COLUMBUS, Ohio, Feb. 4, 2021 /PRNewswire/ -- Mettler-Toledo
International Inc. (NYSE: MTD) today announced fourth quarter
results for 2020. Provided below are the highlights:
- Reported sales increased 11% compared with the prior year. In
local currency, sales increased 7% in the quarter as currency
benefited reported sales growth by 4%.
- Net earnings per diluted share as reported (EPS) were
$9.03, compared with $7.84 in the prior-year period. Adjusted EPS was
$9.26, an increase of 19% over
the prior-year amount of $7.78.
Adjusted EPS is a non-GAAP measure, and a reconciliation to EPS is
included on the last page of the attached schedules.
Quarterly Results
Olivier Filliol, President and
Chief Executive Officer, stated, "We ended the year with very good
sales growth in all regions, with particularly strong growth in our
Laboratory business and in China.
We benefited from strong execution and were well positioned to
capture growth as customer demand improved, however, we continued
to be negatively impacted by COVID-19 in certain businesses and end
markets. Strong sales growth, combined with good cost control and
the benefit of our ongoing margin and productivity initiatives,
contributed to strong growth in Adjusted Operating Profit and
Adjusted EPS. Finally, cash flow generation in the quarter, and for
the full year, was excellent."
GAAP Results
EPS in the quarter was $9.03,
compared with the prior-year amount of $7.84.
Compared with the prior year, total reported sales increased 11%
to $938.0 million. By region,
reported sales increased 8% in the Americas, 14% in Europe and 12% in Asia/Rest of World. Earnings before taxes
amounted to $269.2 million, compared
with $231.1 million in the prior
year.
Non-GAAP Results
Adjusted EPS was $9.26, an
increase of 19% over the prior-year amount of $7.78.
Compared with the prior year, total sales in local currency
increased 7% as currency benefited sales growth by 4%. By
region, local currency sales increased 8% in the Americas, 7% in
Europe and 8% in Asia/Rest of World. Adjusted Operating
Profit amounted to $292.8 million, a
14% increase from the prior-year amount of $256.3 million.
Adjusted EPS and Adjusted Operating Profit are non-GAAP
measures. Reconciliations to the most comparable GAAP measures are
provided in the attached schedules.
Year-to-Date Results
GAAP Results
EPS for the year was $24.91, compared
with the prior-year amount of $22.47.
Compared with the prior year, total reported sales increased 3%
to $3.085 billion. By region,
reported sales increased 1% in the Americas, 3% in Europe and 3% in Asia/Rest of World. Earnings before
taxes amounted to $748.7 million,
compared with $681.4 million in the
prior year.
Non-GAAP Results
Adjusted EPS was $25.72, an increase
of 13% over the prior-year amount of $22.77.
Compared with the prior year, total sales in local currency
increased 2% as currency increased reported sales by 1%. By
region, local currency sales increased 2% in the Americas, 1% in
Europe and 3% in Asia/Rest of World. Adjusted Operating
Profit amounted to $840.7 million, an
8% increase from the prior-year amount of $778.1 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
given the uncertainty surrounding COVID-19 and ensuing impact to
the global economic environment. Management cautions that market
dynamics and impacts related to COVID-19 are fluid and changes to
the business environment can happen quickly. The estimates include
significant 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 in the
range of 5% to 7%, and Adjusted EPS is forecasted to be in the
range of $29.20 to $29.80, an increase of 14% to 16%. This
compares with previous guidance of Adjusted EPS in the range of
$27.50 to $28.30.
For the first 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 $5.55 to
$5.70, a growth rate of 39% to
43%.
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
Filliol concluded, "In 2020, we strengthened our franchise with
our ability to support our customers, while prioritizing on the
safety of our employees and customers. We differentiated from
competition by leveraging and quickly adjusting our digital sales
and marketing and Go-to-Market approaches to identify and pursue
pockets of growth and effectively engage with customers. Our
agility in responding to the unprecedented market conditions led to
further share gains that would not have been possible without our
Spinnaker sales and marketing foundation, excellent product
portfolio, world-class service organization and strong culture of
execution. We are in a strong position to capitalize on growth as
customer demand improves throughout the world. While uncertainty
remains surrounding the ultimate impact to the economy from
COVID-19, we will continue to focus on serving our customers and
driving our growth and margin initiatives. We will remain agile and
adapt to changes in market conditions as necessary. We have good
momentum as we enter 2021 and believe we are well positioned to
continue to gain share and deliver strong results."
