Mettler-Toledo International (MTD) 8-K Mettler-toledo International Inc. Reports Second Quarter 2010 Results

Exhibit 99.1

FOR IMMEDIATE RELEASE

METTLER-TOLEDO INTERNATIONAL INC. REPORTS
SECOND QUARTER 2010 RESULTS

— Very Strong Local Currency Sales Growth —
— Excellent Growth in Operating Profit and EPS —

COLUMBUS, Ohio, USA — July 22, 2010 — Mettler-Toledo International Inc. (NYSE: MTD) today announced second quarter results for 2010. Provided below are the highlights:

• Sales in local currency increased by 16% in the quarter compared with the prior year. Reported sales growth increased 15%, which includes a negative 1% currency impact.

• Net earnings per diluted share as reported (EPS) were $1.49, compared with $0.81 in the second quarter of 2009. Adjusted EPS was $1.55, a 32% increase over the prior-year amount of $1.17. 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.

Second Quarter Results

Olivier Filliol, President and Chief Executive Officer, stated, “Sales growth in the quarter was better than expected with strong results in most product lines and geographies. We were particularly pleased with the solid performance in all regions. Strong operating leverage drove further gross margin expansion and we are pleased with our excellent growth in operating profit and EPS.”

EPS was $1.49, compared with the prior-year amount of $0.81. Adjusted EPS was $1.55, an increase of 32% over the prior-year amount of $1.17.

Sales were $468.5 million, a 16% increase in local currency sales, compared with $407.4 million in the prior year. Reported sales growth was 15%, which included a negative 1% currency impact. By region, local currency sales increased 10% in Europe, 15% in the Americas and 27% in Asia / Rest of the World. Adjusted operating income amounted to $79.9 million, a 30% increase from the prior-year amount of $61.7 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 $74.8 million, compared with $74.0 million in 2009.

Six-Month Results

EPS was $2.59, compared with the prior-year amount of $1.81. Adjusted EPS was $2.68, a 26% increase over the prior-year amount of $2.12.

Sales were $885.2 million, an 11% increase in local currency sales, compared with $781.5 million in the prior year. Reported sales growth was 13%, which included a 2% currency benefit. By region, local currency sales increased 4% in Europe, 13% in the Americas and 21% in Asia / Rest of the World. Adjusted operating income amounted to $140.4 million, a 23% increase from the prior-year amount of $114.0 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 $119.3 million, compared with $108.9 million in 2009.

Outlook

Based on today’s assessment, management anticipates that local currency sales growth in 2010 will be in the range of 8% to 9% and Adjusted EPS will be in the range of $6.35 to $6.45, an increase of 14% to 16%. This compares with previous guidance of Adjusted EPS in the range of $6.26 to $6.36. Adjusted EPS excludes purchased intangible amortization, discrete tax items, restructuring charges and other one-time items.

For the third quarter 2010, the Company anticipates local currency sales growth to be in the range of 8% to 10% and Adjusted EPS in the range of $1.52 to $1.57, an increase of 12% to 15%.

While the Company has provided an outlook for Adjusted EPS, it has not provided an outlook for EPS. EPS guidance would require an estimate of non-recurring items, which are not yet known.

Conclusion

Filliol concluded, “We are encouraged by the further improvement in business momentum during the second quarter. Our sales growth is clearly benefiting from the investments in marketing programs, product development and emerging markets distribution that we continued to make during the downturn. Although our current outlook for the third quarter is solid, we remain cautious given the uncertainty in the global economy.”

Other Matters

The Company will host a conference call to discuss its second quarter results today (Thursday, July 22) at 4:30 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 is a leading global supplier of precision instruments and services. The Company is the world’s largest manufacturer and marketer of weighing instruments for use in laboratory, industrial and food retailing applications. The Company also holds top-three market positions in several related analytical instruments and is a leading provider of automated chemistry systems used in drug and chemical compound discovery and development. In addition, the Company is the world’s largest supplier of metal detection and other end-of-line inspection systems used in production and packaging and holds a leading position in certain process analytics applications. Additional information about METTLER TOLEDO can be found at “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. These statements involve known and unknown risks, uncertainties and other factors that may cause our or our businesses’ actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. 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” or the negative of those terms or other comparable terminology. For a discussion of these risks and uncertainties, please see the discussion on forward-looking statements in our current report on Form 8-K to which this release has been furnished as an exhibit. All of the forward-looking statements are qualified in their entirety by reference to the factors discussed under the caption “Factors affecting our future operating results” and in the “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our annual report on Form 10-K for the most recently completed fiscal year, which describe risks and factors that could cause results to differ materially from those projected in those forward-looking statements.

