0001037646false00010376462024-08-012024-08-01

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):August 1, 2024
Mettler-Toledo International Inc.
(Exact name of registrant as specified in its charter)
DelawareFile No.001-1359513-3668641
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1900 Polaris Parkway
Columbus,OH
and
Im Langacher, P.O. Box MT-100
CH Greifensee, Switzerland43240and 8606
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: 1-614-438-4511 and +41-44-944-22-11
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueMTDNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition
    The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition.” The information furnished in this Form 8-K and the Exhibit attached hereto shall not be treated as filed for purposes of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
    On August 1, 2024 Mettler-Toledo International Inc. (Mettler-Toledo) issued a press release (the Release) setting forth its financial results for the three and six months ended June 30, 2024. A copy of the Release is furnished hereto as Exhibit 99.1 to this report.

Non-GAAP Financial Measures
    Mettler-Toledo supplements its U.S. GAAP results with non-GAAP financial measures. The principal non-GAAP financial measures Mettler-Toledo uses are Adjusted Earnings per Share, Adjusted Operating Profit, Adjusted Free Cash Flow and Local Currency Sales Growth.

Adjusted Earnings per Share
    Mettler-Toledo defines Adjusted Earnings per Share as diluted earnings per common share excluding certain non-recurring discrete tax items, amortization of purchased intangible assets, net of tax, restructuring charges, net of tax and certain other one-time charges, net of tax. The most directly comparable U.S. GAAP financial measure is diluted earnings per common share.
    Mettler-Toledo believes that Adjusted Earnings per Share is important supplemental information for investors. Mettler-Toledo uses this measure because it excludes certain non-recurring discrete tax items, amortization of purchased intangibles, net of tax, restructuring charges, net of tax and certain other one-time charges, net of tax, which management believes are not directly related to current and ongoing operations thereby providing investors with information that helps to compare ongoing operating performance.
    Adjusted Earnings per Share is used in addition to and in conjunction with results presented in accordance with U.S. GAAP. Adjusted Earnings per Share is not intended to represent diluted earnings per common share under U.S. GAAP and should not be considered as an alternative to diluted earnings per common share as an indicator of Mettler-Toledo’s performance because of the following limitations.

Limitations of Mettler-Toledo’s non-GAAP measure, Adjusted Earnings per Share
    Mettler-Toledo’s non-GAAP measure, Adjusted Earnings per Share, has certain material limitations as follows:
    It does not include certain non-recurring discrete tax items, amortization expense of purchased intangibles, net of tax, restructuring charges, net of tax and certain other one-time charges, net of tax. Because non-recurring discrete tax items, amortization of purchased intangibles, restructuring charges and certain other one-time charges are components of diluted earnings per share under U.S. GAAP, any measure that excludes non-recurring discrete tax items, amortization of purchased intangibles, restructuring charges and certain other one-time charges, has material limitations.


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Adjusted Operating Profit
    Mettler-Toledo defines Adjusted Operating Profit as gross profit less research and development and selling, general and administrative expenses before amortization, interest, restructuring charges and other charges (income), net and taxes. The most directly comparable U.S. GAAP financial measure is earnings before taxes.
    Mettler-Toledo believes that Adjusted Operating Profit is important supplemental information for investors. Adjusted Operating Profit is used internally as the principal profit measurement by its segments in their reporting to management. Mettler-Toledo uses this measure because it excludes amortization, interest, restructuring charges and other charges (income), net and taxes, which are not allocated to the segments.
    On a consolidated basis, Mettler-Toledo also believes Adjusted Operating Profit is an important supplemental method of measuring profitability. It is used internally by senior management for measuring profitability and setting performance targets for managers, and has historically been used as one of the means of publicly providing guidance on possible future results. Mettler-Toledo also believes that Adjusted Operating Profit is an important performance measure because it provides a measure of comparability to other companies with different capital or legal structures, which accordingly may be subject to disparate interest rates and effective tax rates, and to companies which may incur different amortization expenses or impairment charges related to intangible assets.
    Adjusted Operating Profit is used in addition to and in conjunction with results presented in accordance with U.S. GAAP. Adjusted Operating Profit is not intended to represent operating income under U.S. GAAP and should not be considered as an alternative to earnings before taxes as an indicator of Mettler-Toledo’s performance because of the following limitations.

