Mettler-Toledo International Inc. Reports Second Quarter 2021 Results

COLUMBUS, Ohio, July 29, 2021 /PRNewswire/ -- Mettler-Toledo International Inc. (NYSE: MTD) today announced second quarter results for 2021.  Provided below are the highlights:

• Reported sales increased 34% compared with the prior year. In local currency, sales increased 27% in the quarter as currency benefited reported sales growth by 7%.
• Net earnings per diluted share as reported (EPS) were $7.85, compared with $5.22 in the prior-year period. Adjusted EPS was $8.10, an increase of 53% over the prior-year amount of $5.29. Adjusted EPS is a non-GAAP measure, and a reconciliation to EPS is included on the last page of the attached schedules.

Second Quarter Results

Patrick Kaltenbach, President and Chief Executive Officer, stated, "We had another quarter of excellent sales growth with very strong broad-based growth in all regions and most product lines. Customer demand was robust and we were ideally positioned to capitalize on the growth opportunities in our end markets. Exceptional sales growth and continued focused execution of our margin initiatives drove excellent growth in Adjusted Operating Profit, Adjusted EPS and cash flow generation."

GAAP Results
EPS in the quarter was $7.85, compared with the prior-year amount of $5.22.  

Compared with the prior year, total reported sales increased 34% to $924.4 million.  By region, reported sales increased 31% in the Americas, 34% in Europe and 37% in Asia/Rest of World. Earnings before taxes amounted to $230.4 million, compared with $155.3 million in the prior year. 

Non-GAAP Results
Adjusted EPS was $8.10, an increase of 53% over the prior-year amount of $5.29.     

Compared with the prior year, total sales in local currency increased 27% as currency benefited sales growth by 7%.  By region, local currency sales increased 29% in the Americas, 23% in Europe and 28% in Asia/Rest of World.  Adjusted Operating Profit amounted to $255.3 million, a 45% increase from the prior-year amount of $176.6 million. 

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

Six Month Results

GAAP Results
EPS was $14.17, compared with the prior-year amount of $9.25. 

Compared with the prior year, total reported sales increased 29% to $1.729 billion.  By region, reported sales increased 23% in the Americas, 29% in Europe and 37% in Asia/Rest of World. Earnings before taxes amounted to $415.8 million, compared with $273.8 million in the prior year. 

Non-GAAP Results
Adjusted EPS was $14.66, an increase of 58% over the prior-year amount of $9.28.     

Compared with the prior year, total sales in local currency increased 23% as currency benefited sales growth by 6%.  By region, local currency sales increased 22% in the Americas, 18% in Europe and 28% in Asia/Rest of World.  Adjusted Operating Profit amounted to $465.9 million, a 47% increase from the prior-year amount of $317.9 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. Management cautions that market conditions are dynamic and changes to the business environment can happen quickly. Uncertainty remains surrounding the impact of COVID-19 and the challenges in the global supply chain on the economic environment. The estimates include 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 approximately 15%, and Adjusted EPS is forecasted to be in the range of $32.60 to $32.90, an increase of 27% to 28%.  This compares with previous guidance of Adjusted EPS in the range of $31.45 to $31.90.

For the third 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 $8.12 to $8.27, a growth rate of 16% to 18%.

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

Kaltenbach concluded, "Demand in our end markets remains positive although sales growth for the remainder of the year will reflect more challenging comparisons from the previous year. We are making incremental investments for future growth including expanding our best-in-class sales and marketing programs, increasing our product development efforts and boosting productivity in our manufacturing operations. Challenges exist in the global supply chain which require us to be agile and adapt as necessary to changing market conditions. We believe we are in an excellent position to continue to gain share and deliver strong results in 2021 and beyond."

Other Matters

The Company will host a conference call to discuss its quarterly results today (Thursday, July 29) 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, 2020 and other reports filed with the SEC from time to time.

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SOURCE Mettler-Toledo International Inc.