\nMettler-Toledo International Inc. (NYSE: MTD) today announced first quarter results for 2023. Provided below are the highlights:<\/p>\n
- \n
- \nReported sales increased 3% compared with the prior year. In local currency, sales increased 7% in the quarter as currency reduced sales growth by 4%.<\/p>\n<\/li>\n<\/ul>\n
- \n
- \nNet earnings per diluted share as reported (EPS) were $8.47, compared with $7.55 in the prior-year period. Adjusted EPS was $8.69, an increase of 10% over the prior-year amount of $7.87. Adjusted EPS is a non-GAAP measure, and a reconciliation to EPS is included on the last page of the attached schedules.<\/p>\n<\/li>\n<\/ul>\n
First Quarter Results<\/b><\/p>\n
\nPatrick Kaltenbach, President and Chief Executive Officer, stated, \u201cWe had a very good start to the year with our first quarter results and benefited from broad-based growth across geographic regions and product categories, including very strong momentum in our service business. We were also pleased with our strong execution on margin initiatives and cost control, which resulted in solid growth in Adjusted EPS despite a very significant currency headwind.\u201d<\/p>\n
GAAP Results<\/span><\/p>\n
\nEPS in the quarter was $8.47, compared with the prior-year amount of $7.55.<\/p>\n
\nCompared with the prior year, total reported sales increased 3% to $929 million. By region, reported sales increased 5% in the Americas and 2% in both Europe and Asia\/Rest of World. Earnings before taxes amounted to $226.6 million, compared with $213.0 million in the prior year.<\/p>\n
Non-GAAP Results<\/span><\/p>\n
\nAdjusted EPS was $8.69, an increase of 10% over the prior-year amount of $7.87.<\/p>\n
\nCompared with the prior year, total sales in local currency increased 7% as currency reduced sales growth by 4%. By region, local currency sales increased 6% in both the Americas and Europe and 10% in Asia\/Rest of World. Adjusted Operating Profit amounted to $266.5 million, a 10% increase from the prior-year amount of $241.2 million.<\/p>\n
\nAdjusted EPS and Adjusted Operating Profit are non-GAAP measures. Reconciliations to the most comparable GAAP measures are provided in the attached schedules.<\/p>\n
Outlook<\/b><\/p>\n
\nThe Company stated that forecasting remains challenging. Management cautions that market conditions are dynamic and changes to the business environment can occur quickly. There is uncertainty in the economic environment today, including the risk of recession in many countries, and management acknowledges that market conditions are subject to change.<\/p>\n
\nBased on today’s assessment of market conditions, management anticipates local currency sales growth for the second quarter of 2023 will be approximately 3%, and Adjusted EPS is forecast to be $9.90 to $10.00, a growth rate of 5% to 7%. Included in the second quarter guidance is an estimated 4% headwind to Adjusted EPS growth due to adverse currency.<\/p>\n
\nFor the full year, management anticipates local currency sales growth in 2023 will be approximately 5%, and Adjusted EPS is forecast to be in the range of $43.65 to $43.95, representing growth of approximately 10% to 11%. This compares with previous local currency sales growth guidance of approximately 5% and Adjusted EPS guidance of $43.55 to $43.95. Included in the 2023 guidance is an estimated 2% headwind to Adjusted EPS growth due to adverse currency.<\/p>\n
