Mettler-Toledo International (MTD) 8-K Mettler-toledo International Inc. Reports

FOR IMMEDIATE RELEASE Exhibit 99.1

METTLER-TOLEDO INTERNATIONAL INC. REPORTS

FOURTH QUARTER 2013 RESULTS

- - Solid Earnings Growth - -

COLUMBUS, Ohio, USA - February 5, 2014 - Mettler-Toledo International Inc. (NYSE: MTD) today announced fourth quarter results for 2013. Provided below are the highlights:

• Sales in local currency increased by 3% in the quarter compared with the prior year. Reported sales increased 4% which included a 1% benefit due to currency.

• Net earnings per diluted share as reported (EPS) were $3.63, compared with $3.35 in the fourth quarter of 2012. Adjusted EPS was $3.82, an increase of 10% over the prior-year amount of $3.47. 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.

Fourth Quarter Results

Olivier Filliol, President and Chief Executive Officer, stated, “Results were solid in Europe and the Americas. As expected, weaker demand in China was offset by better conditions in other regions within Asia / Rest of World. We generated good EPS growth as we continue to benefit from our various margin improvement and cost control initiatives. Finally, we are pleased with the strong cash flow generation in 2013.”

EPS in the fourth quarter was $3.63, compared with the prior-year amount of $3.35. Adjusted EPS was $3.82, an increase of 10% over the prior-year amount of $3.47.

Sales were $684.3 million, a 3% increase in local currency sales, compared with $657.3 million in the prior-year quarter. Reported sales increased 4% and included a 1% benefit due to currency in the quarter. By region, local currency sales increased 2% in the Americas and 8% in Europe and were comparable to the prior-year in Asia / Rest of World. Adjusted operating income amounted to $165.0 million, an 8% increase from the prior-year amount of $153.4 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 $108.5 million, compared with $111.7 million in the prior-year quarter.

Full Year Results

EPS in 2013 was $9.96, compared with the prior-year amount of $9.14. Adjusted EPS was $10.58, an increase of 9% over the prior-year amount of $9.67.

Sales were $2.379 billion, a 1% increase in local currency sales, compared with $2.342 billion in the prior-year period. Reported sales growth was 2%, which included a 1% benefit due to currency. By region, local currency sales increased 3% in both the Americas and Europe and decreased 4% in Asia / Rest of World. Adjusted operating income amounted to $472.9 million, a 6% increase from the prior-year amount of $444.5 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 $345.9 million, compared with $327.7 million in the prior-year period.

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Cost Control Measures

As part of previously-announced cost control measures, the Company recorded pre-tax restructuring charges of $6.1 million in the quarter and $19.8 million for the full year of 2013.

Outlook

The Company updated its outlook for 2014 and noted that continued uncertainty in demand in many markets makes forecasting difficult. Based on today's assessment, management anticipates that local currency sales growth in 2014 will be in the range of 3% to 4% and Adjusted EPS in the range of $11.40 to $11.60, an increase of 8% to 10%. This compares to previous guidance of Adjusted EPS in the range of $11.35 to $11.55.

The Company stated that based on its assessment of market conditions today, management anticipates that local currency sales growth in the first quarter of 2014 will be approximately 3%. This sales growth will result in Adjusted EPS in the range of $1.93 to $1.98, an increase of 5% to 8%.

Adjusted EPS excludes purchased intangible amortization, discrete tax items, restructuring charges and other one-time items. While the Company has provided an outlook for Adjusted EPS, it has not provided an outlook for EPS as it would require an estimate of non-recurring items, which are not yet known.

Conclusion

Filliol concluded, “Market conditions appear to have stabilized in the developed world and we are cautiously optimistic for these regions in 2014. Globally we continue to leverage our spinnaker sales and marketing programs to gain share and are selectively adding field resources to pursue additional growth opportunities. We also continue to make significant investments for long term growth through our investments in product development, Blue Ocean and other areas. We remain confident in our long term prospects.”

Other Matters

The Company will host a conference call to discuss its quarterly results today (Wednesday, February 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 is a leading global supplier of precision instruments and services. The Company has strong leadership positions in all businesses and believes it holds global number-one market positions in a majority of them. Specifically, METTLER TOLEDO is the largest provider of weighing instruments for use in laboratory, industrial and food retailing applications. The Company is also a leading provider in analytical instruments for use in life science, reaction engineering and real-time analytic systems used in drug and chemical compound development and process analytics instruments used for in-line measurement in production processes. In addition, METTLER TOLEDO is the largest supplier of end-of-line inspection systems used in production and packaging for food, pharmaceutical and other industries. Additional information about METTLER TOLEDO can be found at www.mt.com/investors.