Other Matters
The Company will host a conference call to discuss its quarterly
results today (Thursday, Feb. 4) 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, 2019 and
other reports filed with the SEC from time to time.
METTLER-TOLEDO
INTERNATIONAL INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(amounts in
thousands except share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
|
December 31,
2020
|
|
% of sales
|
|
December 31,
2019
|
|
% of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$937,985
|
(a)
|
|
100.0
|
|
|
|
|
$843,969
|
|
|
|
100.0
|
|
|
Cost of
sales
|
|
|
378,941
|
|
|
|
40.4
|
|
|
|
|
345,672
|
|
|
|
41.0
|
|
|
Gross
profit
|
|
|
559,044
|
|
|
|
59.6
|
|
|
|
|
498,297
|
|
|
|
59.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
39,866
|
|
|
|
4.3
|
|
|
|
|
35,299
|
|
|
|
4.2
|
|
|
Selling, general and
administrative
|
|
|
226,369
|
|
|
|
24.1
|
|
|
|
|
206,717
|
|
|
|
24.5
|
|
|
Amortization
|
|
|
14,657
|
|
|
|
1.6
|
|
|
|
|
12,813
|
|
|
|
1.5
|
|
|
Interest
expense
|
|
|
9,505
|
|
|
|
1.0
|
|
|
|
|
9,635
|
|
|
|
1.1
|
|
|
Restructuring
charges
|
|
|
3,181
|
|
|
|
0.3
|
|
|
|
|
4,614
|
|
|
|
0.5
|
|
|
Other charges
(income), net
|
|
|
(3,714)
|
|
|
|
(0.4)
|
|
|
|
|
(1,924)
|
|
|
|
(0.3)
|
|
|
Earnings before
taxes
|
|
|
269,180
|
|
|
|
28.7
|
|
|
|
|
231,143
|
|
|
|
27.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
taxes
|
|
|
52,885
|
|
|
|
5.6
|
|
|
|
|
38,394
|
(b)
|
|
4.5
|
|
|
Net
earnings
|
|
|
$216,295
|
|
|
|
23.1
|
|
|
|
|
$192,749
|
|
|
|
22.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
$9.15
|
|
|
|
|
|
|
|
|
$7.95
|
|
|
|
|
|
|
Weighted average
number of common shares
|
|
|
23,642,415
|
|
|
|
|
|
|
|
|
24,241,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
$9.03
|
|
|
|
|
|
|
|
|
$7.84
|
|
|
|
|
|
|
Weighted average
number of common
|
|
|
23,965,853
|
|
|
|
|
|
|
|
|
24,599,702
|
|
|
|
|
|
|
and common
equivalent shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Local currency sales
increased 7% as compared to the same period in 2019.
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
|
December 31,
2020
|
|
% of sales
|
|
December 31,
2019
|
|
% of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before
taxes
|
|
|
$269,180
|
|
|
|
|
|
|
|
|
$231,143
|
|
|
|
|
|
|
Amortization
|
|
|
14,657
|
|
|
|
|
|
|
|
|
12,813
|
|
|
|
|
|
|
Interest
expense
|
|
|
9,505
|
|
|
|
|
|
|
|
|
9,635
|
|
|
|
|
|
|
Restructuring
charges
|
|
|
3,181
|
|
|
|
|
|
|
|
|
4,614
|
|
|
|
|
|
|
Other charges
(income), net
|
|
|
(3,714)
|
|
|
|
|
|
|
|
|
(1,924)
|
|
|
|
|
|
|
Adjusted operating
profit
|
|
|
$292,809
|
(c)
|
|
31.2
|
|
|
|
|
$256,281
|
|
|
|
30.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c)
|
Adjusted operating
profit increased 14% as compared to the same period in
2019.
