COLUMBUS, Ohio, Feb. 6, 2020 /PRNewswire/ -- Mettler-Toledo
International Inc. (NYSE: MTD) today announced fourth quarter
results for 2019. Provided below are the highlights:
- Reported sales increased 3% compared with the prior year.
In local currency, sales increased 4% in the quarter as currency
reduced sales growth by 1%.
- Net earnings per diluted share as reported (EPS) were
$7.84, compared with $7.11 in the prior-year period. Adjusted
EPS was $7.78, an increase of 14%
over the prior-year amount of $6.85. Adjusted EPS is a non-GAAP measure,
and we have included a reconciliation to EPS on the last page of
the attached schedules.
Quarterly Results
Olivier Filliol, President and
Chief Executive Officer, stated, "We had good sales growth in the
quarter, particularly in light of the excellent growth in the prior
year. Sales growth was strong in the Americas and
China. With the benefit of our margin and productivity
initiatives, we overcame meaningful currency and tariff headwinds
to generate strong margin improvement and earnings growth in the
quarter. Finally, we had excellent cash flow generation in
the quarter and for the full year."
GAAP Results
EPS in the quarter was $7.84,
compared with the prior-year amount of $7.11. EPS included a one-time, non-cash,
deferred tax gain of $0.64, while
prior year EPS included a one-time, non-cash, acquisition-related
gain of $0.75.
Compared with the prior year, total reported sales increased 3%
to $844.0 million. By region,
reported sales increased 6% in the Americas and 4% in Asia/Rest of World. Reported sales in
Europe declined by 1%.
Earnings before taxes amounted to $231.1
million, compared with $230.5
million in the prior year. Earnings before taxes in
the prior year included a one-time, non-cash, acquisition-related
gain of $18.7 million.
Non-GAAP Results
Adjusted EPS was $7.78, an
increase of 14% over the prior-year amount of $6.85.
Compared with the prior year, total sales in local currency
increased 4% as currency reduced reported sales growth by 1%.
By region, local currency sales increased 6% in the Americas, 1% in
Europe and 5% in Asia/Rest of World. Adjusted Operating
Profit amounted to $256.3 million, a
7% increase from the prior-year amount of $239.7 million.
Adjusted EPS and Adjusted Operating Profit are non-GAAP
measures. Reconciliations to the most comparable GAAP measures are
provided in the attached schedules.
Full Year Results
GAAP Results
EPS in 2019 was $22.47, compared with
the prior-year amount of $19.88. EPS
included a one-time, non-cash, deferred tax gain of $0.63, while prior year EPS included a one-time,
non-cash, acquisition-related gain of $0.74.
Compared with the prior year, total reported sales increased 2%
in 2019 to $3.009 billion. By
region, reported sales increased 5% in the Americas and 3% in
Asia/Rest of World. Reported
sales in Europe declined 2%.
Earnings before taxes amounted to $681.4
million, compared with $651.9
million in the prior year. Earnings before taxes in
the prior year included a one-time, non-cash, acquisition-related
gain of $18.7 million.
Non-GAAP Results
Adjusted EPS in 2019 was $22.77, an increase of 12% over the
prior-year amount of $20.32.
Compared with the prior year, total sales in local currency
increased 5% as currency reduced reported sales growth by 3%.
By region, local currency sales increased 6% in the Americas, 3% in
Europe and 6% in Asia/Rest of World. Adjusted Operating
Profit amounted to $778.1 million, a
7% increase from the prior-year amount of $730.5 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 said that based on its assessment of market
conditions today, management anticipates local currency sales
growth in 2020 will be approximately 4%. This sales growth is
expected to result in Adjusted EPS in the range of $24.85 to $25.10, a
growth rate of 9% to 10%. Management noted that local
currency sales growth and Adjusted EPS guidance remains unchanged
from previous guidance.
Management noted that they will face tough comparisons in the
first quarter 2020 due to strong sales in the prior-year quarter
and will face strong headwinds to Adjusted EPS due to adverse
currency and the impact of tariff costs in the first quarter.
