– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
COLUMBUS, Ohio, May 5, 2022 /PRNewswire/ -- Mettler-Toledo International Inc. (NYSE: MTD) today announced first quarter results for 2022. Provided below are the highlights:
First Quarter Results
Patrick Kaltenbach, President and Chief Executive Officer, stated, "We had a strong start to the year with robust customer demand and diligent execution by our teams throughout the world. We had excellent growth in our Laboratory and Industrial businesses and saw broad-based growth in most regions. Despite continued higher costs associated with challenges in the global supply chain, we had a very good increase in operating profit and earnings growth, which is particularly impressive given the excellent growth in the prior year."
EPS in the quarter was $7.55, compared with the prior-year amount of $6.32.
Compared with the prior year, total reported sales increased 12% to $897.8 million. By region, reported sales increased 16% in the Americas, 3% in Europe and 14% in Asia/Rest of World. Earnings before taxes amounted to $213.0 million, compared with $185.4 million in the prior year.
Non-GAAP Results
Adjusted EPS was $7.87, an increase of 20% over the prior-year amount of $6.56.
Compared with the prior year, total sales in local currency increased 14% as currency reduced sales growth by 2%. By region, local currency sales increased 16% in the Americas, 10% in Europe and 15% in Asia/Rest of World. Adjusted Operating Profit amounted to $241.2 million, a 15% increase from the prior-year amount of $210.7 million.
Adjusted EPS and Adjusted Operating Profit are non-GAAP measures. Reconciliations to the most comparable GAAP measures are provided in the attached schedules.
The Company stated that forecasting continues to be challenging. Management cautions that market conditions are very dynamic and changes to the business environment can happen quickly. There is increased uncertainty in the economic environment today including the potential impact of COVID-19, challenges in the global supply chain, inflationary pressures, unfavorable foreign currency and the potential repercussions from the war in Ukraine. The estimates include uncertainty and management acknowledges that market conditions are subject to change.
The Company said that based on its assessment of market conditions today, management anticipates local
currency sales growth in 2022 will be approximately 8%. This sales growth is expected to result in
Adjusted EPS in the range of $38.20 to $38.50, which represents a growth rate of 12% to 13%. This compares with previous local currency sales guidance of approximately 7% and Adjusted EPS guidance of $38.15 to $38.50.
Based on today's assessment of market conditions, management anticipates local currency sales growth for the second quarter of 2022 will be approximately 7%, and Adjusted EPS is forecasted to be $8.70 to $8.80, a growth rate of 7% to 9%.
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.
Kaltenbach concluded, "Momentum in our business is good across our Laboratory and Industrial product lines and we believe we are continuing to gain market share. Our ability to navigate challenges in the supply chain and meet customer demand continues to be a competitive advantage. We face macro uncertainties including COVID-19, challenges in the global supply chain, inflationary pressures, unfavorable foreign currency and the potential repercussions from the war in Ukraine. We remain focused on what we can control, namely capitalizing on our strong product portfolio and focused execution of our strategic programs to capture growth. Our culture of agility and resilience is particularly important given market conditions today. We remain confident in our strategic initiatives and our ability to deliver strong results in 2022 and beyond."
The Company will host a conference call to discuss its quarterly results today (Thursday, May 5) 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, 2021 and other reports filed with the SEC from time to time.
