Mettler-Toledo International, Inc. MTD

COLUMBUS, Ohio, Feb. 4, 2021 /PRNewswire/ -- Mettler-Toledo International Inc. (NYSE: MTD) today announced fourth quarter results for 2020.  Provided below are the highlights:

• Reported sales increased 11% compared with the prior year. In local currency, sales increased 7% in the quarter as currency benefited reported sales growth by 4%.
• Net earnings per diluted share as reported (EPS) were $9.03, compared with $7.84 in the prior-year period. Adjusted EPS was $9.26, an increase of 19% over the prior-year amount of $7.78. Adjusted EPS is a non-GAAP measure, and a reconciliation to EPS is included on the last page of the attached schedules.

Quarterly Results

Olivier Filliol, President and Chief Executive Officer, stated, "We ended the year with very good sales growth in all regions, with particularly strong growth in our Laboratory business and in China. We benefited from strong execution and were well positioned to capture growth as customer demand improved, however, we continued to be negatively impacted by COVID-19 in certain businesses and end markets. Strong sales growth, combined with good cost control and the benefit of our ongoing margin and productivity initiatives, contributed to strong growth in Adjusted Operating Profit and Adjusted EPS. Finally, cash flow generation in the quarter, and for the full year, was excellent."

GAAP Results
EPS in the quarter was $9.03, compared with the prior-year amount of $7.84.  

Compared with the prior year, total reported sales increased 11% to $938.0 million.  By region, reported sales increased 8% in the Americas, 14% in Europe and 12% in Asia/Rest of World. Earnings before taxes amounted to $269.2 million, compared with $231.1 million in the prior year. 

Non-GAAP Results
Adjusted EPS was $9.26, an increase of 19% over the prior-year amount of $7.78.     

Compared with the prior year, total sales in local currency increased 7% as currency benefited sales growth by 4%.  By region, local currency sales increased 8% in the Americas, 7% in Europe and 8% in Asia/Rest of World.  Adjusted Operating Profit amounted to $292.8 million, a 14% increase from the prior-year amount of $256.3 million. 

Adjusted EPS and Adjusted Operating Profit are non-GAAP measures. Reconciliations to the most comparable GAAP measures are provided in the attached schedules.

Year-to-Date Results

GAAP Results
EPS for the year was $24.91, compared with the prior-year amount of $22.47.

Compared with the prior year, total reported sales increased 3% to $3.085 billion.  By region, reported sales increased 1% in the Americas, 3% in Europe and 3% in Asia/Rest of World.  Earnings before taxes amounted to $748.7 million, compared with $681.4 million in the prior year. 

Non-GAAP Results
Adjusted EPS was $25.72, an increase of 13% over the prior-year amount of $22.77.     

Compared with the prior year, total sales in local currency increased 2% as currency increased reported sales by 1%.  By region, local currency sales increased 2% in the Americas, 1% in Europe and 3% in Asia/Rest of World.  Adjusted Operating Profit amounted to $840.7 million, an 8% increase from the prior-year amount of $778.1 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 stated that forecasting continues to be challenging given the uncertainty surrounding COVID-19 and ensuing impact to the global economic environment. Management cautions that market dynamics and impacts related to COVID-19 are fluid and changes to the business environment can happen quickly. The estimates include significant 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 5% to 7%, and Adjusted EPS is forecasted to be in the range of $29.20 to $29.80, an increase of 14% to 16%.  This compares with previous guidance of Adjusted EPS in the range of $27.50 to $28.30.

For the first quarter of 2021, based on current market conditions, the Company anticipates that local currency sales growth will be in the range of 11% to 13%, and Adjusted EPS is forecasted to be $5.55 to $5.70, a growth rate of 39% to 43%.

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

Filliol concluded, "In 2020, we strengthened our franchise with our ability to support our customers, while prioritizing on the safety of our employees and customers. We differentiated from competition by leveraging and quickly adjusting our digital sales and marketing and Go-to-Market approaches to identify and pursue pockets of growth and effectively engage with customers. Our agility in responding to the unprecedented market conditions led to further share gains that would not have been possible without our Spinnaker sales and marketing foundation, excellent product portfolio, world-class service organization and strong culture of execution. We are in a strong position to capitalize on growth as customer demand improves throughout the world. While uncertainty remains surrounding the ultimate impact to the economy from COVID-19, we will continue to focus on serving our customers and driving our growth and margin initiatives. We will remain agile and adapt to changes in market conditions as necessary. We have good momentum as we enter 2021 and believe we are well positioned to continue to gain share and deliver strong results."

Other Matters

The Company will host a conference call to discuss its quarterly results today (Thursday, Feb. 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 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, 2019 and other reports filed with the SEC from time to time.

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SOURCE Mettler-Toledo International Inc.