|
|
|
METTLER-TOLEDO
INTERNATIONAL INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(amounts in
thousands except share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
|
|
|
|
Twelve months
ended
|
|
|
|
|
|
|
|
December 31,
2020
|
|
% of sales
|
|
December 31,
2019
|
|
% of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$3,085,177
|
(a)
|
|
100.0
|
|
|
|
|
$3,008,652
|
|
|
|
100.0
|
|
|
Cost of
sales
|
|
|
1,284,146
|
|
|
|
41.6
|
|
|
|
|
1,267,441
|
|
|
|
42.1
|
|
|
Gross
profit
|
|
|
1,801,031
|
|
|
|
58.4
|
|
|
|
|
1,741,211
|
|
|
|
57.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
140,102
|
|
|
|
4.5
|
|
|
|
|
143,950
|
|
|
|
4.8
|
|
|
Selling, general and
administrative
|
|
|
820,221
|
|
|
|
26.6
|
|
|
|
|
819,183
|
|
|
|
27.2
|
|
|
Amortization
|
|
|
56,665
|
|
|
|
1.8
|
|
|
|
|
49,690
|
|
|
|
1.7
|
|
|
Interest
expense
|
|
|
38,616
|
|
|
|
1.3
|
|
|
|
|
37,411
|
|
|
|
1.2
|
|
|
Restructuring
charges
|
|
|
10,516
|
|
|
|
0.3
|
|
|
|
|
15,760
|
|
|
|
0.5
|
|
|
Other charges
(income), net
|
|
|
(13,832)
|
|
|
|
(0.4)
|
|
|
|
|
(6,177)
|
|
|
|
(0.3)
|
|
|
Earnings before
taxes
|
|
|
748,743
|
|
|
|
24.3
|
|
|
|
|
681,394
|
|
|
|
22.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
taxes
|
|
|
146,004
|
|
|
|
4.8
|
|
|
|
|
120,285
|
(b)
|
|
4.0
|
|
|
Net
earnings
|
|
|
$602,739
|
|
|
|
19.5
|
|
|
|
|
$561,109
|
|
|
|
18.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
$25.24
|
|
|
|
|
|
|
|
|
$22.84
|
|
|
|
|
|
|
Weighted average
number of common shares
|
|
|
23,882,648
|
|
|
|
|
|
|
|
|
24,567,609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
$24.91
|
|
|
|
|
|
|
|
|
$22.47
|
|
|
|
|
|
|
Weighted average
number of common
|
|
|
24,199,230
|
|
|
|
|
|
|
|
|
24,974,457
|
|
|
|
|
|
|
and common
equivalent shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Local currency sales
increased 2% compared to the same period in 2019.
|
|
|
(b)
|
Provision for taxes
includes a non-cash deferred net benefit of $15.8 million for the
twelve months ended December 31, 2019 related to the enactment of
Swiss tax reform.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
|
|
|
|
|
Twelve months
ended
|
|
|
|
|
|
|
|
December 31,
2020
|
|
% of sales
|
|
December 31,
2019
|
|
% of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before
taxes
|
|
|
$748,743
|
|
|
|
|
|
|
|
|
$681,394
|
|
|
|
|
|
|
Amortization
|
|
|
56,665
|
|
|
|
|
|
|
|
|
49,690
|
|
|
|
|
|
|
Interest
expense
|
|
|
38,616
|
|
|
|
|
|
|
|
|
37,411
|
|
|
|
|
|
|
Restructuring
charges
|
|
|
10,516
|
|
|
|
|
|
|
|
|
15,760
|
|
|
|
|
|
|
Other charges
(income), net
|
|
|
(13,832)
|
|
|
|
|
|
|
|
|
(6,177)
|
|
|
|
|
|
|
Adjusted operating
profit
|
|
|
$840,708
|
(c)
|
|
27.2
|
|
|
|
|
$778,078
|
|
|
|
25.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c)
|
Adjusted operating
profit increased 8% as compared to the same period in
2019.
