medical device maker Mettler-Toledo International, Inc. (MTD) Thursday, after the bell, reported a decline in third-quarter profit, hurt by lower sales and restructuring charges, but raised its earnings guidance for the full year.
The Greifensee, Switzerland-based company's profit fell to $41.54 million from $52.72 million in the year-ago period. On a per share basis, net income decreased 6% year-on-year to $1.21 from $1.52. The quarter's result include a $6.1 million restructuring charge primarily from severance and lease termination costs.
Adjusted earnings per share slipped to $1.36 from $1.44 in the prior-year period. Analysts polled by Thomson Reuters expected earnings of $1.18 for the quarter. Analysts' estimates typically exclude one-time items.
Mettler-Toledo's net sales declined 14% to $435.65 million from $509.09 million, including a 2% negative currency impact. Local currency sales decreased 12% compared to the year-ago quarter. Analysts expected revenues of $418.27 million for the quarter.
By region, local currency sales decreased 16% in Europe, 12% in the Americas and 6% in Asia/Rest of World.
In line with its annual $100 million cost-cutting program, cost of sales fell to $210.45 million from $260.41 million, research and development costs slid to $22.30 million from $26.55 million, and selling, general and administrative expenses were reduced to $129.68 million from $145.61 million. Total restructuring charges associated with the $100 million cost-cutting program are expected to be $40 million, of which the company has already incurred $34.8 million till date.
Cash flow from operations increased to $79.6 million from $76.6 million in the year-ago period.
For the nine-month period, Mettler-Toledo's earnings fell to $103.15 million or $3.02 per share from $139.85 million or $3.96 per share last year. Adjusted earnings per share decreased to $3.48 from $3.85 last year.
Year-to-date, net sales decreased to $1.21 billion from $1.46 billion in the year-ago period, reflecting a 12% decline in local currency sales. Reported sales declined by 17% due to a negative 5% currency impact.
For the fourth quarter, Mettler-Toledo expects adjusted earnings in the range of $1.90 to $2.00 per share with local currency sales decline in the range of 6% to 7%. Analysts expect earnings per share of $1.88 for the fourth qquarter.
For full year, the company raised its outlook for adjusted earnings to $5.39 - $5.50 per share from prior range of $4.92 -$5.42 per share, with local currency sales decline of approximately 10%. The Street currently expects earnings of $5.21 per share for the year.
MTD stock closed Thursday's regular trading session at $93.60, up $2.84, on the NYSE.
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