\nWhile 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.<\/p>\n
Conclusion<\/b><\/p>\n
\nKaltenbach concluded, \u201cThere is uncertainty in the global economy and our end markets, but we remain focused on the factors we can control, namely capitalizing on our Spinnaker sales and marketing programs and executing on our productivity and margin expansion initiatives. Investment in our broad product portfolio will extend our technology leadership and deliver innovative solutions for customers that increase productivity, enhance compliance, and improve quality. We believe our unique growth strategies, tremendous diversity, and culture of operational excellence and agility position us very well to gain market share and deliver solid financial results in 2023.\u201d<\/p>\n
Other Matters<\/b><\/p>\n
\nThe Company will host a conference call to discuss its quarterly results tomorrow (Friday, May 5) at 8:30 a.m. Eastern Time. To hear a live webcast or replay of the call, visit the investor relations page on the Company\u2019s website at www.mt.com\/investors<\/a>. The presentation referenced in the conference call will be located on the website prior to the call.<\/p>\n
\nMETTLER 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<\/a>.<\/p>\n
Forward-Looking Statements Disclaimer<\/b><\/p>\n
\nYou 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, inflation and ongoing developments related to Ukraine. You can identify forward-looking statements by terminology such as \u201cmay,\u201d \u201cwill,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201cexpect,\u201d \u201cplan,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \u201cpotential,\u201d or \u201ccontinue.\u201d<\/p>\n
\nWe 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, planned research and development efforts and product introductions, adequacy of facilities, access to and the costs of raw materials, shipping and supplier costs, gross margins, customer demand, our competitive position, pricing, capital expenditures, cash flow, tax-related matters, the impact of foreign currencies, compliance with laws, effects of acquisitions, and the impact of inflation and ongoing developments related to Ukraine on our business.<\/p>\n
\nOur 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 inflation, and the ongoing developments related to Ukraine. See in particular \u201cFactors Affecting Our Future Operating Results\u201d and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2022 and other reports filed with the SEC from time to time.<\/p>\n
\n
\n METTLER-TOLEDO INTERNATIONAL INC.<\/b><\/td>\n<\/tr>\n \n CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/td>\n<\/tr>\n \n (amounts in thousands except share data)<\/b><\/td>\n<\/tr>\n \n (unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \nThree months ended<\/p>\n<\/td>\n
\n \n \n \n \n \n \nThree months ended<\/p>\n<\/td>\n
\n \n \n \n <\/tr>\n \n \n \n \n \nMarch 31, 2023<\/p>\n<\/td>\n
