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

Exhibit 99.1

FOR IMMEDIATE RELEASE

METTLER-TOLEDO INTERNATIONAL INC. REPORTS
THIRD QUARTER 2010 RESULTS

— Another Quarter of Excellent Local Currency Sales Growth —
— Strong Growth in Operating Profit and EPS —

COLUMBUS, Ohio, USA — November 4, 2010 — Mettler-Toledo International Inc. (NYSE: MTD) today announced third quarter results for 2010. Provided below are the highlights:

• Sales in local currency increased by 14% in the quarter compared with the prior year. Reported sales growth increased 13%, which includes a negative 1% currency impact.

• Net earnings per diluted share as reported (EPS) were $1.82, compared with $1.21 in the third quarter of 2009. Adjusted EPS was $1.71, a 26% increase over the prior-year amount of $1.36. 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, “We experienced another quarter of better-than-expected sales growth driven by strong momentum in Asia / Rest of World and the Americas. This momentum reflects a positive market environment combined with strong execution of our business strategies. I am also very pleased with the strong growth in operating profit and EPS growth.”

EPS was $1.82, compared with the prior-year amount of $1.21. Adjusted EPS was $1.71, an increase of 26% over the prior-year amount of $1.36.

Sales were $490.2 million, a 14% increase in local currency sales, compared with $435.7 million in the prior year. Reported sales growth was 13%, which included a negative 1% currency impact. By region, local currency sales increased 7% in Europe, 15% in the Americas and 25% in Asia / Rest of World. Adjusted operating income amounted to $85.8 million, a 17% increase from the prior-year amount of $73.2 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 $86.0 million, compared with $79.6 million in 2009.

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Nine-Month Results

EPS was $4.41, compared with the prior-year amount of $3.02. Adjusted EPS was $4.39, a 26% increase over the prior-year amount of $3.48.

Sales were $1.375 billion, a 12% increase in local currency sales, compared with $1.217 billion in the prior year. Reported sales growth was 13%, which included a 1% benefit from currency. By region, local currency sales increased 5% in Europe, 14% in the Americas and 23% in Asia / Rest of World. Adjusted operating income amounted to $226.1 million, a 21% increase from the prior-year amount of $187.2 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 $205.3 million, compared with $188.5 million in 2009.

Increase to Share Repurchase Program

The Company announced that the Board of Directors has authorized a $750 million increase to the share repurchase program. The Company currently has a $1.5 billion stock repurchase program through the end of December 2010 of which $1.24 billion has been utilized. Any amount remaining under the existing program at the end of the year will be incorporated into the new authorization. Filliol commented, “We are confident in our growth prospects now and into the future. Our balance sheet and cash flow generation remain very strong and we continue to believe that the repurchase program is an effective means to return capital to shareholders.” The Company expects the new authorization will be utilized over the next several years. The Company added that the repurchases will be made through open market transactions, and the amount and timing will depend on business and market conditions, stock price, trading restrictions, the level of acquisition activity and other factors.

Outlook

Based on today’s assessment, management anticipates that local currency sales growth in the fourth quarter will be in the range of 5% to 7% and Adjusted EPS in the range of $2.25 to $2.30, an increase of 8% to 10%.

For the full year 2010, local currency sales growth is expected to be in the range of 10% to 11% and Adjusted EPS in the range of $6.62 to $6.67, an increase of 19% to 20%. This compares with previous guidance of Adjusted EPS in the range of $6.35 to $6.45. Adjusted EPS excludes purchased intangible amortization, discrete tax items, restructuring charges and other one-time items.

The Company stated that based on their assessment of market conditions today, management anticipates local currency sales growth in 2011 will be in the range of 4% to 6% while Adjusted EPS will be in the range of $7.35 to $7.55. Using the midpoint of the 2010 Adjusted EPS range, this reflects an increase of 11% to 14%.

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.

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Conclusion

Filliol concluded, “We remain optimistic about the strength of our franchise and our ability to continue to gain market share. In emerging markets, we enjoy strong leadership positions and are executing well on our proven growth strategies. In developed markets, our innovative approaches to sales and marketing, combined with a strong product line-up, have allowed us to capture share. Finally, our cost-effective operating model is benefiting from our low-cost country manufacturing and sourcing. In summary, we are confident in our ability to execute our strategic initiatives but remain cautious given the uncertainty in the global economy.”

Other Matters

The Company will host a conference call to discuss its quarterly results today (Thursday, November 4) 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 atwww.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 captions “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.

