COLUMBUS, Ohio, May 8, 2014 /PRNewswire/ – Mettler-Toledo International Inc. (NYSE: MTD) today announced first quarter results for 2014. Provided below are the highlights.
Sales in local currency increased by 4% in the quarter compared with the prior year. Reported sales increased 5% which included a 1% benefit due to currency.
Net earnings per diluted share as reported (EPS) were $1.93, compared with $1.69 in the first quarter of 2013. Adjusted EPS was $2.00, an increase of 9% over the prior-year amount of $1.84. 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.
First Quarter Results
Olivier Filliol, President and Chief Executive Officer, stated, “Demand was very good in Europe, and growth in the Americas was solid. In China, our sales performance improved, but it has not yet resulted in year over year sales growth. In other regions of Asia / Rest of the World, growth was good. Despite currency headwinds, we generated solid EPS growth as we continue to benefit from our various margin and cost control initiatives.”
EPS in the quarter was $1.93, compared with the prior-year amount of $1.69. Adjusted EPS was $2.00, an increase of 9% over the prior-year amount of $1.84.
Sales were $550.6 million, a 4% increase in local currency sales, compared with $524.4 million in the prior-year quarter. Reported sales increased 5%, and included a 1% benefit due to currency in the quarter. By region, local currency sales increased 9% in Europe, 3% in the Americas and 1% in Asia / Rest of World as compared to the prior year. Adjusted operating income amounted to $91.0 million, a 6% increase from the prior-year amount of $85.4 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 $42.8 million, compared with $23.7 million in the prior-year quarter.
via Mettler-Toledo International Inc. Reports First Quarter 2014 Results — COLUMBUS, Ohio, May 8, 2014 /PRNewswire/ –.