\n % of sales<\/td>\n \n \n \nMarch 31, 2022<\/p>\n<\/td>\n
\n % of sales<\/td>\n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net sales<\/td>\n \n \n \n$928,738<\/p>\n<\/td>\n
\n (a)<\/td>\n \n \n \n100.0<\/p>\n<\/td>\n
\n \n \n \n \n$897,791<\/p>\n<\/td>\n
\n \n \n \n \n100.0<\/p>\n<\/td>\n
\n <\/tr>\n \n Cost of sales<\/td>\n \n \n \n382,172<\/p>\n<\/td>\n
\n \n \n \n \n41.1<\/p>\n<\/td>\n
\n \n \n \n \n378,206<\/p>\n<\/td>\n
\n \n \n \n \n42.1<\/p>\n<\/td>\n
\n <\/tr>\n \n Gross profit<\/td>\n \n \n \n546,566<\/p>\n<\/td>\n
\n \n \n \n \n58.9<\/p>\n<\/td>\n
\n \n \n \n \n519,585<\/p>\n<\/td>\n
\n \n \n \n \n57.9<\/p>\n<\/td>\n
\n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Research and development<\/td>\n \n \n \n45,477<\/p>\n<\/td>\n
\n \n \n \n \n4.9<\/p>\n<\/td>\n
\n \n \n \n \n43,028<\/p>\n<\/td>\n
\n \n \n \n \n4.8<\/p>\n<\/td>\n
\n <\/tr>\n \n Selling, general and administrative<\/td>\n \n \n \n234,638<\/p>\n<\/td>\n
\n \n \n \n \n25.3<\/p>\n<\/td>\n
\n \n \n \n \n235,312<\/p>\n<\/td>\n
\n \n \n \n \n26.2<\/p>\n<\/td>\n
\n <\/tr>\n \n Amortization<\/td>\n \n \n \n17,779<\/p>\n<\/td>\n
\n \n \n \n \n1.9<\/p>\n<\/td>\n
\n \n \n \n \n16,604<\/p>\n<\/td>\n
\n \n \n \n \n1.8<\/p>\n<\/td>\n
\n <\/tr>\n \n Interest expense<\/td>\n \n \n \n18,184<\/p>\n<\/td>\n
\n \n \n \n \n2.0<\/p>\n<\/td>\n
\n \n \n \n \n11,338<\/p>\n<\/td>\n
\n \n \n \n \n1.3<\/p>\n<\/td>\n
\n <\/tr>\n \n Restructuring charges<\/td>\n \n \n \n4,274<\/p>\n<\/td>\n
\n \n \n \n \n0.4<\/p>\n<\/td>\n
\n \n \n \n \n4,011<\/p>\n<\/td>\n
\n \n \n \n \n0.5<\/p>\n<\/td>\n
\n <\/tr>\n \n Other charges (income), net<\/td>\n \n \n \n(396)<\/p>\n<\/td>\n
\n \n \n \n \n(0.0)<\/p>\n<\/td>\n
\n \n \n \n \n(3,709)<\/p>\n<\/td>\n
\n \n \n \n \n(0.4)<\/p>\n<\/td>\n
\n <\/tr>\n \n Earnings before taxes<\/td>\n \n \n \n226,610<\/p>\n<\/td>\n
\n \n \n \n \n24.4<\/p>\n<\/td>\n
\n \n \n \n \n213,001<\/p>\n<\/td>\n
\n \n \n \n \n23.7<\/p>\n<\/td>\n
\n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Provision for taxes<\/td>\n \n \n \n38,184<\/p>\n<\/td>\n
\n \n \n \n \n4.1<\/p>\n<\/td>\n
\n \n \n \n \n39,000<\/p>\n<\/td>\n
\n \n \n \n \n4.3<\/p>\n<\/td>\n
\n <\/tr>\n \n Net earnings<\/td>\n \n \n \n$188,426<\/p>\n<\/td>\n
\n \n \n \n \n20.3<\/p>\n<\/td>\n
\n \n \n \n \n$174,001<\/p>\n<\/td>\n
\n \n \n \n \n19.4<\/p>\n<\/td>\n
\n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Basic earnings per common share:<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Net earnings<\/td>\n \n \n \n$8.53<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n$7.64<\/p>\n<\/td>\n
\n \n \n \n \n <\/tr>\n \n Weighted average number of common shares<\/td>\n \n \n \n22,083,456<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n22,768,298<\/p>\n<\/td>\n
\n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Diluted earnings per common share:<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Net earnings<\/td>\n \n \n \n$8.47<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n$7.55<\/p>\n<\/td>\n
\n \n \n \n \n <\/tr>\n \n Weighted average number of common<\/td>\n \n \n \n22,253,435<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n23,040,231<\/p>\n<\/td>\n