METTLER-TOLEDO INTERNATIONAL INC. |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(amounts in thousands except share data) |
||||||||||||||||
(unaudited) |
||||||||||||||||
Three months ended |
Three months ended |
|||||||||||||||
March 31, 2022 |
% of sales |
March 31, 2021 |
% of sales |
|||||||||||||
Net sales |
$897,791 |
(a) |
100.0 |
$804,390 |
100.0 |
|||||||||||
Cost of sales |
378,206 |
42.1 |
332,694 |
41.4 |
||||||||||||
Gross profit |
519,585 |
57.9 |
471,696 |
58.6 |
||||||||||||
Research and development |
43,028 |
4.8 |
39,272 |
4.9 |
||||||||||||
Selling, general and administrative |
235,312 |
26.2 |
221,752 |
27.6 |
||||||||||||
Amortization |
16,604 |
1.8 |
13,884 |
1.7 |
||||||||||||
Interest expense |
11,338 |
1.3 |
9,471 |
1.2 |
||||||||||||
Restructuring charges |
4,011 |
0.5 |
1,193 |
0.1 |
||||||||||||
Other charges (income), net |
(3,709) |
(0.4) |
710 |
0.1 |
||||||||||||
Earnings before taxes |
213,001 |
23.7 |
185,414 |
23.0 |
||||||||||||
Provision for taxes |
39,000 |
4.3 |
35,751 |
4.4 |
||||||||||||
Net earnings |
$174,001 |
19.4 |
$149,663 |
18.6 |
||||||||||||
Basic earnings per common share: |
||||||||||||||||
Net earnings |
$7.64 |
$6.41 |
||||||||||||||
Weighted average number of common shares |
22,768,298 |
23,365,077 |
||||||||||||||
Diluted earnings per common share: |
||||||||||||||||
Net earnings |
$7.55 |
$6.32 |
||||||||||||||
Weighted average number of common |
23,040,231 |
23,685,665 |
||||||||||||||
and common equivalent shares |
||||||||||||||||
Note: |
||||||||||||||||
(a) Local currency sales increased 14% as compared to the same period in 2021. |
||||||||||||||||
RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT |
||||||||||||||||
Three months ended |
Three months ended |
|||||||||||||||
March 31, 2022 |
% of sales |
March 31, 2021 |
% of sales |
|||||||||||||
Earnings before taxes |
$213,001 |
$185,414 |
||||||||||||||
Amortization |
16,604 |
13,884 |
||||||||||||||
Interest expense |
11,338 |
9,471 |
||||||||||||||
Restructuring charges |
4,011 |
1,193 |
||||||||||||||
Other charges (income), net |
(3,709) |
710 |
||||||||||||||
Adjusted operating profit |
$241,245 |
(b) |
26.9 |
$210,672 |
26.2 |
|||||||||||
Note: |
||||||||||||||||
(b) Adjusted operating profit increased 15% as compared to the same period in 2021. |
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METTLER-TOLEDO INTERNATIONAL INC. |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||||
(amounts in thousands) |
||||||||||
(unaudited) |
||||||||||
March 31, 2022 |
December 31, 2021 |
|||||||||
Cash and cash equivalents |
$116,949 |
$98,564 |
||||||||
Accounts receivable, net |
617,880 |
647,335 |
||||||||
Inventories |
446,490 |
414,543 |
||||||||
Other current assets and prepaid expenses |
128,567 |
108,916 |
||||||||
Total current assets |
1,309,886 |
1,269,358 |
||||||||
Property, plant and equipment, net |
787,472 |
799,365 |
||||||||
Goodwill and other intangibles assets, net |
955,197 |
956,072 |
||||||||
Other non-current assets |
303,628 |
302,003 |
||||||||
Total assets |
$3,356,183 |
$3,326,798 |
||||||||
Short-term borrowings and maturities of long-term debt |
$105,262 |
$101,134 |
||||||||
Trade accounts payable |
259,352 |
272,911 |
||||||||
Accrued and other current liabilities |
722,799 |
772,493 |
||||||||
Total current liabilities |
1,087,413 |
1,146,538 |
||||||||
Long-term debt |
1,766,832 |
1,580,808 |
||||||||
Other non-current liabilities |
417,368 |
428,031 |
||||||||
Total liabilities |
3,271,613 |
3,155,377 |
||||||||
Shareholders' equity |
84,570 |
171,421 |
||||||||
Total liabilities and shareholders' equity |
$3,356,183 |
$3,326,798 |
||||||||
METTLER-TOLEDO INTERNATIONAL INC. |
|||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||
(amounts in thousands) |
|||||
(unaudited) |
|||||
Three months ended |
|||||
March 31, |
|||||
2022 |
2021 |
||||
Cash flow from operating activities: |
|||||
Net earnings |
$174,001 |
$149,663 |
|||
Adjustments to reconcile net earnings to |
|||||
net cash provided by operating activities: |
|||||
Depreciation |
11,880 |
10,943 |