In addition, based on today's assessment, the Company expects a
significant impact on its China
sales in the first quarter due to the Wuhan Coronavirus.
Based on market conditions today, the Company anticipates that
local currency sales growth in the first quarter 2020 will be
approximately 0% to 1%, and Adjusted EPS is forecasted to be in the
range of $4.20 to $4.30, an increase of 2% to 5%.
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. The Company noted in making its outlook that
uncertainty remains in the macroeconomic environment and market
conditions are subject to change.
Conclusion
Filliol concluded, "Demand in our markets remains solid with the
exception of Food Retail and the potential short-term impact of the
Wuhan Coronavirus. We continue to invest for growth via our
investments in our field force, Spinnaker sales and marketing
programs and new product development. We remain confident in
executing on our growth, productivity and margin initiatives.
We will monitor the macroeconomic environment as uncertainty exists
in certain regions of the world, and remain agile and adapt if
market conditions change. Based on market conditions today,
we believe we can continue to gain share and deliver strong results
in 2020."
Other Matters
The Company will host a conference call to discuss its quarterly
results today (Thursday, February 6)
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. These statements
involve known and unknown risks, uncertainties and other factors
that may cause our or our businesses' actual results, levels of
activity, performance or achievements to be materially different
from those expressed or implied by any forward-looking
statements. 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" or the negative of
those terms or other comparable terminology. For a discussion
of these risks and uncertainties, please see the discussion on
forward-looking statements in our current report on Form
10-K. All of the forward-looking statements are qualified in
their entirety by reference to the factors discussed under the
caption "Factors affecting our future operating results" and in the
"Business" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" sections of our annual report
on Form 10-K for the most recently completed fiscal year, which
describe risks and factors that could cause results to differ
materially from those projected in those forward-looking
statements.
METTLER-TOLEDO
INTERNATIONAL INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(amounts in
thousands except share data)
|
(unaudited)
|
|
|
|
Three months
ended
|
|
|
|
Three months
ended
|
|
|
|
|
December 31,
2019
|
|
% of sales
|
|
December 31,
2018
|
|
% of sales
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$843,969
|
(a)
|
100.0
|
|
$817,923
|
|
100.0
|
Cost of
sales
|
|
345,672
|
|
41.0
|
|
340,357
|
|
41.6
|
Gross
profit
|
|
498,297
|
|
59.0
|
|
477,566
|
|
58.4
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
35,299
|
|
4.2
|
|
36,205
|
|
4.4
|
Selling, general and
administrative
|
|
206,717
|
|
24.5
|
|
201,653
|
|
24.7
|
Amortization
|
|
12,813
|
|
1.5
|
|
11,963
|
|
1.5
|
Interest
expense
|
|
9,635
|
|
1.1
|
|
8,840
|
|
1.1
|
Restructuring
charges
|
|
4,614
|
|
0.5
|
|
4,464
|
|
0.5
|
Other charges
(income), net
|
|
(1,924)
|
|
(0.3)
|
|
(16,013)
|
(c)
|
(2.0)
|
Earnings before
taxes
|
|
231,143
|
|
27.3
|
|
230,454
|
|
28.2
|
|
|
|
|
|
|
|
|
|
Provision for
taxes
|
|
38,394
|
(b)
|
4.5
|
|
49,268
|
(b)
|
6.0
|
Net
earnings
|
|
$192,749
|
|
22.8
|
|
$181,186
|
|
22.2
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share:
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
$7.95
|
|
|
|
$7.25
|
|
|
Weighted average
number of common shares
|
|
24,241,383
|
|
|
|
24,975,303
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share:
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
$7.84
|
|
|
|
$7.11
|
|
|
Weighted average
number of common
|
|
24,599,702
|
|
|
|
25,490,270
|
|
|
and common
equivalent shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
|
(a)
Local currency sales increased 4% as
compared to the same period in 2018.
|
(b)
Provision for taxes includes a non-cash
deferred net benefit of $15.8 million for the three months ended
December 31, 2019 related to the
enactment of Swiss tax reform and a charge of $3.6 million for the
three months ended December 31, 2018 for the enactment of the U.S.