Limitations of Mettler-Toledo’s non-GAAP measure, Adjusted Operating Profit
    Mettler-Toledo’s non-GAAP measure, Adjusted Operating Profit, has certain material limitations as follows:
•It excludes amortization expense. Because this item is recurring, any measure that excludes amortization expense has material limitations.
•It does not include interest expense. Because Mettler-Toledo has borrowed money to finance some of its operations, interest is a necessary and ongoing part of its costs and has assisted Mettler-Toledo in generating revenue. Therefore any measure that excludes interest expense has material limitations.
•It excludes restructuring charges. Because restructuring charges are a component of operating income under U.S. GAAP, any measure that excludes restructuring charges, has material limitations.
•It excludes other charges (income), net. Because other charges (income), net is a component of operating income under U.S. GAAP, any measure that excludes other charges (income), net, has material limitations.

Adjusted Free Cash Flow
    Mettler-Toledo defines Adjusted Free Cash Flow as net cash provided by operating activities including proceeds from the sale of property, plant and equipment, less capital expenditures, and before restructuring, acquisition cost payments, and tax reform payments. The most directly comparable U.S. GAAP financial measure is net cash provided by operating activities
    
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    Mettler-Toledo believes Adjusted Free Cash Flow is important supplemental information for investors. It is used internally by senior management for measuring operating cash flow generation and setting performance targets for managers, and has historically been used as one of the means of providing guidance on possible future cash flows.
    Adjusted Free Cash Flow is used in addition to and in conjunction with results presented in accordance with U.S. GAAP. Adjusted Free Cash Flow is not intended to represent net cash provided by operating activities recorded under U.S. GAAP and should not be considered as an alternative to net cash provided by operating activities as an indicator of Mettler-Toledo’s performance because of the following limitations.
Limitations of Mettler-Toledo’s non-GAAP measure, Adjusted Free Cash Flow
    Mettler-Toledo’s non-GAAP measure, Adjusted Free Cash Flow, has certain material limitations as follows:
•It includes proceeds from the sale of property, plant and equipment and purchases of property, plant and equipment, which are not considered to be components of net cash provided by operating activities under U.S. GAAP. It excludes the portion of purchases of property, plant and equipment relating to government contract. Therefore any measure that includes proceeds from the sale of property, plant and equipment and purchases of property, plant and equipment and excludes the portion of purchases of property, plant and equipment relating to government contracts.
•It excludes restructuring, acquisition payments, and tax reform payments which are considered to be components of net cash provided by operating activities under U.S. GAAP. Therefore any measure that excludes these items has material limitations.
Local Currency Sales Growth
    Mettler-Toledo defines Local Currency Sales Growth as sales growth excluding the effect of currency exchange rate fluctuations that result from translating activity outside of the United States into U.S. dollars. The most directly comparable U.S. GAAP financial measure is U.S. dollar sales growth.
    Mettler-Toledo believes that Local Currency Sales Growth is important supplemental information for investors. Mettler-Toledo believes local currency information provides a helpful assessment of business performance and a useful measure of results between periods.
    Local Currency Sales Growth is used in addition to and in conjunction with results presented in accordance with U.S. GAAP. Local Currency Sales Growth is not intended to represent U.S. dollar sales growth under U.S. GAAP and should not be considered as an alternative to U.S. dollar sales growth as an indicator of Mettler-Toledo’s performance because of the following limitations.

