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Mettler-Toledo International Inc. Reports Fourth Quarter 2009 Results

COLUMBUS, Ohio, Feb. 4 /PRNewswire-FirstCall/ -- Mettler-Toledo International Inc. (NYSE: MTD) today announced fourth quarter results for 2009.  Provided below are the highlights:
  • Sales in local currency declined by 5% in the quarter compared with the prior year.  Reported sales growth was 0% due to a 5% benefit from currency.
  • Net earnings per diluted share as reported (EPS) were $2.01, compared with $1.84 in the fourth quarter of 2008.  Adjusted EPS was $2.09, a 5% increase over the prior-year amount of $2.00.  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 saw improved business conditions in some segments during the quarter, particularly in China.  With our solid market positions, comprehensive product portfolio and extensive marketing programs, we are benefiting as our markets gradually recover from the economic downturn.  Markets remain challenging in the Americas and Europe in our core industrial and food retailing businesses.  Improved market conditions and the benefits of our cost reduction programs helped us to generate record operating margins in the quarter.  We are pleased that we generated operating profit and EPS growth in the quarter despite the decline in sales.”

EPS was $2.01, compared with the prior-year amount of $1.84.  Adjusted EPS was $2.09, compared with the prior-year amount of $2.00.  

Sales were $511.7 million, a 5% decline in local currency sales, as compared with $509.7 million in the prior year.  Reported sales growth was 0% due to a 5% currency benefit.  By region, local currency sales decreased 10% in Europe and 5% in the Americas.  In Asia / Rest of World, local currency sales increased 3%.  Adjusted operating income amounted to $107.3 million, a 6% increase from the prior-year amount of $101.0 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 $44.1 million, compared with $62.5 million in 2008.

Full Year 2009 Results

EPS was $5.03, compared with the prior-year amount of $5.79.  Adjusted EPS was $5.58, compared with the prior-year amount of $5.84.  

Sales were $1.73 billion, a 10% decline in local currency sales, as compared with $1.97 billion in 2008.  Reported sales declined by 12%, which includes a negative 2% currency impact.  By region, local currency sales decreased 14% in Europe, 11% in the Americas and 2% in Asia / Rest of World.  Adjusted operating income amounted to $294.5 million, a 5% decrease from the prior-year amount of $311.0 million.  

Cash flow from operations was $232.6 million, compared with $223.1 million in 2008.

In the fourth quarter of 2008, the Company announced a Cost Reduction Program aimed at reducing costs by approximately $100 million annually.  The Program, which consisted primarily of work force reductions and other cost efficiency measures, is substantially completed and will meet its target.  Total restructuring charges associated with the Program are expected to be $40 million, of which $37.8 million has been incurred to date.

Bolt-On Acquisitions

Recently, the Company paid approximately $27 million for two small bolt-on acquisitions.  One acquisition, completed at the end of 2009, extends the Company’s offering in the Product Inspection business with vision inspection technology.  The other acquisition, which occurred in early 2010, expands the Company’s market penetration for Liquid Handling products in Europe.  The Company expects these acquisitions will add modestly to sales growth in 2010 and will be neutral to earnings.

Share Repurchase Program

The Company announced that late in the fourth quarter 2009 it re-started its share repurchase program which was suspended in the fourth quarter 2008 due to uncertainty in the global economy and instability in the financial markets.  

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