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Mettler-Toledo International Inc. Reports Third Quarter 2009 Results.

Article Excerpt
- - Strong Gross Margin and Cost Reduction Help Offset Adverse Market Conditions - - - - Excellent Cash Flow Generation - -

COLUMBUS, Ohio, Oct. 29 /PRNewswire-FirstCall/ -- Mettler-Toledo International Inc. today announced third quarter results for 2009. Provided below are the highlights:

-- Sales in local currency declined by 12% in the quarter. Reported sales decreased 14%, which included a 2% negative currency impact. -- Net earnings per diluted share as reported (EPS) were $1.21, compared with $1.52 in the third quarter of 2008. Adjusted EPS was $1.36, a 6% decline from the prior-year amount of $1.44. Adjusted EPS is a non-GAAP measure and excludes purchased intangible amortization, discrete tax items, restructuring charges and other one-time items. A reconciliation to EPS is provided on the last page of the attached schedules. Third Quarter Results

Olivier Filliol, President and Chief Executive Officer, stated, "As we continued to face challenging market conditions and comparisons with very favorable results last year, our local currency sales declined as expected. However, gross margin increased strongly due to favorable mix as well as our initiatives in pricing and procurement. I am also very pleased with the benefit we are seeing from our cost reduction program. Finally, we again had excellent cash flow generation in the quarter."

EPS was $1.21, compared with the prior-year amount of $1.52. Adjusted EPS was $1.36, compared with the prior-year amount of $1.44.

Sales were $435.7 million, compared with $509.1 million in the prior year, reflecting a 12% decline in local currency sales. Reported sales declined by 14%, which included a 2% negative currency impact. By region, local currency sales decreased 16% in Europe, 12% in the Americas and 6% in Asia / Rest of World. Adjusted operating income amounted to $73.2 million, a 4% decrease from the prior-year amount of $76.5 million. Adjusted operating income is a non-GAAP measure, and a reconciliation to earnings before taxes is provided in the attached schedules.

Cash flow from operations was $79.6 million, compared with $76.6 million in 2008.

Nine-Month Results

EPS was $3.02, compared with the prior-year amount of $3.96. Adjusted EPS was $3.48, compared with the prior-year amount of $3.85.

Sales were $1.217 billion, compared with $1.464 billion in 2008, reflecting a 12% decline in local currency sales. Reported sales declined by 17% due to a negative 5% currency impact. By region, local currency sales decreased...

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