Limitations of Mettler-Toledo’s non-GAAP measure, Local Currency Sales Growth
    Mettler-Toledo’s non-GAAP measure, Local Currency Sales Growth, has certain material limitations as follows:
    It does not include the effect of currency exchange rate fluctuations that result from translating activity outside of the United States into U.S. dollars. Because the effect of changes in foreign currency exchange rates is a component of sales growth under U.S. GAAP, any measure that excludes the effect of changes in foreign currency exchange rates, has material limitations.
    Adjusted Earnings per Share, Adjusted Operating Income, Adjusted Free Cash Flow and Local Currency Sales Growth should not be relied upon to the exclusion of U.S. GAAP financial measures, but reflect additional measures of comparability and means of viewing aspects of Mettler-Toledo’s operations that, when viewed together with its U.S. GAAP results and the accompanying reconciliations to net
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earnings, net cash provided by operating activities and diluted earnings per share, provide a more complete understanding of factors and trends affecting its business.
    Because Adjusted Earnings per Share, Adjusted Operating Income, Adjusted Free Cash Flow and Local Currency Sales Growth are not standardized, it may not be possible to compare with other companies’ non-GAAP financial measures having the same or similar names. We strongly encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.
    The Release provides a reconciliation of Adjusted Earnings per Share, Adjusted Operating Income and Adjusted Free Cash Flow to the most comparable financial measures recorded under U.S. GAAP. The Release also presents Local Currency Sales Growth in conjunction with its most comparable financial measure recorded under U.S. GAAP.
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Item 9.01 Financial Statements and Exhibits

Exhibit No.Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document).*

* Submitted electronically with this Report in accordance with the provision of Regulation S-T.


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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


                            
METTLER-TOLEDO INTERNATIONAL INC.
Dated:August 1, 2024By:/s/ Shawn P. Vadala
Shawn P. Vadala
Chief Financial Officer



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FOR IMMEDIATE RELEASEExhibit 99.1
METTLER-TOLEDO INTERNATIONAL INC. REPORTS
SECOND QUARTER 2024 RESULTS


COLUMBUS, Ohio, USA – August 1, 2024 – Mettler-Toledo International Inc. (NYSE: MTD) today announced second quarter results for 2024. Provided below are the highlights:

•Reported sales declined 4% compared with the prior year. In local currency, sales decreased 2% in the quarter as currency reduced sales growth by 2%.

•Net earnings per diluted share as reported (EPS) were $10.37, compared with $9.69 in the prior-year period. Adjusted EPS was $9.65, a decrease of 5% over the prior-year amount of $10.19. 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, “Our team continued to execute very well in the second quarter and delivered good Laboratory sales growth in Europe and the Americas. As expected, market conditions in China remained weak. We continue to benefit from our productivity and margin initiatives, which helped mitigate the impact of foreign exchange headwinds and supported better-than-expected financial results.”

GAAP Results
EPS in the quarter was $10.37, compared with the prior-year amount of $9.69. EPS included a one-time non-cash tax benefit of $1.07 per share.

Compared with the prior year, total reported sales declined 4% to $946.8 million. By region, reported sales increased 5% in Europe and 2% in the Americas and declined 16% in Asia/Rest of World. Earnings before taxes amounted to $243.2 million, compared with $263.4 million in the prior year.

Non-GAAP Results
Adjusted EPS was $9.65, a decrease of 5% over the prior-year amount of $10.19.

Compared with the prior year, total sales in local currency declined 2% as currency reduced sales growth by 2%. By region, local currency sales increased 6% in Europe and 2% in the Americas and declined 12% in Asia/Rest of World. Adjusted Operating Profit amounted to $284.1 million, compared with the prior-year amount of $307.7 million.

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

Six Month Results
GAAP Results
EPS was $18.60, compared with the prior-year amount of $18.15, and included the previously mentioned one-time non-cash tax benefit of $1.07 per share.

Compared with the prior year, total reported sales declined 2% to $1.873 billion. By region, reported sales increased 6% in Europe and 3% in the Americas and declined 14% in Asia/Rest of World. Earnings before taxes amounted to $463.7 million, compared with $490.0 million in the prior year.

Non-GAAP Results
Adjusted EPS was $18.53, a decrease of 2% over the prior-year amount of $18.82.
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Compared with the prior year, total sales in local currency declined 1% as currency reduced sales growth by 1%. By region, local currency sales increased 6% in Europe and 2% in the Americas and declined 11% in Asia/Rest of World. Excluding the first quarter benefit from delayed fourth quarter 2023 shipments, year-to-date local currency sales declined 4%, including flat local currency sales in Europe and the Americas and a 12% decline in Asia/Rest of World. Adjusted Operating Profit amounted to $551.4 million, compared with the prior-year amount of $574.2 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
Management cautions that market conditions are uncertain and could change quickly. Based on today's assessment, management anticipates local currency sales for the third quarter of 2024 will increase approximately 1%, and Adjusted EPS is forecast to be $9.90 to $10.05, representing growth of 1% to 3%. Included in the third quarter guidance is an estimated 1% headwind to Adjusted EPS growth due to adverse currency.

