Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener.
On Feb. 5, 2009,
reported a marginal decline in its Q4 FY08 earnings, hurt by after-tax restructuring charge of $4.70 million, or $0.14 per share. Net profit for the latest fourth declined to $62.92 million from $63.27 million. However, EPS improved to $1.84 per share from $1.72 per share on lower share count. Excluding one-time charges, earnings grew 15.6% to $2.00 per share from $1.73 per share, which topped the consensus estimate of $1.89 per share.
Net sales declined 4.3% to $509.69 million from $532.84 million a year ago, negatively hurt by 5.0% exchange rates. Geographically, local currency sales increased 1.0% in Europe and 6.0% in Asia & Rest of World and declined 3.0% in the Americas.
Mettler-Toledo initiated a cost-reduction program, which includes a workforce reduction of about 600 people or 5.0% of its total and other cost-containment measures. As a result, the company will record pretax restructuring charges, consisting principally of severance-related costs, of approximately $15.00 million to $20.00 million of which $6.40 million was recorded in Q4 FY08. The remaining amount will be substantially recognized in early 2009. The program is expected to reduce operating costs by more than $40.00 million annually.
For FY08, net earnings soared 13.6% to $202.78 million or $5.79 per share from $178.51 million or $4.70 per share in FY07. Adjusted earnings rose 23.2% to $5.84 per share from $4.74 per share. Annual net sales increased 10.0% to $1.97 billion from $1.79 billion in the preceding year.
Looking forward, Mettler-Toledo expects its Q1 FY09 local currency sales to decline by 6.0% to 8.0% and adjusted EPS in the range of $0.80 to $0.90, a decline of 11.0% to 21.0%. For FY09, MTD forecasts adjusted EPS in the range of $4.80 to $5.30 on local currency sales growth in the range of negative 4.0% to negative 8.0%.
A detailed report covering this quarterly release is now available. To purchase the report, click here.