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
		December 31, 2013			% of sales	December 31, 2012		% of sales
Net sales		$	684,253	(a)	100.0	$	657,292	100.0
Cost of sales		308,896			45.1	300,504		45.7
Gross profit		375,357			54.9	356,788		54.3
Research and development		30,597			4.5	28,001		4.3
Selling, general and administrative		179,788			26.3	175,379		26.7
Amortization		6,935			1.0	5,586		0.8
Interest expense		6,211			0.9	5,667		0.9
Restructuring charges		6,100			0.9	5,426		0.8
Other charges (income), net		822			0.1	767		0.1
Earnings before taxes		144,904			21.2	135,962		20.7
Provision for taxes		34,742			5.1	31,329		4.8
Net earnings		$	110,162		16.1	$	104,633	15.9
Basic earnings per common share:
Net earnings		$	3.72			$	3.43
Weighted average number of common shares		29,596,949				30,532,491
Diluted earnings per common share:
Net earnings		$	3.63			$	3.35
Weighted average number of common
and common equivalent shares		30,366,603				31,271,377
Note:
(a)	Local currency sales increased 3% as compared to the same period in 2012.
RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING INCOME
		Three months ended				Three months ended
		December 31, 2013			% of sales	December 31, 2012		% of sales
Earnings before taxes		$	144,904			$	135,962
Amortization		6,935				5,586
Interest expense		6,211		(b)		5,667
Restructuring charges		6,100				5,426
Other charges (income), net		822				767
Adjusted operating income		$	164,972	(c)	24.1	$	153,408	23.3
Note:
(b)	Includes a $0.4 million charge associated with the termination of the Company's $880 million Credit Agreement, which was replaced with the Company's new $800 million Credit Agreement during the twelve months ended December 31, 2013.
(c)	Adjusted operating income increased 8% as compared to the same period in 2012.

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METTLER-TOLEDO INTERNATIONAL INC. CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands except share data) (unaudited)
		Twelve months ended				Twelve months ended
		December 31, 2013			% of sales	December 31, 2012		% of sales
Net sales		$	2,378,972	(a)	100.0	$	2,341,528	100.0
Cost of sales		1,096,946			46.1	1,100,473		47.0
Gross profit		1,282,026			53.9	1,241,055		53.0
Research and development		116,346			4.9	112,530		4.8
Selling, general and administrative		692,788			29.1	684,026		29.2
Amortization		24,539			1.0	21,357		0.9
Interest expense		22,711			1.0	22,764		1.0
Restructuring charges		19,830			0.8	16,687		0.7
Other charges (income), net		3,103			0.2	1,090		0.1
Earnings before taxes		402,709			16.9	382,601		16.3
Provision for taxes		96,615			4.0	91,754		3.9
Net earnings		$	306,094		12.9	$	290,847	12.4
Basic earnings per common share:
Net earnings		$	10.22			$	9.37
Weighted average number of common shares		29,945,954				31,044,532
Diluted earnings per common share:
Net earnings		$	9.96			$	9.14
Weighted average number of common
and common equivalent shares		30,728,482				31,824,077
Note:
(a)	Local currency sales increased 1% as compared to the same period in 2012.
RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING INCOME
		Twelve months ended				Twelve months ended
		December 31, 2013			% of sales	December 31, 2012		% of sales
Earnings before taxes		$	402,709			$	382,601
Amortization		24,539				21,357
Interest expense		22,711		(b)		22,764
Restructuring charges		19,830				16,687
Other charges (income), net		3,103				1,090
Adjusted operating income		$	472,892	(c)	19.9	$	444,499	19.0
Note:
(b)	Includes a $.04 million charge associated with the termination of the Company's $880 million Credit Agreement, which was replaced with the Company's new $800 million Credit Agreement during the twelve months ended December 31, 2013.
(c)	Adjusted operating income increased 6% as compared to the same period in 2012.

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METTLER-TOLEDO INTERNATIONAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands) (unaudited)
	December 31, 2013		December 31, 2012
Cash and cash equivalents	$	111,874	$	101,702
Accounts receivable, net	466,703		437,390
Inventories	210,414		198,939
Other current assets and prepaid expenses	124,996		126,206
Total current assets	913,987		864,237
Property, plant and equipment, net	514,438		469,421
Goodwill and other intangible assets, net	570,260		569,915
Other non-current assets	154,134		118,715
Total assets	$	2,152,819	$	2,022,288
Short-term borrowings and maturities of long-term debt	$	17,067	$	41,600
Trade accounts payable	145,993		142,362
Accrued and other current liabilities	401,128		378,032
Total current liabilities	564,188		561,994
Long-term debt	395,960		347,131
Other non-current liabilities	257,619		285,944
Total liabilities	1,217,767		1,195,069
Shareholders’ equity	935,052		827,219
Total liabilities and shareholders’ equity	$	2,152,819	$	2,022,288