For the full year, management anticipates local currency sales in 2024 will increase approximately 2%, and Adjusted EPS is forecast to be in the range of $40.20 to $40.50, representing growth of approximately 6% to 8%. Included in the full year guidance is an estimated 2% headwind to Adjusted EPS growth due to adverse currency. This compares with previous local currency sales growth guidance of approximately 2% and Adjusted EPS guidance of $39.90 to $40.40.

The Company does not provide GAAP financial measures on a forward-looking basis because we are unable to predict with reasonable certainty and without unreasonable effort the timing and amount of future restructuring and other non-recurring items.

Conclusion
Kaltenbach concluded, “Market conditions globally have remained soft, especially in China. However, we expect our local currency sales to return to growth in the second half of the year primarily due to easier comparisons, as well as execution of our Spinnaker sales and marketing program and leveraging our innovative product portfolio. We remain focused on continuing to strengthen our Company for the future and believe we are in an excellent position to continue to gain market share and deliver future growth.”

Other Matters
The Company will host a conference call to discuss its quarterly results tomorrow morning (Friday, August 2) at 7:30 a.m. Eastern Time. To listen to a live webcast or replay of the call, visit the investor relations page on the Company’s website at investor.mt.com. The presentation referenced on 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.

Forward-Looking Statements Disclaimer
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, inflation, ongoing developments related to Ukraine, and the Israel-Hamas war. 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, planned research and development efforts and product introductions, adequacy of facilities, access to and the costs of raw materials, shipping and supplier costs, gross margins, customer demand, our competitive
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position, pricing, capital expenditures, cash flow, tax-related matters, the impact of foreign currencies, compliance with laws, effects of acquisitions, and the impact of inflation, ongoing developments related to Ukraine, and the Israel-Hamas war on our business.

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 inflation, ongoing developments related to Ukraine, and the Israel-Hamas war. See in particular “Factors Affecting Our Future Operating Results” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
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METTLER-TOLEDO INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands except share data)
(unaudited)
Three months endedThree months ended
June 30, 2024% of salesJune 30, 2023% of sales
Net sales$946,750 (a)100.0$982,117 100.0
Cost of sales381,082 40.3398,574 40.6
Gross profit565,668 59.7583,543 59.4
Research and development45,771 4.847,245 4.8
Selling, general and administrative235,796 24.9228,594 23.3
Amortization18,178 1.918,042 1.8
Interest expense18,950 2.019,249 2.0
Restructuring charges5,329 0.68,021 0.8
Other charges (income), net(1,533)(0.2)(1,011)(0.1)
Earnings before taxes243,177 25.7263,403 26.8
Provision for taxes21,363 2.349,476 5.0
Net earnings$221,814 23.4$213,927 21.8
Basic earnings per common share:
Net earnings$10.42 $9.75 
Weighted average number of common shares21,279,006 21,944,645 
Diluted earnings per common share:
Net earnings$10.37 $9.69 
Weighted average number of common and common equivalent shares21,392,550 22,080,602 
Note:
(a)Local currency sales decreased 2% as compared to the same period in 2023.
RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
Three months endedThree months ended
June 30, 2024% of salesJune 30, 2023% of sales
Earnings before taxes$243,177 $263,403 
Amortization18,178 18,042 
Interest expense18,950 19,249 
Restructuring charges5,329 8,021 
Other charges (income), net(1,533)(1,011)
Adjusted operating profit$284,101 (b)30.0$307,704 31.3
Note:
(b)Adjusted operating profit decreased 8% as compared to the same period in 2023.