|||
Amortization |
16,604 |
13,884 |
|||
Deferred tax benefit |
(1,096) |
(5,068) |
|||
Share-based compensation |
4,509 |
4,575 |
|||
Decrease in cash resulting from changes in |
|||||
operating assets and liabilities |
(115,061) |
(15,120) |
|||
Net cash provided by operating activities |
90,837 |
158,877 |
|||
Cash flows from investing activities: |
|||||
Purchase of property, plant and equipment |
(19,151) |
(24,605) |
|||
Proceeds from government funding (a) |
18,000 |
- |
|||
Acquisitions |
(9,704) |
(185,074) |
|||
Other investing activities |
3,743 |
18,226 |
|||
Net cash used in investing activities |
(7,112) |
(191,453) |
|||
Cash flows from financing activities: |
|||||
Proceeds from borrowings |
684,037 |
827,991 |
|||
Repayments of borrowings |
(478,479) |
(523,146) |
|||
Proceeds from exercise of stock options |
5,289 |
5,049 |
|||
Repurchases of common stock |
(275,000) |
(262,500) |
|||
Other financing activities |
(332) |
(714) |
|||
Net cash (used in) provided by financing activities |
(64,485) |
46,680 |
|||
Effect of exchange rate changes on cash and cash equivalents |
(855) |
(1,704) |
|||
Net increase in cash and cash equivalents |
18,385 |
12,400 |
|||
Cash and cash equivalents: |
|||||
Beginning of period |
98,564 |
94,254 |
|||
End of period |
$116,949 |
$106,654 |
|||
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW |
|||||
Net cash provided by operating activities |
$90,837 |
$158,877 |
|||
Payments in respect of restructuring activities |
1,914 |
4,573 |
|||
Payments for acquisition costs |
174 |
117 |
|||
Purchase of property, plant and equipment, net (a) |
(17,472) |
(24,605) |
|||
Adjusted free cash flow |
$75,453 |
$138,962 |
|||
Note: |
||||||
(a) |
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. For the three months ended March 31, 2022, the funding proceeds of $18.0M and related purchase of property, plant and equipment of $1.7M are excluded from Adjusted free cash flow. |
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METTLER-TOLEDO INTERNATIONAL INC. |
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OTHER OPERATING STATISTICS |
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SALES GROWTH BY DESTINATION |
||||||||||||
(unaudited) |
||||||||||||
Europe |
Americas |
Asia/RoW |
Total |
|||||||||
U.S. Dollar Sales Growth |
||||||||||||
Three Months Ended March 31, 2022 |
3% |
16% |
14% |
12% |
||||||||
Local Currency Sales Growth |
||||||||||||
Three Months Ended March 31, 2022 |
10% |
16% |
15% |
14% |
||||||||
RECONCILIATION OF DILUTED EPS AS REPORTED TO ADJUSTED DILUTED EPS |
||||||||||||
(unaudited) |
||||||||||||
Three months ended |
||||||||||||
March 31, |
||||||||||||
2022 |
2021 |
% Growth |
||||||||||
EPS as reported, diluted |
$7.55 |
$6.32 |
19% |
|||||||||
Purchased intangible amortization, net of tax |
0.22 |
(a) |
0.12 |
(a) |
||||||||
Restructuring charges, net of tax |
0.14 |
(b) |
0.04 |
(b) |
||||||||
Acquisition costs, net of tax |
0.02 |
(c) |
0.10 |
(c) |
||||||||
Income tax expense |
(0.06) |
(d) |
(0.02) |
(d) |
||||||||
Adjusted EPS, diluted |
$7.87 |
$6.56 |
20% |
|||||||||
Notes: |
||||||||||||
(a) |
Represents the EPS impact of purchased intangibles amortization of $6.6 million ($5.1 million after tax) and $3.8 million ($2.9 million after tax) for the three months ended March 31, 2022 and 2021, respectively. |
|||||||||||
(b) |
Represents the EPS impact of restructuring charges of $4.0 million ($3.2 million after tax) and $1.2 million ($1.0 million after tax) for the three months ended March 31, 2022 and 2021, respectively, which primarily include employee related costs. |
|||||||||||
(c) |
Represents the EPS impact of acquisition costs of $0.5 million ($0.4 million after tax) and $2.8 million ($2.3 million after tax) for the three months ended March 31, 2022 and 2021, respectively. |
|||||||||||
(d) |
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, 2022 and 2021 due to the timing of excess tax benefits associated with stock option exercises. |
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SOURCE Mettler-Toledo International Inc.