\n \n \n \n \n <\/tr>\n \n and common equivalent shares<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Note:<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n (a)<\/td>\n Local currency sales increased 7% as compared to the same period in 2022.<\/td>\n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \nThree months ended<\/p>\n<\/td>\n
\n \n \n \n \n \n \nThree months ended<\/p>\n<\/td>\n
\n \n \n \n <\/tr>\n \n \n \n March 31, 2023<\/td>\n \n % of sales<\/td>\n \n \n \nMarch 31, 2022<\/p>\n<\/td>\n
\n % of sales<\/td>\n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Earnings before taxes<\/td>\n \n \n \n$226,610<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n$213,001<\/p>\n<\/td>\n
\n \n \n \n \n <\/tr>\n \n Amortization<\/td>\n \n \n \n17,779<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n16,604<\/p>\n<\/td>\n
\n \n \n \n \n <\/tr>\n \n Interest expense<\/td>\n \n \n \n18,184<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n11,338<\/p>\n<\/td>\n
\n \n \n \n \n <\/tr>\n \n Restructuring charges<\/td>\n \n \n \n4,274<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n4,011<\/p>\n<\/td>\n
\n \n \n \n \n <\/tr>\n \n Other charges (income), net<\/td>\n \n \n \n(396)<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n(3,709)<\/p>\n<\/td>\n
\n \n \n \n \n <\/tr>\n \n Adjusted operating profit<\/td>\n \n \n \n$266,451<\/p>\n<\/td>\n
\n (b)<\/td>\n \n \n \n28.7<\/p>\n<\/td>\n
\n \n \n \n \n$241,245<\/p>\n<\/td>\n
\n \n \n \n \n26.9<\/p>\n<\/td>\n
\n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Note:<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n (b)<\/td>\n Adjusted operating profit increased 10% as compared to the same period in 2022.<\/td>\n \n <\/tr>\n<\/table>\n \n
\n \n METTLER-TOLEDO INTERNATIONAL INC.<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n CONDENSED CONSOLIDATED BALANCE SHEETS<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (amounts in thousands)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n March 31, 2023<\/td>\n \n December 31, 2022<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash and cash equivalents<\/td>\n \n \n \n$89,085<\/p>\n<\/td>\n
\n \n \n \n \n$95,966<\/p>\n<\/td>\n
<\/tr>\n \n Accounts receivable, net<\/td>\n \n \n \n640,050<\/p>\n<\/td>\n
\n \n \n \n \n709,321<\/p>\n<\/td>\n
<\/tr>\n \n Inventories<\/td>\n \n \n \n427,549<\/p>\n<\/td>\n
\n \n \n \n \n441,694<\/p>\n<\/td>\n
<\/tr>\n \n Other current assets and prepaid expenses<\/td>\n \n \n \n130,083<\/p>\n<\/td>\n
\n \n \n \n \n128,108<\/p>\n<\/td>\n
<\/tr>\n \n Total current assets<\/td>\n \n \n \n1,286,767<\/p>\n<\/td>\n
\n \n \n \n \n1,375,089<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Property, plant and equipment, net<\/td>\n \n \n \n780,013<\/p>\n<\/td>\n
\n \n \n \n \n778,600<\/p>\n<\/td>\n
<\/tr>\n \n Goodwill and other intangibles assets, net<\/td>\n \n \n \n961,876<\/p>\n<\/td>\n
\n \n \n \n \n966,224<\/p>\n<\/td>\n
<\/tr>\n \n Other non-current assets<\/td>\n \n \n \n381,251<\/p>\n<\/td>\n
\n \n \n \n \n372,482<\/p>\n<\/td>\n
<\/tr>\n \n Total assets<\/td>\n \n \n \n$3,409,907<\/p>\n<\/td>\n
\n \n \n \n \n$3,492,395<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Short-term borrowings and maturities of long-term debt<\/td>\n \n \n \n$107,131<\/p>\n<\/td>\n
