.
Sales were $539.7 million, a 4% increase in local currency sales, compared with $535.7 million in the prior-year quarter. Reported sales increased 1% as currency reduced sales growth by 3% in the quarter. As compared to the prior year, local currency sales increased 6% in the Americas and 4% in Asia / Rest of World. In Europe, sales in local currency were constant with the prior year. Adjusted operating income amounted to $102.0 million, a 5% increase from the prior-year amount of $97.3 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 $35.7 million, compared with $58.6 million in the prior-year quarter.
Outlook
The Company updated its outlook for 2016 and noted that forecasting remains challenging.
Based on today's assessment, management anticipates that local currency sales growth in 2016 will be approximately 4% and Adjusted EPS is forecasted to be in the range of $14.25 to $14.35, an increase of 10% to 11%. This compares to previous guidance of local currency sales growth in the range of 3% to 4% and Adjusted EPS in the range of $14.10 to $14.30.
For the second quarter 2016, management anticipates that local currency sales growth will be approximately 4% and Adjusted EPS is forecasted to be in the range of $3.09 to $3.14, an increase of 10% to 12%.
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.
Conclusion
Filliol concluded, "We are pleased with the start to the year but remain cautious on the global economy as uncertainty remains. Our initiatives remain on track and we expect to continue to benefit from new product introductions, Field Turbo investments, Spinnaker sales and marketing programs and continued productivity measures. We are focused on continued strong execution and believe we can continue to generate above-market growth."
Other Matters
The Company will host a conference call to discuss its quarterly results today (Thursday, May 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 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.
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