КОЛУМБУС, Огайо, 5 мая 2022 г. /PRNewswire/ -- Mettler-Toledo International Inc. (NYSE: MTD) сегодня объявила результаты первого квартала 2022 года. Ниже приведены основные моменты:
Результаты первого квартала
Патрик Кальтенбах, президент и главный исполнительный директор, заявил: "У нас было хорошее начало года благодаря высокому спросу клиентов и добросовестному исполнению наших команд по всему миру. У нас был отличный рост в наших Лабораторных и промышленных предприятиях, и мы наблюдали широкомасштабный рост в большинстве регионов. Несмотря на продолжающийся рост затрат, связанный с проблемами в глобальной цепочке поставок, у нас был очень хороший рост операционной прибыли и прибыли, что особенно впечатляет, учитывая отличный рост в предыдущем году".
Прибыль на акцию за квартал составила $7,55 по сравнению с показателем предыдущего года в $6,32.
По сравнению с предыдущим годом общий объем зарегистрированных продаж увеличился на 12% и составил 897,8 млн долларов. В разбивке по регионам продажи выросли на 16% в Северной и Южной Америке, на 3% в Европе и на 14% в Азии/остальном мире. Прибыль до налогообложения составила $213,0 млн по сравнению с $185,4 млн годом ранее.
Результаты, не относящиеся к ОПБУ
Скорректированная прибыль на акцию составила 7,87 доллара, что на 20% больше, чем в предыдущем году (6,56 доллара).
По сравнению с предыдущим годом общий объем продаж в местной валюте увеличился на 14%, так как валюта снизила рост продаж на 2%. В разбивке по регионам продажи в местной валюте увеличились на 16% в Северной и Южной Америке, на 10% в Европе и на 15% в Азии/остальном мире. Скорректированная операционная прибыль составила 241,2 млн долларов, что на 15% больше по сравнению с показателем предыдущего года в 210,7 млн долларов.
Скорректированный EPS и Скорректированная операционная прибыль являются показателями, не относящимися к GAAP. Сверки с наиболее сопоставимыми показателями GAAP приведены в прилагаемых таблицах.
Компания заявила, что прогнозирование по-прежнему остается сложной задачей. Руководство предупреждает, что рыночные условия очень динамичны и изменения в бизнес-среде могут произойти быстро. Сегодня в экономической среде наблюдается повышенная неопределенность, включая потенциальное воздействие COVID-19, проблемы в глобальной цепочке поставок, инфляционное давление, неблагоприятный курс иностранной валюты и потенциальные последствия войны в Украине. Оценки включают неопределенность, и руководство признает, что рыночные условия могут измениться.
Компания заявила, что, основываясь на своей оценке сегодняшних рыночных условий, руководство ожидает, что местные
рост продаж валюты в 2022 году составит примерно 8%. Ожидается, что этот рост продаж приведет к
Скорректированная прибыль на акцию в диапазоне от $38,20 до $38,50, что представляет собой темпы роста от 12% до 13%. Это сопоставимо с предыдущим прогнозом продаж в местной валюте примерно на 7% и скорректированным прогнозом EPS в размере от 38,15 до 38,50 долларов США.
Основываясь на сегодняшней оценке рыночных условий, руководство ожидает, что рост продаж в местной валюте во втором квартале 2022 года составит примерно 7%, а скорректированная прибыль на акцию прогнозируется на уровне от 8,70 до 8,80 долларов США, темп роста от 7% до 9%.
В то время как Компания предоставила прогноз роста продаж в местной валюте и скорректированную прибыль на акцию, она не предоставила прогноз роста продаж или прибыли на акцию, поскольку для этого потребуется оценка колебаний обменного курса и разовых статей, которые пока неизвестны.
Кальтенбах заключил: "Динамика нашего бизнеса хороша во всех наших лабораторных и промышленных продуктовых линейках, и мы считаем, что продолжаем завоевывать долю рынка. Наша способность справляться с трудностями в цепочке поставок и удовлетворять потребительский спрос по-прежнему остается конкурентным преимуществом. Мы сталкиваемся с макроэкономической неопределенностью, включая COVID-19, проблемы в глобальной цепочке поставок, инфляционное давление, неблагоприятный курс иностранной валюты и потенциальные последствия войны в Украине. Мы по-прежнему сосредоточены на том, что мы можем контролировать, а именно на использовании нашего мощного продуктового портфеля и целенаправленном выполнении наших стратегических программ для обеспечения роста. Наша культура гибкости и устойчивости особенно важна в сегодняшних рыночных условиях. Мы по-прежнему уверены в наших стратегических инициативах и нашей способности добиться высоких результатов в 2022 году и далее".