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METTLER-TOLEDO INTERNATIONAL INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands) (unaudited)
	Three months ended						Twelve months ended
	December 31,						December 31,
	2013			2012			2013			2012
Cash flow from operating activities:
Net earnings	$	110,162		$	104,633		$	306,094		$	290,847
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation	8,741			9,143			34,765			33,421
Amortization	6,935			5,586			24,539			21,357
Deferred tax benefit	16,623			12,309			8,816			5,420
Excess tax benefits from share-based payment arrangements	(1,282		)	(8,863		)	(1,847		)	(9,365		)
Other	3,742			4,034			13,137			14,640
Increase (decrease) in cash resulting from changes in
operating assets and liabilities	(36,408		)	(15,116		)	(39,576		)	(28,616		)
Net cash provided by operating activities	108,513			111,726			345,928			327,704
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	3			82			211			426
Purchase of property, plant and equipment	(25,349		)	(31,296		)	(82,349		)	(95,588		)
Acquisitions	(2,448		)	—			(2,661		)	(2,098		)
Net cash used in investing activities	(27,794		)	(31,214		)	(84,799		)	(97,260		)
Cash flows from financing activities:
Proceeds from borrowings	173,954			150,632			556,059			445,425
Repayments of borrowings	(162,033		)	(178,165		)	(531,045		)	(563,109		)
Proceeds from exercise of stock options	3,755			5,741			19,745			21,927
Excess tax benefits from share-based payment arrangements	1,282			8,863			1,847			9,365
Repurchases of common stock	(77,563		)	(70,822		)	(294,976		)	(278,672		)
Debt issuance costs	(1,241		)	(363		)	(1,522		)	(363		)
Acquisition contingent consideration paid	—			(325		)	—			(325		)
Other financing activities	345			139			(1,224		)	(645		)
Net cash used in financing activities	(61,501		)	(84,300		)	(251,116		)	(366,397		)
Effect of exchange rate changes on cash and cash equivalents	434			116			159			2,054
Net decrease in cash and cash equivalents	19,652			(3,672		)	10,172			(133,899		)
Cash and cash equivalents:
Beginning of period	92,222			105,374			101,702			235,601
End of period	$	111,874		$	101,702		$	111,874		$	101,702
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
Net cash provided by operating activities	$	108,513		$	111,726		$	345,928		$	327,704
Excess tax benefits from share-based payment arrangements	1,282			8,863			1,847			9,365
Payments in respect of restructuring activities	4,756			4,354			18,949			12,591
Proceeds from sale of property, plant and equipment	3			82			211			426
Purchase of property, plant and equipment	(25,349		)	(31,296		)	(82,349		)	(95,588		)
Free cash flow	$	89,205		$	93,729		$	284,586		$	254,498

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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 December 31, 2013				12		%		1	%	(2		)%		4		%
	Twelve Months Ended December 31, 2013				6		%		3	%	(5		)%		2		%
Local Currency Sales Growth
	Three Months Ended December 31, 2013				8		%		2	%	0		%		3		%
	Twelve Months Ended December 31, 2013				3		%		3	%	(4		)%		1		%
RECONCILIATION OF DILUTED EPS AS REPORTED TO ADJUSTED DILUTED EPS
(unaudited)
		Three months ended									Twelve months ended
		December 31,									December 31,
		2013			2012				% Growth		2013				2012				% Growth
EPS as reported, diluted		$	3.63		$	3.35			8%		$	9.96			$	9.14			9%
Restructuring charges, net of tax		0.15		(a)	0.13			(a)			0.49			(a)	0.39			(a)
Purchased intangible amortization, net of tax		0.03		(b)	0.03			(b)			0.12			(b)	0.14			(b)
Debt extinguishment and financing costs, net of tax		0.01		(c)	—						0.01			(c)	—
Benefit in Q4 of adjusting Q3 YTD tax rate		—			(0.04		)	(d)			—				—
Adjusted EPS, diluted		$	3.82		$	3.47			10%		$	10.58			$	9.67			9%
Notes:
(a)	Represents the EPS impact of restructuring charges of $6.1 million ($4.6 million after tax) and $5.4 million ($4.0 million after tax) for the three months ended December 31, 2013 and 2012, respectively and $19.8 million ($15.1 million after tax) and $16.7 million ($12.5 million after tax) for the twelve months ended December 31, 2013 and 2012, respectively.
(b)	Represents the EPS impact of purchased intangibles amortization, net of tax, of $0.9 million and $1.0 million for the three months ended December 31, 2013 and 2012, respectively and $3.6 million and $4.5 million for the twelve months ended December 31, 2013 and 2012, respectively.
(c)	Represents the EPS impact of costs associated with the termination of the Company's $880 million Credit Agreement that was replaced with the Company's new $800 million Credit Agreement totaling $0.4 million ($0.3 million after tax) for the three and twelve months ended December, 31, 2013.
(d)	Represents the EPS impact of adjusting the annual effective tax rate from 24.5% to 24% during the three months ended December 31, 2012, related to the nine months ended September 30, 2012.

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