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

	Three months ended					Three months ended
	September 30, 2010			% of sales		September 30, 2009		% of sales
Net sales	$	490,213	(a)		100.0	$	435,650		100.0
Cost of sales		234,158			47.8		210,457		48.3
Gross profit		256,055			52.2		225,193		51.7
Research and development		24,992			5.1		22,309		5.1
Selling, general and administrative		145,303			29.6		129,686		29.8
Amortization		3,667			0.7		3,237		0.7
Interest expense		4,792			1.0		6,974		1.6
Restructuring charges		566			0.1		6,064		1.4
Other charges (income), net		(127	)		0.0		13		0.0
Earnings before taxes		76,862			15.7		56,910		13.1
Provision for taxes		14,781			3.0		15,365		3.6
Net earnings	$	62,081			12.7	$	41,545		9.5
Basic earnings per common share:
Net earnings	$	1.87				$	1.23
Weighted average number of common shares		33,171,017					33,728,931
Diluted earnings per common share:
Net earnings	$	1.82				$	1.21
Weighted average number of common and common equivalent shares		34,027,191					34,413,656

Note:
(a)	Local currency sales increased 14% as compared to the same period in 2009.

RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING INCOME

	Three months ended					Three months ended
	September 30, 2010			% of sales		September 30, 2009		% of sales
Earnings before taxes	$	76,862				$	56,910
Amortization		3,667					3,237
Interest expense		4,792					6,974
Restructuring charges		566					6,064
Other charges (income), net		(127	)				13
Adjusted operating income	$	85,760	(b)		17.5	$	73,198		16.8

Note:
(b)	Adjusted operating income increased 17% as compared to the same period in 2009.

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

	Nine months ended					Nine months ended
	September 30, 2010			% of sales		September 30, 2009		% of sales
Net sales	$	1,375,413	(a)		100.0	$	1,217,171		100.0
Cost of sales		654,807			47.6		597,822		49.1
Gross profit		720,606			52.4		619,349		50.9
Research and development		70,562			5.1		65,954		5.4
Selling, general and administrative		423,919			30.8		366,209		30.1
Amortization		10,613			0.8		8,734		0.7
Interest expense		14,757			1.1		18,975		1.6
Restructuring charges		2,476			0.2		28,398		2.3
Other charges (income), net		857			0.0		1,149		0.1
Earnings before taxes		197,422			14.4		129,930		10.7
Provision for taxes		46,126			3.4		26,775		2.2
Net earnings	$	151,296			11.0	$	103,155		8.5
Basic earnings per common share:
Net earnings	$	4.52				$	3.06
Weighted average number of common shares		33,488,099					33,683,443
Diluted earnings per common share:
Net earnings	$	4.41				$	3.02
Weighted average number of common and common equivalent shares		34,318,582					34,200,834

Note:
(a)	Local currency sales increased 12% as compared to the same period in 2009.

RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING INCOME

	Nine months ended					Nine months ended
	September 30, 2010			% of sales		September 30, 2009			% of sales
Earnings before taxes	$	197,422				$	129,930
Amortization		10,613					8,734
Interest expense		14,757					18,975	(c)
Restructuring charges		2,476					28,398
Other charges (income), net		857					1,149
Adjusted operating income	$	226,125	(b)		16.4	$	187,186			15.4

Notes:
(b)	Adjusted operating income increased 21% 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 nine months ended September 30, 2009.

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Exhibit 99.1

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

	September 30, 2010		December 31, 2009
Cash and cash equivalents	$	142,884	$	85,031
Accounts receivable, net		331,954		312,998
Inventories		215,316		168,042
Other current assets and prepaid expenses		96,575		80,036
Total current assets		786,729		646,107
Property, plant and equipment, net		334,803		316,334
Goodwill and other intangibles assets, net		554,683		546,234
Other non-current assets		231,412		210,112
Total assets	$	1,907,627	$	1,718,787
Short-term borrowings and maturities of long-term debt	$	89,350	$	89,968
Trade accounts payable		121,339		103,160
Accrued and other current liabilities		395,335		301,547
Total current liabilities		606,024		494,675
Long-term debt		245,866		203,590
Other non-current liabilities		300,194		309,384
Total liabilities		1,152,084		1,007,649
Shareholders’ equity		755,543		711,138
Total liabilities and shareholders’ equity	$	1,907,627	$	1,718,787