Компания проведет телефонную конференцию для обсуждения своих квартальных результатов сегодня (четверг, 5 мая) в 17:00 по восточному времени. Чтобы прослушать прямую трансляцию или повтор звонка, посетите страницу по связям с инвесторами на веб-сайте Компании по адресу www.mt.com/investors . Презентация, упомянутая в телефонной конференции, будет размещена на веб-сайте до звонка.
МЕТТЛЕР ТОЛЕДО (NYSE: MTD) - ведущий мировой поставщик прецизионных приборов и услуг. Мы занимаем прочные лидирующие позиции во всех наших компаниях и считаем, что занимаем лидирующие позиции на мировом рынке в большинстве из них. Мы признаны лидером в области инноваций, и наши решения имеют решающее значение в ключевых исследованиях и разработках, контроле качества и производственных процессах для клиентов в широком спектре отраслей, включая биологические науки, пищевую и химическую промышленность. Наша сеть продаж и обслуживания является одной из самых обширных в отрасли. Наша продукция продается более чем в 140 странах, и мы имеем прямое присутствие примерно в 40 странах. Благодаря проверенным стратегиям роста и сосредоточенности на исполнении мы добились долгосрочных высоких финансовых показателей. Для получения дополнительной информации, пожалуйста, посетите www.mt.com .
Заявления в этом пресс-релизе, которые не являются историческими фактами, представляют собой "прогнозные заявления" по смыслу раздела 27A Закона США о ценных бумагах 1933 года и раздела 21E Закона США о ценных бумагах и биржах 1934 года. Вы не должны полагаться на прогнозные заявления, чтобы предсказать наши фактические результаты. Наши фактические результаты или показатели могут существенно отличаться от отраженных в прогнозных заявлениях из-за различных рисков и неопределенностей, включая заявления об ожидаемом росте выручки и долгосрочных последствиях пандемии COVID-19. В некоторых случаях вы можете определить прогнозные заявления с помощью такой терминологии, как "может", "будет", "может", "будет", "должен", "ожидать", "планировать", "предвидеть", "намереваться", "верить", "оценивать", "предсказать", "потенциал" или "продолжить". Мы делаем прогнозные заявления о будущих событиях или наших будущих финансовых показателях, включая рост прибыли и продаж, прибыль на акцию, стратегические планы и планы на случай непредвиденных обстоятельств, возможности роста или экономические спады, нашу способность реагировать на изменения рыночных условий, потребительский спрос, нашу конкурентную позицию, ценообразование, нашу цепочку поставок, достаточность наших мощностей, доступ к сырью и затраты на него, затраты на доставку и поставщиков, валовая прибыль, запланированные исследования и разработки и внедрение продукции, капитальные затраты, движение денежных средств, вопросы, связанные с налогообложением, влияние иностранных валют, соблюдение законов, последствия приобретений и влияние Пандемия COVID-19 на наших предприятиях. Наши прогнозные заявления могут быть неточными или полными, и мы не намерены обновлять или пересматривать их в свете фактических результатов. Также периодически возникают новые риски. Пожалуйста, примите во внимание риски и факторы, которые могут привести к тому, что наши результаты будут существенно отличаться от того, что описано в наших прогнозных заявлениях, включая неопределенную продолжительность и тяжесть пандемии COVID-19. Смотрите, в частности, "Факторы, влияющие на Наши будущие операционные результаты" и "Обсуждение и анализ руководством Финансового состояния и результатов деятельности" в нашем Годовом отчете по Форме 10-K за год, закончившийся 31 декабря 2021 года, и другие отчеты, время от времени подаваемые в SEC.