Tax Cuts and Jobs Act.
|
(c)
Other charges (income), net includes a
one-time gain of $18.7 million relating to the Biotix acquisition
contingent consideration and a one-time legal charge of $3.0
million for the three months ended December 31, 2018.
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
Three months
ended
|
|
|
|
|
December 31,
2019
|
|
% of sales
|
|
December 31,
2018
|
|
% of sales
|
|
|
|
|
|
|
|
|
|
Earnings before
taxes
|
|
$231,143
|
|
|
|
$230,454
|
|
|
Amortization
|
|
12,813
|
|
|
|
11,963
|
|
|
Interest
expense
|
|
9,635
|
|
|
|
8,840
|
|
|
Restructuring
charges
|
|
4,614
|
|
|
|
4,464
|
|
|
Other charges
(income), net
|
|
(1,924)
|
|
|
|
(16,013)
|
|
|
Adjusted operating
profit
|
|
$256,281
|
(d)
|
30.4
|
|
$239,708
|
|
29.3
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
|
(d)
Adjusted operating profit increased 7% as
compared to the same period in 2018.
|
METTLER-TOLEDO
INTERNATIONAL INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(amounts in
thousands except share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
|
|
Twelve months
ended
|
|
|
|
|
|
December 31,
2019
|
|
% of sales
|
|
December 31,
2018
|
|
% of sales
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$3,008,652
|
(a)
|
100.0
|
|
$2,935,586
|
|
100.0
|
|
Cost of
sales
|
|
1,267,441
|
|
42.1
|
|
1,251,208
|
|
42.6
|
|
Gross
profit
|
|
1,741,211
|
|
57.9
|
|
1,684,378
|
|
57.4
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
143,950
|
|
4.8
|
|
141,071
|
|
4.8
|
|
Selling, general and
administrative
|
|
819,183
|
|
27.2
|
|
812,802
|
|
27.7
|
|
Amortization
|
|
49,690
|
|
1.7
|
|
47,524
|
|
1.6
|
|
Interest
expense
|
|
37,411
|
|
1.2
|
|
34,511
|
|
1.2
|
|
Restructuring
charges
|
|
15,760
|
|
0.5
|
|
18,420
|
|
0.6
|
|
Other charges
(income), net
|
|
(6,177)
|
|
(0.3)
|
|
(21,808)
|
(c)
|
(0.7)
|
|
Earnings before
taxes
|
|
681,394
|
|
22.6
|
|
651,858
|
|
22.2
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
taxes
|
|
120,285
|
(b)
|
4.0
|
|
139,247
|
(b)
|
4.7
|
|
Net
earnings
|
|
$561,109
|
|
18.6
|
|
$512,611
|
|
17.5
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share:
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
$22.84
|
|
|
|
$20.33
|
|
|
|
Weighted average
number of common shares
|
|
24,567,609
|
|
|
|
25,215,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share:
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
$22.47
|
|
|
|
$19.88
|
|
|
|
Weighted average
number of common
|
|
24,974,457
|
|
|
|
25,781,324
|
|
|
|
and common
equivalent shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
|
|
(a)
Local currency sales increased 5% as
compared to the same period in 2018.
|
(b)
Provision for taxes includes a non-cash
deferred net benefit of $15.8 million for twelve months ended
December 31, 2019 related to the enactment of Swiss tax reform and
a charge of $3.6 million for the twelve months ended December 31,
2018 for the enactment of the U.S. Tax Cuts and Jobs
Act.
|
(c)
Other charges (income), net includes a
one-time gain of $18.7 million relating to the Biotix acquisition
contingent consideration and a one-time legal charge of $3.0
million for the twelve months ended December 31, 2018.