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Exhibit 99.1

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

	Three months ended						Nine months ended
	September 30,						September 30,
	2010			2009			2010			2009
Cash flow from operating activities:
Net earnings	$	62,081		$	41,545		$	151,296		$	103,155
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation		7,796			7,573			22,261			21,926
Amortization		3,667			3,237			10,613			8,734
Deferred tax provision		(2,858	)		(4,976	)		(7,392	)		(15,773	)
Excess tax benefits from share-based payment arrangements		(692	)		(407	)		(3,410	)		(609	)
Other		3,059			2,638			9,197			8,485
Increase in cash resulting from changes in operating assets and liabilities		12,959			29,971			22,705			62,557
Net cash provided by operating activities		86,012			79,581			205,270			188,475
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment		55			62			157			1,979
Purchase of property, plant and equipment		(18,761	)		(12,626	)		(38,564	)		(36,646	)
Acquisitions		—			—			(12,557	)		(170	)
Net cash used in investing activities		(18,706	)		(12,564	)		(50,964	)		(34,837	)
Cash flows from financing activities:
Proceeds from borrowings		41,554			30,167			93,697			198,072
Repayments of borrowings		(5,057	)		(106,615	)		(52,115	)		(323,948	)
Debt issuance costs		—			(18	)		—			(620	)
Debt extinguishment costs		—			(15	)		—			(1,316	)
Proceeds from exercise of stock options		2,860			1,464			12,244			6,073
Excess tax benefits from share-based payment arrangements		692			407			3,410			609
Repurchases of common stock		(76,000	)		—			(148,794	)		—
Other financing activities		(3,403	)		94			(6,941	)		(984	)
Net cash used in financing activities		(39,354	)		(74,516	)		(98,499	)		(122,114	)
Effect of exchange rate changes on cash and cash equivalents		3,341			1,721			2,046			4,351
Net increase (decrease) in cash and cash equivalents		31,293			(5,778	)		57,853			35,875
Cash and cash equivalents:
Beginning of period		111,591			119,726			85,031			78,073
End of period	$	142,884		$	113,948		$	142,884		$	113,948
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
Net cash provided by operating activities	$	86,012		$	79,581		$	205,270		$	188,475
Excess tax benefits from share-based payment arrangements		692			407			3,410			609
Payments in respect of restructuring activities		2,257			4,226			8,883			18,538
Proceeds from sale of property, plant and equipment		55			62			157			1,979
Purchase of property, plant and equipment		(18,761	)		(12,626	)		(38,564	)		(36,646	)
Free cash flow	$	70,255		$	71,650		$	179,156		$	172,955

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Exhibit 99.1

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 September 30, 2010		0	%		15	%		28	%		13	%
Nine Months Ended September 30, 2010		3	%		15	%		27	%		13	%
Local Currency Sales Growth
Three Months Ended September 30, 2010		7	%		15	%		25	%		14	%
Nine Months Ended September 30, 2010		5	%		14	%		23	%		12	%

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

	Three months ended									Nine months ended
	September 30,									September 30,
							%									%
	2010			2009			Growth			2010			2009			Growth
EPS as reported, diluted	$	1.82		$	1.21			50	%	$	4.41		$	3.02			46	%
Restructuring charges, net of tax		0.01	(a)		0.13	(a)					0.05	(a)		0.61	(a)
Debt extinguishment and financing costs, net of tax		—			—						—			0.04	(d)
Purchased intangible amortization, net of tax		0.03	(b)		0.02	(b)					0.08	(b)		0.06	(b)
Discrete tax items		(0.15	) (c)		—						(0.15	) (c)		(0.25	) (e)
Adjusted EPS, diluted	$	1.71		$	1.36			26	%	$	4.39		$	3.48			26	%

Notes:

(a)	Represents the EPS impact of restructuring charges of $0.6 million ($0.4 million after tax) and $6.1 million ($4.4 million after tax) for the three months ended September 30, 2010 and 2009, respectively and $2.5 million ($1.8 million after tax) and $28.4 million ($20.7 million after tax) for the nine months ended September 30, 2010 and 2009, respectively, which primarily include severance and lease termination costs.
(b)	Represents the EPS impact of purchased intangible amortization, net of tax, of $0.9 million and $0.7 million for the three months ended September 30, 2010 and 2009, respectively and $2.7 million and $2.0 million for the nine months ended September 30, 2010 and 2009, respectively.
(c)	Discrete tax items for the three and nine months ended September 30, 2010 pertain to the EPS impact of a net tax benefit of $5.2 million primarily related to the favorable resolution of certain prior year tax matters.
(d)	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 the nine months ended September 30, 2009.
(e)	Discrete tax items for the nine months ended September 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.

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