- Strong Operating Results -
- EPS Outlook Increased for 2008 -
COLUMBUS, Ohio, April 24 /PRNewswire-FirstCall/ -- Mettler-ToledoInternational Inc. (NYSE: MTD) today announced first quarter results for 2008.Here are the highlights:
-- Sales growth in local currency was 5%. Reported sales growth was 13%, which included an 8% currency benefit. -- Net earnings per diluted share as reported (EPS) were $1.06, an increase of 36% over the first quarter 2007 amount of $0.78. Adjusted EPS was $1.01, an increase of 26% over the prior year amount of $0.80. Adjusted EPS is a non-GAAP measure and a reconciliation to EPS is provided on the last page of the attached schedules. -- Projected 2008 EPS is estimated at $5.43 to $5.53. Adjusted EPS is also estimated at $5.43 to $5.53 and excludes $0.07 per share for purchased intangible amortization expense and $0.07 per share gain for a discrete tax item.
First Quarter Results
Olivier Filliol, President and Chief Executive Officer, stated, 'We haveseen continued solid momentum in our business. Sales growth was in line withour expectations and, combined with good gross margin expansion, drove stronggrowth in operating profit and EPS.'
EPS was $1.06, an increase of 36% over the prior year amount of $0.78.Adjusted EPS was $1.01, an increase of 26% over the prior year amount of$0.80.
Sales were $439.0 million, compared with $387.8 million in the prior year,an increase of 5% in local currency sales. Reported sales growth was 13%,which included an 8% favorable currency benefit. By region, local currencysales growth was 4% in Europe, 0% in the Americas and 18% in Asia / Rest ofWorld. Adjusted operating income amounted to $58.3 million, a 20% increaseover the prior year amount of $48.7 million.
Cash flow from operations was $8.2 million, compared with $32.3 million in2007. The Company repurchased 954,200 shares of its stock for $95.6 millionduring the quarter.
Outlook Raised
The Company believes that its local currency sales growth will be in the4% to 6% range and estimates 2008 EPS in the range of $5.43 to $5.53.
Adjusted 2008 EPS is also estimated in the range of $5.43 to $5.53 andrepresents a 15% to 17% increase over 2007. Previously the Company providedguidance for Adjusted 2008 EPS in the range of $5.30 to $5.45. Adjusted 2008EPS excludes $0.07 per share for purchased intangibles amortization expenseand $0.07 per share gain for a discrete tax item.
For the second quarter, the Company estimates EPS in the range of $1.24 to$1.26. Adjusted EPS is estimated in the range of $1.26 to $1.28, whichrepresents a 16% to 17% increase over the prior year quarter.
Conclusion
Filliol concluded, 'Our product pipeline is as robust as ever, and ourprograms surrounding excellence in sales and marketing, emerging markets andcost leadership remain well on track. We remain confident in our ability toexecute our strategic initiatives. Given the economic uncertainty, we willcautiously manage our expense growth.'
Other Matters
The Company has provided a reconciliation of earnings before taxes, themost comparable U.S. GAAP measure, to adjusted operating income in theattached schedules.
The Company will host a conference call to discuss its first quarterresults today (Thursday, April 24) at 5:00 p.m. Eastern Time. To hear a livewebcast or replay of the call, visit the investor relations page on theCompany's website at www.mt.com .
METTLER TOLEDO is a leading global supplier of precision instruments andservices. The Company is the world's largest manufacturer and marketer ofweighing instruments for use in laboratory, industrial and food retailingapplications. The Company also holds top-three market positions in severalrelated analytical instruments and is a leading provider of automatedchemistry systems used in drug and chemical compound discovery anddevelopment.