Mettler-Toledo International INC. |
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(amounts in thousands except share data) |
||||||||||||||||
(unaudited) |
||||||||||||||||
Three months ended |
Three months ended |
|||||||||||||||
March 31, 2022 |
% of sales |
March 31, 2021 |
% of sales |
|||||||||||||
Net sales |
$897,791 |
(a) |
100.0 |
$804,390 |
100.0 |
|||||||||||
Cost of sales |
378,206 |
42.1 |
332,694 |
41.4 |
||||||||||||
Gross profit |
519,585 |
57.9 |
471,696 |
58.6 |
||||||||||||
Research and development |
43,028 |
4.8 |
39,272 |
4.9 |
||||||||||||
Selling, general and administrative |
235,312 |
26.2 |
221,752 |
27.6 |
||||||||||||
Amortization |
16,604 |
1.8 |
13,884 |
1.7 |
||||||||||||
Interest expense |
11,338 |
1.3 |
9,471 |
1.2 |
||||||||||||
Restructuring charges |
4,011 |
0.5 |
1,193 |
0.1 |
||||||||||||
Other charges (income), net |
(3,709) |
(0.4) |
710 |
0.1 |
||||||||||||
Earnings before taxes |
213,001 |
23.7 |
185,414 |
23.0 |
||||||||||||
Provision for taxes |
39,000 |
4.3 |
35,751 |
4.4 |
||||||||||||
Net earnings |
$174,001 |
19.4 |
$149,663 |
18.6 |
||||||||||||
Basic earnings per common share: |
||||||||||||||||
Net earnings |
$7.64 |
$6.41 |
||||||||||||||
Weighted average number of common shares |
22,768,298 |
23,365,077 |
||||||||||||||
Diluted earnings per common share: |
||||||||||||||||
Net earnings |
$7.55 |
$6.32 |
||||||||||||||
Weighted average number of common |
23,040,231 |
23,685,665 |
||||||||||||||
and common equivalent shares |
||||||||||||||||
Note: |
||||||||||||||||
(a) Local currency sales increased 14% as compared to the same period in 2021. |
||||||||||||||||
RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT |
||||||||||||||||
Three months ended |
Three months ended |
|||||||||||||||
March 31, 2022 |
% of sales |
March 31, 2021 |
% of sales |
|||||||||||||
Earnings before taxes |
$213,001 |
$185,414 |
||||||||||||||
Amortization |
16,604 |
13,884 |
||||||||||||||
Interest expense |
11,338 |
9,471 |
||||||||||||||
Restructuring charges |
4,011 |
1,193 |
||||||||||||||
Other charges (income), net |
(3,709) |
710 |
||||||||||||||
Adjusted operating profit |
$241,245 |
(b) |
26.9 |
$210,672 |
26.2 |
|||||||||||
Note: |
||||||||||||||||
(b) Adjusted operating profit increased 15% as compared to the same period in 2021. |
||||||||||||||||
Mettler-Toledo International INC. |
||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||||
(amounts in thousands) |
||||||||||
(unaudited) |
||||||||||
March 31, 2022 |
December 31, 2021 |
|||||||||
Cash and cash equivalents |
$116,949 |
$98,564 |
||||||||
Accounts receivable, net |
617,880 |
647,335 |
||||||||
Inventories |
446,490 |
414,543 |
||||||||
Other current assets and prepaid expenses |
128,567 |
108,916 |
||||||||
Total current assets |
1,309,886 |
1,269,358 |
||||||||
Property, plant and equipment, net |
787,472 |
799,365 |
||||||||
Goodwill and other intangibles assets, net |
955,197 |
956,072 |
||||||||
Other non-current assets |
303,628 |
302,003 |
||||||||
Total assets |
$3,356,183 |
$3,326,798 |
||||||||
Short-term borrowings and maturities of long-term debt |
$105,262 |
$101,134 |
||||||||
Trade accounts payable |
259,352 |
272,911 |
||||||||
Accrued and other current liabilities |
722,799 |
772,493 |
||||||||
Total current liabilities |
1,087,413 |
1,146,538 |
||||||||
Long-term debt |
1,766,832 |
1,580,808 |
||||||||
Other non-current liabilities |
417,368 |
428,031 |
||||||||
Total liabilities |
3,271,613 |
3,155,377 |
||||||||
Shareholders' equity |
84,570 |
171,421 |
||||||||
Total liabilities and shareholders' equity |
$3,356,183 |
$3,326,798 |
||||||||
Mettler-Toledo International INC. |
|||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||
(amounts in thousands) |
|||||
(unaudited) |
|||||
Three months ended |
|||||
March 31, |
|||||
2022 |
2021 |
||||
Cash flow from operating activities: |
|||||
Net earnings |
$174,001 |
$149,663 |
|||
Adjustments to reconcile net earnings to |
|||||
net cash provided by operating activities: |
|||||
Depreciation |
11,880 |
10,943 |
|||