\n \n \n \n \n$106,054<\/p>\n<\/td>\n
<\/tr>\n \n Trade accounts payable<\/td>\n \n \n \n176,733<\/p>\n<\/td>\n
\n \n \n \n \n252,538<\/p>\n<\/td>\n
<\/tr>\n \n Accrued and other current liabilities<\/td>\n \n \n \n720,385<\/p>\n<\/td>\n
\n \n \n \n \n789,139<\/p>\n<\/td>\n
<\/tr>\n \n Total current liabilities<\/td>\n \n \n \n1,004,249<\/p>\n<\/td>\n
\n \n \n \n \n1,147,731<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Long-term debt<\/td>\n \n \n \n2,015,779<\/p>\n<\/td>\n
\n \n \n \n \n1,908,480<\/p>\n<\/td>\n
<\/tr>\n \n Other non-current liabilities<\/td>\n \n \n \n414,348<\/p>\n<\/td>\n
\n \n \n \n \n411,391<\/p>\n<\/td>\n
<\/tr>\n \n Total liabilities<\/td>\n \n \n \n3,434,376<\/p>\n<\/td>\n
\n \n \n \n \n3,467,602<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Shareholders\u2019 equity<\/td>\n \n \n \n(24,469)<\/p>\n<\/td>\n
\n \n \n \n \n24,793<\/p>\n<\/td>\n
<\/tr>\n \n Total liabilities and shareholders\u2019 equity<\/td>\n \n \n \n$3,409,907<\/p>\n<\/td>\n
\n \n \n \n \n$3,492,395<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n METTLER-TOLEDO INTERNATIONAL INC.<\/b><\/td>\n<\/tr>\n \n \n CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<\/b><\/td>\n<\/tr>\n \n \n (amounts in thousands)<\/b><\/td>\n<\/tr>\n \n \n (unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n Three months ended<\/td>\n <\/tr>\n \n \n \n \n March 31,<\/td>\n <\/tr>\n \n \n \n \n \n \n2023<\/p>\n<\/td>\n
\n \n \n2022<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Cash flow from operating activities:<\/td>\n \n \n \n \n <\/tr>\n \n \n Net earnings<\/td>\n \n \n \n$188,426<\/p>\n<\/td>\n
\n \n \n$174,001<\/p>\n<\/td>\n
<\/tr>\n \n \n Adjustments to reconcile net earnings to<\/td>\n \n \n \n \n <\/tr>\n \n \n net cash provided by operating activities:<\/td>\n \n \n \n \n <\/tr>\n \n \n Depreciation<\/td>\n \n \n \n12,023<\/p>\n<\/td>\n
\n \n \n11,880<\/p>\n<\/td>\n
<\/tr>\n \n \n Amortization<\/td>\n \n \n \n17,779<\/p>\n<\/td>\n
\n \n \n16,604<\/p>\n<\/td>\n
<\/tr>\n \n \n Deferred tax provision (benefit)<\/td>\n \n \n \n602<\/p>\n<\/td>\n
\n \n \n(1,096)<\/p>\n<\/td>\n
<\/tr>\n \n \n Share-based compensation<\/td>\n \n \n \n4,027<\/p>\n<\/td>\n
\n \n \n4,509<\/p>\n<\/td>\n
<\/tr>\n \n \n Decrease in cash resulting from changes in<\/td>\n \n \n \n \n <\/tr>\n \n \n operating assets and liabilities<\/td>\n \n \n \n(69,595)<\/p>\n<\/td>\n
\n \n \n(115,061)<\/p>\n<\/td>\n
<\/tr>\n \n \n Net cash provided by operating activities<\/td>\n \n \n \n153,262<\/p>\n<\/td>\n
\n \n \n90,837<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Cash flows from investing activities:<\/td>\n \n \n \n \n <\/tr>\n \n \n Purchase of property, plant and equipment<\/td>\n \n \n \n(23,196)<\/p>\n<\/td>\n
\n \n \n(19,151)<\/p>\n<\/td>\n
<\/tr>\n \n \n Proceeds from government funding (a)<\/sup><\/td>\n \n \n \n–<\/p>\n<\/td>\n
\n \n \n18,000<\/p>\n<\/td>\n
<\/tr>\n \n \n Acquisitions<\/td>\n \n \n \n(613)<\/p>\n<\/td>\n
\n \n \n(9,704)<\/p>\n<\/td>\n
<\/tr>\n \n \n Other investing activities<\/td>\n \n \n \n1,423<\/p>\n<\/td>\n
\n \n \n3,743<\/p>\n<\/td>\n