|
|
RECONCILIATION OF
EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
|
|
Twelve months
ended
|
|
|
|
|
|
December 31,
2019
|
|
% of sales
|
|
December 31,
2018
|
|
% of sales
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before
taxes
|
|
$681,394
|
|
|
|
$651,858
|
|
|
|
Amortization
|
|
49,690
|
|
|
|
47,524
|
|
|
|
Interest
expense
|
|
37,411
|
|
|
|
34,511
|
|
|
|
Restructuring
charges
|
|
15,760
|
|
|
|
18,420
|
|
|
|
Other charges
(income), net
|
|
(6,177)
|
|
|
|
(21,808)
|
|
|
|
Adjusted operating
profit
|
|
$778,078
|
(d)
|
25.9
|
|
$730,505
|
|
24.9
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
|
|
(d)
Adjusted operating profit increased 7% as
compared to the same period in 2018.
|
|
METTLER-TOLEDO
INTERNATIONAL INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(amounts in
thousands)
|
(unaudited)
|
|
|
|
|
|
December 31,
2019
|
|
December 31,
2018
|
|
|
|
|
Cash and cash
equivalents
|
$207,785
|
|
$178,110
|
Accounts receivable,
net
|
566,256
|
|
535,528
|
Inventories
|
274,285
|
|
268,821
|
Other current assets
and prepaid expenses
|
61,321
|
|
63,401
|
Total current
assets
|
1,109,647
|
|
1,045,860
|
|
|
|
|
Property, plant and
equipment, net
|
748,657
|
|
717,526
|
Goodwill and other
intangibles assets, net
|
742,221
|
|
752,088
|
Other non-current
assets
|
188,796
|
(a)
|
103,373
|
Total
assets
|
$2,789,321
|
|
$2,618,847
|
|
|
|
|
Short-term borrowings
and maturities of long-term debt
|
$55,868
|
|
$49,670
|
Trade accounts
payable
|
185,592
|
|
196,641
|
Accrued and other
current liabilities
|
513,052
|
(a)
|
488,123
|
Total current
liabilities
|
754,512
|
|
734,434
|
|
|
|
|
Long-term
debt
|
1,235,350
|
|
985,021
|
Other non-current
liabilities
|
378,679
|
(a)
|
309,329
|
Total
liabilities
|
2,368,541
|
|
2,028,784
|
|
|
|
|
Shareholders'
equity
|
420,780
|
|
590,063
|
Total liabilities and
shareholders' equity
|
$2,789,321
|
|
$2,618,847
|
|
(a) Includes a lease
right-of-use asset of $87.3 million, a short-term lease liability
of $27.6 million and a long-term lease liability of $60.9 million
in accordance with ASC 842 "Leases" that went into effect on
January 1, 2019.
|
METTLER-TOLEDO
INTERNATIONAL INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(amounts in
thousands)
|
(unaudited)
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
December
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
Cash flow from
operating activities:
|
|
|
|
|
|
|
|
Net earnings
|
$192,749
|
|
$181,186
|
|
$561,109
|
|
$512,611
|
Adjustments to reconcile net earnings to
|
|
|
|
|
|
|
|
net cash provided by
operating activities:
|
|
|
|
|
|
|
|
Depreciation
|
9,643
|
|
9,278
|
|
38,991
|
|
37,167
|
Amortization
|
12,813
|
|
11,963
|
|
49,690
|
|
47,524
|
Deferred
tax expense
|
29,166
|
|
14,203
|
|
11,203
|
|
2,302
|
Share-based compensation
|
5,002
|
|
5,074
|
|
18,285
|
|
17,579
|
Swiss tax
reform benefit (a)
|
(15,833)
|
|
-
|
|
(15,833)
|
|
-
|
U.S. tax
reform charge (b)
|
-
|
|
3,597
|
|
-
|
|
3,597
|
Acquisition gain (c)
|
-
|
|
(18,674)
|
|
-
|
|
(18,674)
|
Other
|
161
|
|
147
|
|
133
|
|
(2,559)
|