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METTLER-TOLEDO INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands except share data)
(unaudited)
Six months endedSix months ended
June 30, 2024% of salesJune 30, 2023% of sales
Net sales$1,872,699 (a)100.0$1,910,855 100.0
Cost of sales758,898 40.5780,746 40.9
Gross profit1,113,801 59.51,130,109 59.1
Research and development92,186 4.992,722 4.9
Selling, general and administrative470,186 25.1463,232 24.2
Amortization36,406 1.935,821 1.9
Interest expense38,182 2.037,433 2.0
Restructuring charges14,993 0.812,295 0.6
Other charges (income), net(1,876)—(1,407)(0.1)
Earnings before taxes463,724 24.8490,013 25.6
Provision for taxes64,401 3.587,660 4.5
Net earnings$399,323 21.3$402,353 21.1
Basic earnings per common share:
Net earnings$18.70 $18.28 
Weighted average number of common shares21,358,339 22,013,662 
Diluted earnings per common share:
Net earnings$18.60 $18.15 
Weighted average number of common and common equivalent shares21,468,995 22,164,394 
Note:
(a)Local currency sales decreased 1% as compared to the same period in 2023.
RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
Six months endedSix months ended
June 30, 2024% of salesJune 30, 2023% of sales
Earnings before taxes$463,724 $490,013 
Amortization36,406 35,821 
Interest expense38,182 37,433 
Restructuring charges14,993 12,295 
Other charges (income), net(1,876)(1,407)
Adjusted operating profit$551,429 (b)29.4$574,155 30.0
Note:
(b)Adjusted operating profit decreased 4% as compared to the same period in 2023.

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METTLER-TOLEDO INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
(unaudited)
June 30, 2024December 31, 2023
Cash and cash equivalents$70,810 $69,807 
Accounts receivable, net634,710 663,893 
Inventories366,395 385,865 
Other current assets and prepaid expenses106,392 110,638 
Total current assets1,178,307 1,230,203 
Property, plant and equipment, net768,664 803,374 
Goodwill and other intangible assets, net933,513 955,537 
Other non-current assets368,680 366,441 
Total assets$3,249,164 $3,355,555 
Short-term borrowings and maturities of long-term debt$311,246 $192,219 
Trade accounts payable199,462 210,411 
Accrued and other current liabilities770,474 778,452 
Total current liabilities1,281,182 1,181,082 
Long-term debt1,746,638 1,888,620 
Other non-current liabilities374,106 435,791 
Total liabilities3,401,926 3,505,493 
Shareholders’ equity(152,762)(149,938)
Total liabilities and shareholders’ equity$3,249,164 $3,355,555 
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METTLER-TOLEDO INTERNATIONAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)