<\/tr>\n \n \n Net cash used in investing activities<\/td>\n \n \n \n(22,386)<\/p>\n<\/td>\n
\n \n \n(7,112)<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Cash flows from financing activities:<\/td>\n \n \n \n \n <\/tr>\n \n \n Proceeds from borrowings<\/td>\n \n \n \n605,018<\/p>\n<\/td>\n
\n \n \n684,037<\/p>\n<\/td>\n
<\/tr>\n \n \n Repayments of borrowings<\/td>\n \n \n \n(503,516)<\/p>\n<\/td>\n
\n \n \n(478,479)<\/p>\n<\/td>\n
<\/tr>\n \n \n Proceeds from exercise of stock options<\/td>\n \n \n \n11,473<\/p>\n<\/td>\n
\n \n \n5,289<\/p>\n<\/td>\n
<\/tr>\n \n \n Repurchases of common stock<\/td>\n \n \n \n(249,999)<\/p>\n<\/td>\n
\n \n \n(275,000)<\/p>\n<\/td>\n
<\/tr>\n \n \n Other financing activities<\/td>\n \n \n \n(611)<\/p>\n<\/td>\n
\n \n \n(332)<\/p>\n<\/td>\n
<\/tr>\n \n \n Net cash used in financing activities<\/td>\n \n \n \n(137,635)<\/p>\n<\/td>\n
\n \n \n(64,485)<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Effect of exchange rate changes on cash and cash equivalents<\/td>\n \n \n(122)<\/p>\n<\/td>\n
\n \n \n(855)<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Net increase in cash and cash equivalents<\/td>\n \n \n \n(6,881)<\/p>\n<\/td>\n
\n \n \n18,385<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Cash and cash equivalents:<\/td>\n \n \n \n \n <\/tr>\n \n \n Beginning of period<\/td>\n \n \n \n95,966<\/p>\n<\/td>\n
\n \n \n98,564<\/p>\n<\/td>\n
<\/tr>\n \n \n End of period<\/td>\n \n \n \n$89,085<\/p>\n<\/td>\n
\n \n \n$116,949<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Net cash provided by operating activities<\/td>\n \n \n \n$153,262<\/p>\n<\/td>\n
\n \n \n$90,837<\/p>\n<\/td>\n
<\/tr>\n \n \n Payments in respect of restructuring activities<\/td>\n \n \n \n1,983<\/p>\n<\/td>\n
\n \n \n1,914<\/p>\n<\/td>\n
<\/tr>\n \n \n Purchase of property, plant and equipment, net (a)<\/sup><\/td>\n \n \n \n(19,908)<\/p>\n<\/td>\n
\n \n \n(17,472)<\/p>\n<\/td>\n
<\/tr>\n \n \n Payments for acquisition costs<\/td>\n \n \n \n–<\/p>\n<\/td>\n
\n \n \n174<\/p>\n<\/td>\n
<\/tr>\n \n \n Adjusted free cash flow<\/td>\n \n \n \n$135,337<\/p>\n<\/td>\n
\n \n \n$75,453<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Note:<\/td>\n \n \n \n \n <\/tr>\n \n (a)<\/td>\n In September 2021, the Company entered into an agreement with the U.S. Department of Defense to increase the domestic production capacity of pipette tips and enhance manufacturing automation and logistics. The Company will receive funding of $35.8 million, which will offset future capital expenditures. Funding proceeds of $18.0 million during the three months ended March 31, 2022 and the related purchase of property, plant and equipment of $3.3 million and $1.7 million for the three months ended March 31, 2023 and 2022, respectively, are excluded from Adjusted free cash flow.<\/td>\n <\/tr>\n<\/table>\n \n
\n METTLER-TOLEDO INTERNATIONAL INC.<\/b><\/td>\n<\/tr>\n \n OTHER OPERATING STATISTICS<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n SALES GROWTH BY DESTINATION<\/b><\/td>\n<\/tr>\n \n (unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \nEurope<\/p>\n<\/td>\n
\n \n \nAmericas<\/p>\n<\/td>\n
\n \n \nAsia\/RoW<\/p>\n<\/td>\n