Decrease in cash
resulting from changes in
|
|
|
|
|
|
|
|
operating
assets and liabilities
|
(31,992)
|
|
(8,202)
|
|
(60,128)
|
|
(34,542)
|
Net cash provided by operating activities
|
201,709
|
|
198,572
|
|
603,450
|
|
565,005
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Proceeds from sale of property, plant and equipment
|
174
|
|
381
|
|
1,422
|
|
8,190
|
Purchase of property, plant and equipment
|
(25,714)
|
|
(46,061)
|
|
(97,341)
|
|
(142,726)
|
Acquisitions
|
-
|
|
(565)
|
|
(2,004)
|
|
(5,527)
|
Net hedging settlements on intercompany loans
|
2,939
|
|
1,899
|
|
(1,160)
|
|
1,119
|
Net cash used in investing activities
|
(22,601)
|
|
(44,346)
|
|
(99,083)
|
|
(138,944)
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from borrowings
|
627,370
|
|
168,341
|
|
1,435,081
|
|
940,615
|
Repayments of borrowings
|
(515,989)
|
|
(172,620)
|
|
(1,176,784)
|
|
(876,324)
|
Proceeds from exercise of stock options
|
9,665
|
|
9,823
|
|
47,581
|
|
24,600
|
Repurchases of common stock
|
(216,249)
|
|
(118,750)
|
|
(774,999)
|
|
(474,999)
|
Acquisition contingent consideration payment
|
-
|
|
-
|
|
(10,000)
|
|
-
|
Other financing activities
|
-
|
|
(250)
|
|
1,753
|
|
(1,914)
|
Net cash used in financing activities
|
(95,203)
|
|
(113,456)
|
|
(477,368)
|
|
(388,022)
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
3,348
|
|
(108)
|
|
2,676
|
|
(8,616)
|
|
|
|
|
|
|
|
|
|
Net increase in cash
and cash equivalents
|
87,253
|
|
40,662
|
|
29,675
|
|
29,423
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
Beginning of period
|
120,534
|
|
137,448
|
|
$178,110
|
|
148,687
|
End of period
|
$207,787
|
|
$178,110
|
|
$207,785
|
|
$178,110
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET
CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH
FLOW
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$201,709
|
|
$198,572
|
|
$603,450
|
|
$565,005
|
Payments in respect of restructuring activities
|
7,033
|
|
4,119
|
|
16,483
|
|
20,820
|
Proceeds from sale of property, plant and equipment
|
174
|
|
381
|
|
1,422
|
|
8,190
|
Purchase of property, plant and equipment
|
(25,714)
|
|
(46,061)
|
|
(97,341)
|
|
(142,726)
|
Payments for one-time legal charge (d)
|
2,992
|
|
-
|
|
2,992
|
|
-
|
Transition tax payments
|
-
|
|
-
|
|
4,289
|
|
4,200
|
Payments for acquisition costs
|
-
|
|
233
|
|
-
|
|
375
|
Adjusted free cash
flow
|
$186,194
|
|
$157,244
|
|
$531,295
|
|
$455,864
|
|
|
|
|
|
|
|
|
(a)
Represents a non-cash deferred net
benefit of $15.8 million for the three and twelve months ended
December 31, 2019 related to the enactment of Swiss tax
reform.
|
(b)
Represents U.S. tax reform charge of $3.6
million for the three and twelve months ended December 31, 2018 for
the implementation of the Tax Cuts and Jobs Act.
|
(c)
Represents a one-time gain of $18.7
million relating to the Biotix acquisition contingent consideration
for the three and twelve months ended December 31, 2018.
|
(d)
Represents cash payments related to the
one-time legal charge recorded during the three months ended
December 31, 2018.
|
METTLER-TOLEDO
INTERNATIONAL INC.