METTLER-TOLEDO INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands except share data)
(unaudited)

	Three months ended					Three months ended
	June 30, 2010			% of sales		June 30, 2009		% of sales
Net sales	$	468,549	(a)		100.0	$	407,442		100.0
Cost of sales		221,924			47.4		201,208		49.4
Gross profit		246,625			52.6		206,234		50.6
Research and development		23,105			4.9		22,075		5.4
Selling, general and administrative		143,602			30.6		122,488		30.1
Amortization		3,565			0.8		2,814		0.7
Interest expense		4,711			1.0		6,760		1.6
Restructuring charges		1,526			0.3		13,979		3.4
Other charges (income), net		730			0.2		131		0.1
Earnings before taxes		69,386			14.8		37,987		9.3
Provision for taxes		18,039			3.8		10,256		2.5
Net earnings	$	51,347			11.0	$	27,731		6.8
Basic earnings per common share:
Net earnings	$	1.53				$	0.82
Weighted average number of common shares		33,536,105					33,690,179
Diluted earnings per common share:
Net earnings	$	1.49				$	0.81
Weighted average number of common and common equivalent shares		34,395,487					34,192,595

Note:

(a) Local currency sales increased 16% as compared to the same period in 2009.

RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING INCOME

	Three months ended					Three months ended
	June 30, 2010			% of sales		June 30, 2009			% of sales
Earnings before taxes	$	69,386				$	37,987
Amortization		3,565					2,814
Interest expense		4,711					6,760	(c)
Restructuring charges		1,526					13,979
Other charges (income), net		730					131
Adjusted operating income	$	79,918	(b)		17.1	$	61,671			15.1

Notes:

(b)	Adjusted operating income increased 30% as compared to the same period in 2009.
(c)	Includes costs to tender $75 million of the Company’s 4.85% $150 million Senior Notes and other financing-related costs totaling $1.8 million during the three months ended June 30, 2009.

METTLER-TOLEDO INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands except share data)
(unaudited)

	Six months ended					Six months ended
	June 30, 2010			% of sales		June 30, 2009		% of sales
Net sales	$	885,200	(a)		100.0	$	781,521		100.0
Cost of sales		420,649			47.5		387,365		49.6
Gross profit		464,551			52.5		394,156		50.4
Research and development		45,570			5.2		43,645		5.6
Selling, general and administrative		278,616			31.5		236,523		30.3
Amortization		6,946			0.8		5,497		0.7
Interest expense		9,965			1.1		12,001		1.4
Restructuring charges		1,910			0.2		22,334		2.9
Other charges (income), net		984			0.1		1,136		0.1
Earnings before taxes		120,560			13.6		73,020		9.4
Provision for taxes		31,345			3.5		11,410		1.5
Net earnings	$	89,215			10.1	$	61,610		7.9
Basic earnings per common share:
Net earnings	$	2.65				$	1.83
Weighted average number of common shares		33,646,640					33,660,699
Diluted earnings per common share:
Net earnings	$	2.59				$	1.81
Weighted average number of common and common equivalent shares		34,464,277					34,094,423

Note:

(a) Local currency sales increased 11% as compared to the same period in 2009.

RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING INCOME

	Six months ended					Six months ended
	June 30, 2010			% of sales		June 30, 2009			% of sales
Earnings before taxes	$	120,560				$	73,020
Amortization		6,946					5,497
Interest expense		9,965					12,001	(c)
Restructuring charges		1,910					22,334
Other charges (income), net		984					1,136
Adjusted operating income	$	140,365	(b)		15.9	$	113,988			14.6

Notes:

(b)	Adjusted operating income increased 23% as compared to the same period in 2009.
(c)	Includes costs to tender $75 million of the Company’s 4.85% $150 million Senior Notes and other financing-related costs totaling $1.8 million during the six months ended June 30, 2009.

METTLER-TOLEDO INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
(unaudited)

	June 30, 2010		December 31, 2009
Cash and cash equivalents	$	111,591	$	85,031
Accounts receivable, net		310,071		312,998
Inventories		185,173		168,042
Other current assets and prepaid expenses		84,028		80,036
Total current assets		690,863		646,107
Property, plant and equipment, net		302,606		316,334
Goodwill and other intangibles assets, net		546,095		546,234
Other non-current assets		206,230		210,112
Total assets	$	1,745,794	$	1,718,787
Short-term borrowings and maturities of long-term debt	$	90,837	$	89,968
Trade accounts payable		110,971		103,160
Accrued and other current liabilities		327,165		301,547
Total current liabilities		528,973		494,675
Long-term debt		204,247		203,590
Other non-current liabilities		295,382		309,384
Total liabilities		1,028,602		1,007,649
Shareholders’ equity		717,192		711,138
Total liabilities and shareholders’ equity	$	1,745,794	$	1,718,787

METTLER-TOLEDO INTERNATIONAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
(unaudited)