|
|
|
|
METTLER-TOLEDO
INTERNATIONAL INC.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(amounts in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2020
|
|
|
December 31,
2019
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$94,254
|
|
|
|
|
$207,785
|
|
Accounts receivable,
net
|
|
|
593,809
|
|
|
|
|
566,256
|
|
Inventories
|
|
|
297,611
|
|
|
|
|
274,285
|
|
Other current assets
and prepaid expenses
|
|
|
71,230
|
|
|
|
|
61,321
|
|
Total current
assets
|
|
|
1,056,904
|
|
|
|
|
1,109,647
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
798,868
|
|
|
|
|
748,657
|
|
Goodwill and other
intangibles assets, net
|
|
|
747,055
|
|
|
|
|
742,221
|
|
Other non-current
assets
|
|
|
211,722
|
|
|
|
|
188,796
|
|
Total
assets
|
|
|
$2,814,549
|
|
|
|
|
$2,789,321
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
and maturities of long-term debt
|
|
|
$50,317
|
|
|
|
|
$55,868
|
|
Trade accounts
payable
|
|
|
175,801
|
|
|
|
|
185,592
|
|
Accrued and other
current liabilities
|
|
|
614,209
|
|
|
|
|
513,052
|
|
Total current
liabilities
|
|
|
840,327
|
|
|
|
|
754,512
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
1,284,174
|
|
|
|
|
1,235,350
|
|
Other non-current
liabilities
|
|
|
407,373
|
|
|
|
|
378,679
|
|
Total
liabilities
|
|
|
2,531,874
|
|
|
|
|
2,368,541
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
282,675
|
|
|
|
|
420,780
|
|
Total liabilities and
shareholders' equity
|
|
|
$2,814,549
|
|
|
|
|
$2,789,321
|
|
METTLER-TOLEDO
INTERNATIONAL INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(amounts in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
operating activities:
|
|
|
|
|
|
|
|
|
Net earnings
|
$216,295
|
|
$192,749
|
|
$602,739
|
|
$561,109
|
|
Adjustments to reconcile net earnings to
|
|
|
|
|
|
|
|
|
net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
Depreciation
|
11,095
|
|
9,643
|
|
42,044
|
|
38,991
|
|
Amortization
|
14,657
|
|
12,813
|
|
56,665
|
|
49,690
|
|
Deferred tax
(benefit) expense
|
(5,794)
|
|
29,166
|
|
(12,784)
|
|
11,203
|
|
Share-based
compensation
|
5,439
|
|
5,002
|
|
18,687
|
|
18,285
|
|
Swiss tax reform
benefit (a)
|
-
|
|
(15,833)
|
|
-
|
|
(15,833)
|
|
Other
|
(2,399)
|
|
161
|
|
(2,399)
|
|
133
|
|
Increase (decrease)
in cash resulting from changes in
|
|
|
|
|
|
|
|
|
operating
assets and liabilities
|
11,576
|
|
(31,992)
|
|
19,747
|
|
(60,128)
|
|
Net cash provided by operating activities
|
250,869
|
|
201,709
|
|
724,699
|
|
603,450
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Proceeds from sale of property, plant and equipment
|
60
|
|
174
|
|
3,106
|
|
1,422
|
|
Purchase of property, plant and equipment
|
(35,066)
|
|
(25,714)
|
|
(92,494)
|
|
(97,341)
|
|
Acquisitions
|
-
|
|
-
|
|
(6,242)
|
|
(2,004)
|
|
Net hedging settlements on intercompany loans
|
4,691
|
|
2,939
|
|
(4,730)
|
|
(1,160)
|
|
Net cash used in investing activities
|
(30,315)
|
|
(22,601)
|
|
(100,360)
|
|
(99,083)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from borrowings
|
340,680
|
|
627,370
|
|
1,489,040
|
|
1,435,081
|
|
Repayments of borrowings
|
(252,678)
|
|
(515,989)
|
|
(1,483,869)
|
|
(1,176,784)
|
|
Proceeds from exercise of stock options
|
525
|
|
9,665
|
|
26,719
|
|
47,581
|
|
Repurchases of common stock
|
(374,999)
|
|
(216,249)
|
|
(774,998)
|
|
(774,999)
|
|
Acquisition contingent consideration payment
|
-
|
|
-
|
|
-
|
|
(10,000)
|
|
Other financing activities
|
-
|
|
-
|
|
(800)
|
|
1,753
|
|
Net cash used in financing activities
|
(286,472)
|
|
(95,203)
|
|
(743,908)
|
|
(477,368)
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
6,486
|
|
3,348
|
|
6,038
|
|
2,676