(unaudited)
Three months endedSix months ended
June 30,June 30,
2024202320242023
Cash flow from operating activities:
Net earnings$221,814 $213,927 $399,323 $402,353 
 Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation12,351 12,194 24,873 24,217 
Amortization18,178 18,042 36,406 35,821 
Deferred tax benefit(1,774)(2,368)(3,837)(1,766)
One-time non-cash discrete tax benefit(22,982)— (22,982)— 
Other4,541 4,195 9,263 8,222 
Increase (decrease) in cash resulting from changes in
operating assets and liabilities25,378 20,821 4,447 (48,774)
Net cash provided by operating activities257,506 266,811 447,493 420,073 
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment668 412 668 412 
Purchase of property, plant and equipment(23,810)(28,751)(41,201)(51,947)
 Proceeds from government funding (a)
— 1,264 — 1,264 
Acquisitions(1,473)— (2,473)(613)
Other investing activities2,783 (15,837)12,239 (14,414)
Net cash used in investing activities(21,832)(42,912)(30,767)(65,298)
Cash flows from financing activities:
Proceeds from borrowings572,715 475,903 1,022,578 1,080,921 
Repayments of borrowings(598,912)(455,215)(1,017,192)(958,731)
Proceeds from exercise of stock options6,305 7,614 8,136 19,087 
Repurchases of common stock(212,499)(250,000)(424,998)(499,999)
  Acquisition contingent consideration payment — (5,626)— (5,626)
Other financing activities(1,910)(103)(1,910)(714)
Net cash used in financing activities(234,301)(227,427)(413,386)(365,062)
Effect of exchange rate changes on cash and cash equivalents(754)(1,983)(2,337)(2,105)
Net increase (decrease) in cash and cash equivalents619 (5,511)1,003 (12,392)
Cash and cash equivalents:
    Beginning of period70,191 89,085 69,807 95,966 
    End of period$70,810 $83,574 $70,810 $83,574 
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW
Net cash provided by operating activities$257,506 $266,811 $447,493 $420,073 
Payments in respect of restructuring activities5,966 5,415 15,680 7,398 
Transition tax payment10,723 8,042 10,723 8,042 
Proceeds from sale of property, plant and equipment668 412 668 412 
Purchase of property, plant and equipment, net (a)(23,810)(24,907)(41,201)(44,815)
Acquisition payments (b)— 4,775 — 4,775 
Adjusted free cash flow$251,053 $260,548 $433,363 $395,885 
Notes:
(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 received funding of $35.8 million in prior years, which offset capital expenditures. During the three and six months ended June 30, 2023 the Company received funding proceeds of $1.3 million. During the three and six months ended June 30, 2023 the related purchase of property, plant and equipment of $3.8 million and $7.1 million, respectively, are excluded from Adjusted free cash flow.
(b) Includes $4.4 million of the PendoTECH contingent consideration payment that was reported in net cash provided by operating activities as required by U.S. GAAP for the three and six months ended June 30, 2023.
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METTLER-TOLEDO INTERNATIONAL INC.
OTHER OPERATING STATISTICS
SALES GROWTH BY DESTINATION
(unaudited)
AmericasEuropeAsia/RoWTotal
U.S. Dollar Sales Growth
Three Months Ended June 30, 20242%5%(16)%(4)%
Six Months Ended June 30, 20243%6%(14)%(2)%
Local Currency Sales Growth
Three Months Ended June 30, 20242%6%(13)%(2)%
Six Months Ended June 30, 20242%6%(11)%(1)%
Note:
RECONCILIATION OF DILUTED EPS AS REPORTED TO ADJUSTED DILUTED EPS
(unaudited)
Three months endedSix months ended
June 30,June 30,
20242023% Growth20242023% Growth
EPS as reported, diluted$10.37 $9.69 7%$18.60 $18.15 2%
Purchased intangible amortization, net of tax0.24 (a)0.23 (a)0.47 (a)0.46 (a)
Restructuring charges, net of tax0.20 (b)0.29 (b)0.56 (b)0.45 (b)
Income tax expense(1.16)(c)(0.02)(c)(1.10)(c)(0.24)(c)
Adjusted EPS, diluted$9.65 $10.19 (5)%$18.53 $18.82 (2)%
Notes:
(a)Represents the EPS impact of purchased intangibles amortization of $6.5 million ($5.0 million net of tax) and $6.7 million ($5.2 million net of tax) for the three months ended June 30, 2024 and 2023, and of $13.1 million ($10.1 million net of tax) and $13.3 million ($10.3 million net of tax) for the six months ended June 30, 2024 and 2023, respectively.
(b)Represents the EPS impact of restructuring charges of $5.3 million ($4.3 million after tax) and $8.0 million ($6.5 million after tax) for the three months ended June 30, 2024 and 2023, and $15.0 million ($12.1 million after tax) and $12.3 million ($10.0 million after tax) for the six months ended June 30, 2024 and 2023, respectively, which primarily include employee related costs.
(c)Represents the EPS impact of the difference between our quarterly and estimated annual tax rate before non-recurring discrete items during the three and six months ended June 30, 2024 and 2023 due to the timing of excess tax benefits associated with stock option exercises. Also includes a reported EPS reduction of $1.07 for the three and six months ended June 30, 2024 for the one-time non-cash discrete tax benefit resulting from the reduction of uncertain tax position liabilities related to the settlement of a tax audit.



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v3.24.2.u1
Document Entity Information Document
Aug. 01, 2024
Cover [Abstract]  
Amendment Flag false
City Area Code 614
Document Period End Date Aug. 01, 2024
Document Type 8-K
Entity Address, Address Line One 1900 Polaris Parkway
Entity Address, City or Town Columbus,
Entity Address, State or Province OH
Entity Address, Postal Zip Code 43240
Entity Central Index Key 0001037646
Entity Emerging Growth Company false
Entity File Number 001-13595
Entity Incorporation, State or Country Code DE
Entity Registrant Name Mettler-Toledo International Inc.
Entity Tax Identification Number 13-3668641
Local Phone Number 438-4511
Pre-commencement Issuer Tender Offer false
Pre-commencement Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value
Security Exchange Name NYSE
Soliciting Material false
Trading Symbol MTD
Written Communications false
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