\n \n \nTotal<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n U.S. Dollar Sales Growth<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Three Months Ended March 31, 2023<\/td>\n \n \n \n2%<\/p>\n<\/td>\n
\n \n \n5%<\/p>\n<\/td>\n
\n \n \n2%<\/p>\n<\/td>\n
\n \n \n3%<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Local Currency Sales Growth<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Three Months Ended March 31, 2023<\/td>\n \n \n \n6%<\/p>\n<\/td>\n
\n \n \n6%<\/p>\n<\/td>\n
\n \n \n10%<\/p>\n<\/td>\n
\n \n \n7%<\/p>\n<\/td>\n
<\/tr>\n<\/table>\n \n
\n RECONCILIATION OF DILUTED EPS AS REPORTED TO ADJUSTED DILUTED EPS<\/b><\/td>\n<\/tr>\n \n (unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Three months ended<\/td>\n<\/tr>\n \n \n March 31,<\/td>\n<\/tr>\n \n \n \n \n2023<\/p>\n<\/td>\n
\n \n \n2022<\/p>\n<\/td>\n
\n \n \n% Growth<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n EPS as reported, diluted<\/td>\n \n \n$8.47<\/p>\n<\/td>\n
\n \n \n$7.55<\/p>\n<\/td>\n
\n \n \n12%<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Purchased intangible amortization, net of tax<\/td>\n \n \n0.23<\/p>\n<\/td>\n
\n \n(a)<\/p>\n<\/td>\n
\n \n0.22<\/p>\n<\/td>\n
\n \n(a)<\/p>\n<\/td>\n
<\/tr>\n \n Restructuring charges, net of tax<\/td>\n \n \n0.16<\/p>\n<\/td>\n
\n \n(b)<\/p>\n<\/td>\n
\n \n0.14<\/p>\n<\/td>\n
\n \n(b)<\/p>\n<\/td>\n
<\/tr>\n \n Income tax expense<\/td>\n \n \n(0.17)<\/p>\n<\/td>\n
\n \n(c)<\/p>\n<\/td>\n
\n \n(0.06)<\/p>\n<\/td>\n
\n \n(c)<\/p>\n<\/td>\n
<\/tr>\n \n Acquisition costs, net of tax<\/td>\n \n \n–<\/p>\n<\/td>\n
\n \n(d)<\/p>\n<\/td>\n
\n \n0.02<\/p>\n<\/td>\n
\n \n(d)<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Adjusted EPS, diluted<\/td>\n \n \n$8.69<\/p>\n<\/td>\n
\n \n \n$7.87<\/p>\n<\/td>\n
\n \n \n10%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n Notes:<\/td>\n<\/tr>\n \n (a)<\/td>\n Represents the EPS impact of purchased intangibles amortization of $6.6 million ($5.1 million after tax) for the three months ended March 31, 2023 and 2022.<\/td>\n<\/tr>\n \n (b)<\/td>\n Represents the EPS impact of restructuring charges of $4.3 million ($3.5 million after tax) and $4.0 million ($3.2 million after tax) for the three months ended March 31, 2023 and 2022, respectively, which primarily include employee related costs.<\/td>\n<\/tr>\n \n (c)<\/td>\n Represents the EPS impact of the difference between our quarterly and estimated annual tax rate before non-recurring discrete items during the three months ended March 31, 2023 and 2022 due to the timing of excess tax benefits associated with stock option exercises.<\/td>\n<\/tr>\n \n (d)<\/td>\n Represents the EPS impact of acquisition costs of $0.5 million ($0.4 million after tax) for the three months ended March 31, 2022.<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230504005913\/en\/<\/a><\/span><\/p>\n
- \nNet earnings per diluted share as reported (EPS) were $8.47, compared with $7.55 in the prior-year period. Adjusted EPS was $8.69, an increase of 10% over the prior-year amount of $7.87. Adjusted EPS is a non-GAAP measure, and a reconciliation to EPS is included on the last page of the attached schedules.<\/p>\n<\/li>\n<\/ul>\n