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
(59,432)
|
|
87,253
|
|
(113,531)
|
|
29,675
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
|
Beginning of period
|
153,686
|
|
120,534
|
|
$207,785
|
|
178,110
|
|
End of period
|
$94,254
|
|
$207,787
|
|
$94,254
|
|
$207,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET
CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH
FLOW
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$250,869
|
|
$201,709
|
|
$724,699
|
|
$603,450
|
|
Payments in respect of restructuring activities
|
2,280
|
|
7,033
|
|
8,541
|
|
16,483
|
|
Proceeds from sale of property, plant and equipment
|
60
|
|
174
|
|
3,106
|
|
1,422
|
|
Purchase of property, plant and equipment
|
(35,066)
|
|
(25,714)
|
|
(92,494)
|
|
(97,341)
|
|
Payments for one-time legal charge (b)
|
-
|
|
2,992
|
|
-
|
|
2,992
|
|
Transition tax payment
|
-
|
|
-
|
|
4,264
|
|
4,289
|
|
Adjusted free cash
flow
|
$218,143
|
|
$186,194
|
|
$648,116
|
|
$531,295
|
|
|
|
|
|
|
|
|
|
|
|
(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 cash
payment made in 2019, 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, 2020
|
|
|
14%
|
|
8%
|
|
12%
|
|
11%
|
|
|
|
Twelve Months Ended
December 31, 2020
|
|
|
3%
|
|
1%
|
|
3%
|
|
3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local Currency Sales
Growth (Decrease)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2020
|
|
|
7%
|
|
8%
|
|
8%
|
|
7%
|
|
|
|
Twelve Months Ended
December 31, 2020
|
|
|
1%
|
|
2%
|
|
3%
|
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
DILUTED EPS AS REPORTED TO ADJUSTED DILUTED
EPS
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
Twelve months
ended
|
|
|
December
31,
|
December
31,
|
|
|
2020
|
|
2019
|
|
% Growth
|
|
2020
|
|
2019
|
|
% Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS as reported,
diluted
|
$9.03
|
|
$7.84
|
|
15%
|
|
$24.91
|
|
$22.47
|
|
11%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
charges, net of tax
|
0.11
|
(a)
|
0.15
|
(a)
|
|
|
0.35
|
(a)
|
0.50
|
(a)
|
|
Purchased intangible
amortization, net of tax
|
0.12
|
(b)
|
0.11
|
(b)
|
|
|
0.46
|
(b)
|
0.43
|
(b)
|
|
Income tax
expense
|
-
|
(c)
|
0.32
|
(c)
|
|
|
-
|
|
-
|
|
|
Swiss Tax
reform
|
-
|
|
(0.64)
|
(d)
|
|
|
-
|
|
(0.63)
|
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS,
diluted
|
$9.26
|
|
$7.78
|
|
19%
|
|
$25.72
|
|
$22.77
|
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Represents the EPS
impact of restructuring charges of $3.2 million ($2.6 million after
tax) and $4.6 million ($3.7 million after tax) for the three months
ended December 31, 2020 and 2019, and $10.5 million ($8.5 million
after tax) and $15.8 million ($12.6 million after tax) for the
twelve months ended December 31, 2020 and 2019, respectively, which
primarily include employee related costs.
|
(b)
|
Represents the EPS
impact of purchased intangibles amortization of $3.7 million ($2.8
million after tax) and $3.8 million ($2.8 million after tax) for
the three months ended December 31, 2020 and 2019, and of $14.9
million ($11.2 million after tax) and $14.3 million ($10.8 million
after tax) for the twelve months ended December 31, 2020 and 2019,
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 and a $0.20 EPS
benefit for the three months ended December 31, 2020 for the
reduction in our annualized effective tax rate to 19.5% for the
first three quarters of 2020.
|
(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.
|
View original
content:http://www.prnewswire.com/news-releases/mettler-toledo-international-inc-reports-fourth-quarter-2020-results-301222717.html
SOURCE Mettler-Toledo International Inc.