Amortization |
16,604 |
13,884 |
|||
Deferred tax benefit |
(1,096) |
(5,068) |
|||
Share-based compensation |
4,509 |
4,575 |
|||
Decrease in cash resulting from changes in |
|||||
operating assets and liabilities |
(115,061) |
(15,120) |
|||
Net cash provided by operating activities |
90,837 |
158,877 |
|||
Cash flows from investing activities: |
|||||
Purchase of property, plant and equipment |
(19,151) |
(24,605) |
|||
Proceeds from government funding (a) |
18,000 |
- |
|||
Acquisitions |
(9,704) |
(185,074) |
|||
Other investing activities |
3,743 |
18,226 |
|||
Net cash used in investing activities |
(7,112) |
(191,453) |
|||
Cash flows from financing activities: |
|||||
Proceeds from borrowings |
684,037 |
827,991 |
|||
Repayments of borrowings |
(478,479) |
(523,146) |
|||
Proceeds from exercise of stock options |
5,289 |
5,049 |
|||
Repurchases of common stock |
(275,000) |
(262,500) |
|||
Other financing activities |
(332) |
(714) |
|||
Net cash (used in) provided by financing activities |
(64,485) |
46,680 |
|||
Effect of exchange rate changes on cash and cash equivalents |
(855) |
(1,704) |
|||
Net increase in cash and cash equivalents |
18,385 |
12,400 |
|||
Cash and cash equivalents: |
|||||
Beginning of period |
98,564 |
94,254 |
|||
End of period |
$116,949 |
$106,654 |
|||
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW |
|||||
Net cash provided by operating activities |
$90,837 |
$158,877 |
|||
Payments in respect of restructuring activities |
1,914 |
4,573 |
|||
Payments for acquisition costs |
174 |
117 |
|||
Purchase of property, plant and equipment, net (a) |
(17,472) |
(24,605) |
|||
Adjusted free cash flow |
$75,453 |
$138,962 |
|||
Note: |
||||||
(a) |
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. For the three months ended March 31, 2022, the funding proceeds of $18.0M and related purchase of property, plant and equipment of $1.7M are excluded from Adjusted free cash flow. |
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Mettler-Toledo International INC. |
||||||||||||
OTHER OPERATING STATISTICS |
||||||||||||
SALES GROWTH BY DESTINATION |
||||||||||||
(unaudited) |
||||||||||||
Europe |
Americas |
Asia/RoW |
Total |
|||||||||
U.S. Dollar Sales Growth |
||||||||||||
Three Months Ended March 31, 2022 |
3% |
16% |
14% |
12% |
||||||||
Local Currency Sales Growth |
||||||||||||
Three Months Ended March 31, 2022 |
10% |
16% |
15% |
14% |
||||||||
RECONCILIATION OF DILUTED EPS AS REPORTED TO ADJUSTED DILUTED EPS |
||||||||||||
(unaudited) |
||||||||||||
Three months ended |
||||||||||||
March 31, |
||||||||||||
2022 |
2021 |
% Growth |
||||||||||
EPS as reported, diluted |
$7.55 |
$6.32 |
19% |
|||||||||
Purchased intangible amortization, net of tax |
0.22 |
(a) |
0.12 |
(a) |
||||||||
Restructuring charges, net of tax |
0.14 |
(b) |
0.04 |
(b) |
||||||||
Acquisition costs, net of tax |
0.02 |
(c) |
0.10 |
(c) |
||||||||
Income tax expense |
(0.06) |
(d) |
(0.02) |
(d) |
||||||||
Adjusted EPS, diluted |
$7.87 |
$6.56 |
20% |
|||||||||
Notes: |
||||||||||||
(a) |
Represents the EPS impact of purchased intangibles amortization of $6.6 million ($5.1 million after tax) and $3.8 million ($2.9 million after tax) for the three months ended March 31, 2022 and 2021, respectively. |
|||||||||||
(b) |
Represents the EPS impact of restructuring charges of $4.0 million ($3.2 million after tax) and $1.2 million ($1.0 million after tax) for the three months ended March 31, 2022 and 2021, respectively, which primarily include employee related costs. |
|||||||||||
(c) |
Represents the EPS impact of acquisition costs of $0.5 million ($0.4 million after tax) and $2.8 million ($2.3 million after tax) for the three months ended March 31, 2022 and 2021, respectively. |
|||||||||||
(d) |
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, 2022 and 2021 due to the timing of excess tax benefits associated with stock option exercises. |
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ИСТОЧНИК Mettler-Toledo International Inc.
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