	Three months ended						Six months ended
	June 30,						June 30,
	2010			2009			2010			2009
Cash flow from operating activities:
Net earnings	$	51,347		$	27,731		$	89,215		$	61,610
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation		7,018			7,304			14,465			14,353
Amortization		3,565			2,814			6,946			5,497
Deferred tax provision		(2,728	)		(6,935	)		(4,534	)		(10,797	)
Excess tax benefits from share-based payment arrangements		(1,798	)		(164	)		(2,718	)		(202	)
Other		3,094			2,984			6,138			5,847
Increase in cash resulting from changes in operating assets and liabilities		14,266			40,289			9,746			32,586
Net cash provided by operating activities		74,764			74,023			119,258			108,894
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment		65			49			102			1,917
Purchase of property, plant and equipment		(9,342	)		(11,568	)		(19,803	)		(24,020	)
Acquisitions		(29	)		—			(12,557	)		(170	)
Net cash used in investing activities		(9,306	)		(11,519	)		(32,258	)		(22,273	)
Cash flows from financing activities:
Proceeds from borrowings		28,292			109,713			52,143			167,905
Repayments of borrowings		(27,859	)		(185,191	)		(47,058	)		(217,333	)
Debt issuance costs		—			(602	)		—			(602	)
Debt extinguishment costs		—			(1,301	)		—			(1,301	)
Proceeds from exercise of stock options		6,379			1,649			9,384			4,609
Excess tax benefits from share-based payment arrangements		1,798			164			2,718			202
Repurchases of common stock		(43,613	)		—			(72,794	)		—
Other financing activities		(3,729	)		(758	)		(3,538	)		(1,078	)
Net cash used in financing activities		(38,732	)		(76,326	)		(59,145	)		(47,598	)
Effect of exchange rate changes on cash and cash equivalents		(1,018	)		2,778			(1,295	)		2,630
Net increase (decrease) in cash and cash equivalents		25,708			(11,044	)		26,560			41,653
Cash and cash equivalents:
Beginning of period		85,883			130,770			85,031			78,073
End of period	$	111,591		$	119,726		$	111,591		$	119,726
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
Net cash provided by operating activities	$	74,764		$	74,023		$	119,258		$	108,894
Excess tax benefits from share-based payment arrangements		1,798			164			2,718			202
Payments in respect of restructuring activities		2,303			9,738			6,626			14,312
Proceeds from sale of property, plant and equipment		65			49			102			1,917
Purchase of property, plant and equipment		(9,342	)		(11,568	)		(19,803	)		(24,020	)
Free cash flow	$	69,588		$	72,406		$	108,901		$	101,305

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 June 30, 2010		5	%		16	%		30	%		15	%
Six Months Ended June 30, 2010		5	%		15	%		26	%		13	%
Local Currency Sales Growth
Three Months Ended June 30, 2010		10	%		15	%		27	%		16	%
Six Months Ended June 30, 2010		4	%		13	%		21	%		11	%

RECONCILIATION OF DILUTED EPS AS REPORTED TO ADJUSTED DILUTED EPS
(unaudited)

	Three months ended									Six months ended
	June 30,									June 30,
							%									%
	2010			2009			Growth			2010			2009			Growth
EPS as reported, diluted	$	1.49		$	0.81			84	%	$	2.59		$	1.81			43	%
Restructuring charges, net of tax		0.03	(a)		0.30	(a)					0.04	(a)		0.48	(a)
Debt extinguishment and financing costs, net of tax		—			0.04	(c)					—			0.04	(c)
Purchased intangible amortization, net of tax		0.03	(b)		0.02	(b)					0.05	(b)		0.04	(b)
Discrete tax items		—			—						—			(0.25	) (d)
Adjusted EPS, diluted	$	1.55		$	1.17			32	%	$	2.68		$	2.12			26	%

Notes:

(a)	Represents the EPS impact of restructuring charges of $1.5 million ($1.1 million after tax) and $14.0 million ($10.2 million after tax) for the three months ended June 30, 2010 and 2009, respectively and $1.9 million ($1.4 million after tax) and $22.3 million ($16.3 million after tax) for the six months ended June 30, 2010 and 2009, respectively, which primarily include severance and lease termination costs.
(b)	Represents the EPS impact of purchased intangibles amortization, net of tax, of $0.9 million and $0.7 million for the three months ended June 30, 2010 and 2009, respectively and $1.8 million and $1.3 million for the six months ended June 30, 2010 and 2009, respectively.
(c)	Represents the EPS impact of costs to tender $75 million of the Company’s 4.85% $150 million Senior Notes and other financing-related costs totaling $1.8 million ($1.3 million after tax) for both the three and six months ended June 30, 2009.
(d)	Discrete tax items for the six months ended June 30, 2009 pertain to the EPS impact of a net tax benefit of $8.3 million primarily related to the favorable resolution of certain prior year tax matters.