|
|
OTHER OPERATING
STATISTICS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SALES GROWTH BY
DESTINATION
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
Americas
|
|
Asia/RoW
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Dollar Sales
Growth (Decrease)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2019
|
|
|
(1%)
|
|
6%
|
|
4%
|
|
3%
|
|
|
|
Twelve Months Ended
December 31, 2019
|
|
|
(2%)
|
|
5%
|
|
3%
|
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local Currency Sales
Growth (Decrease)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2019
|
|
|
1%
|
|
6%
|
|
5%
|
|
4%
|
|
|
|
Twelve Months Ended
December 31, 2019
|
|
|
3%
|
|
6%
|
|
6%
|
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
DILUTED EPS AS REPORTED TO ADJUSTED DILUTED
EPS
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2019
|
|
2018
|
|
% Growth
|
|
2019
|
|
2018
|
|
% Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS as reported,
diluted
|
$7.84
|
|
$7.11
|
|
10%
|
|
$22.47
|
|
$19.88
|
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
charges, net of tax
|
0.15
|
(a)
|
0.14
|
(a)
|
|
|
0.50
|
(a)
|
0.56
|
(a)
|
|
Purchased intangible
amortization, net of tax
|
0.11
|
(b)
|
0.10
|
(b)
|
|
|
0.43
|
(b)
|
0.39
|
(b)
|
|
Income tax
expense
|
0.32
|
(c)
|
0.02
|
(c)
|
|
|
-
|
|
-
|
|
|
Swiss Tax
reform
|
(0.64)
|
(d)
|
-
|
|
|
|
(0.63)
|
(d)
|
-
|
|
|
U.S. Tax
reform
|
-
|
|
0.14
|
(e)
|
|
|
-
|
|
0.14
|
(e)
|
|
Acquisition gain, net
of tax
|
-
|
|
(0.75)
|
(f)
|
|
|
-
|
|
(0.74)
|
(f)
|
|
Legal charge, net of
tax
|
-
|
|
0.09
|
(g)
|
|
|
-
|
|
0.09
|
(g)
|
|
Adjusted EPS,
diluted
|
$7.78
|
|
$6.85
|
|
14%
|
|
$22.77
|
|
$20.32
|
|
12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Represents the EPS
impact of restructuring charges of $4.6 million ($3.7 million after
tax) and $4.5 million ($3.5 million after tax) for the three
months
ended December 31, 2019 and 2018, and $15.8 million ($12.6 million
after tax) and $18.4 million ($14.5 million after tax) for the
twelve months ended
December 31, 2019 and 2018, respectively, which primarily include
employee related costs.
|
(b)
|
Represents the EPS
impact of purchased intangibles amortization, net of tax, of $3.8
million ($2.8 million after tax) and $3.3 million ($2.5 million
after
tax) for the three months ended December 31, 2019 and 2018, and
$14.3 million ($10.8 million after tax) and $13.3 million ($10.0
million after tax) for
the twelve months ended December 31, 2019 and 2018,
respectively.
|
(c)
|
Represents the EPS
impact of the difference between our reported and annual tax rate
before non-recurring discrete items, due to the timing of
excess
tax benefits associated with stock option
exercises.
|
(d)
|
Represents the EPS
impact of a non-cash deferred net benefit of $15.8 million related
to the enactment of Swiss tax reform for the three and twelve
months ended December 31, 2019.
|
(e)
|
Represents the EPS
impact of U.S. tax reform charges of $3.6 million for the three and
twelve months ended December 31, 2018, related to the
implementation of the Tax Cuts and Jobs Act.
|
(f)
|
Represents the EPS
impact of a one-time gain of $18.7 million ($19.2 million after
tax) for the three and twelve months ended December 31, 2018
associated with the Biotix acquisition contingent
consideration.
|
(g)
|
Represents the EPS
impact of a one-time legal charge of $3.0 million ($2.4 million
after tax) for the three and twelve months ended December 31,
2018.
|
View original
content:http://www.prnewswire.com/news-releases/mettler-toledo-international-inc-reports-fourth-quarter-2019-results-301000652.html
SOURCE Mettler-Toledo International Inc.