MettlerToledo International Inc. (MTD, Financial) filed Quarterly Report for the period ended 2010-06-30.
Mettlertoledo International Inc. has a market cap of $4.08 billion; its shares were traded at around $121.24 with a P/E ratio of 21.1 and P/S ratio of 2.4. Mettlertoledo International Inc. had an annual average earning growth of 11.9% over the past 10 years. GuruFocus rated Mettlertoledo International Inc. the business predictability rank of 2-star.MTD is in the portfolios of Ron Baron of Baron Funds, Columbia Wanger of Columbia Wanger Asset Management, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Chuck Royce of Royce& Associates, Bruce Kovner of Caxton Associates, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors.
Our net sales by geographic destination for the three and six months ended June 30, 2010 in U.S. dollars increased 16% and 15% in the Americas, increased 5% for both periods in Europe and increased 30% and 26% in Asia/Rest of World. In local currencies, our net sales by geographic destination increased during the three and six months ended June 30, 2010 by 15% and 13% in the Americas, by 10% and 4% in Europe and by 27% and 21% in Asia/Rest of World. A discussion of sales by operating segment is included below. Acquisitions contributed approximately 1% in the Americas and 2% in Europe to net sales growth for both the three and six months ended June 30, 2010. While we have experienced improved business activity, particularly in Asia/Rest of World and the Americas, the global economic environment remains uncertain and it is currently difficult to predict the extent to which our results may be adversely affected.
Net sales of products increased in U.S. dollars by 18% and 15% during the three and six months ended June 30, 2010, respectively, and in local currencies by 19% and 14%, respectively, compared to the corresponding prior periods. Service revenue (including spare parts) increased in U.S. dollars by 6% and 7% during the three and six months ended June 30, 2010, respectively, and increased in local currencies by 8% and 5% during the three and six months ended June 30, 2010, respectively, compared to corresponding prior periods.
Net sales of our laboratory-related products increased 17% and 15% in U.S. dollars and increased 17% and 13% in local currencies during the three and six months ended June 30, 2010, respectively, and included particularly strong growth in pipettes, process analytics and analytical instruments across most geographies. Acquisitions contributed approximately 1% and 2% to our laboratory-related net sales growth during the three and six months ended June 30, 2010, respectively.
Research and development expenses as a percentage of net sales were 4.9% and 5.2% for the three and six months ended June 30, 2010, respectively, compared to 5.4% and 5.6% for the corresponding periods during 2009. Research and development expenses increased 5% and 4% in U.S. dollars and increased 5% and 2% in local currencies, during the three and six months ended June 30, 2010, respectively, compared to the corresponding periods in 2009 relating to the timing of research and development project activity.
Selling, general and administrative expenses as a percentage of net sales were 30.6% and 31.5% for the three and six months ended June 30, 2010, respectively, compared to 30.1% and 30.3% in the corresponding periods during 2009. Selling, general and administrative expenses increased 17% and 18% in U.S. dollars and increased 18% and 16% in local currencies, during the three and six months ended June 30, 2010, respectively, compared to the corresponding periods in 2009. The increase is primarily due to increased performance-related compensation costs, as well as increased sales and marketing activities related to the improved economic environment and acquisition-related expenses.
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Mettlertoledo International Inc. has a market cap of $4.08 billion; its shares were traded at around $121.24 with a P/E ratio of 21.1 and P/S ratio of 2.4. Mettlertoledo International Inc. had an annual average earning growth of 11.9% over the past 10 years. GuruFocus rated Mettlertoledo International Inc. the business predictability rank of 2-star.MTD is in the portfolios of Ron Baron of Baron Funds, Columbia Wanger of Columbia Wanger Asset Management, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Chuck Royce of Royce& Associates, Bruce Kovner of Caxton Associates, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Net sales were $468.5 million and $885.2 million for the three and six months ended June 30, 2010, respectively, compared to $407.4 million and $781.5 million for the corresponding periods in 2009. This represents an increase in U.S. dollars of 15% and 13%, respectively, for the three and six months ended June 30, 2010. Excluding the effect of currency exchange rate fluctuations, or in local currencies, net sales increased 16% and 11%, respectively, for the three and six months ended June 30, 2010. During the fourth quarter of 2009, we acquired a vision technology company that has been integrated into our end-of-line packaging inspection systems product offering. During the first quarter of 2010 we also acquired our pipette distributor in the United Kingdom that has been integrated into our U.K. market organization. We estimate acquisitions contributed approximately 2% and 1% to our net sales growth for the three and six months ended June 30, 2010, respectively.Our net sales by geographic destination for the three and six months ended June 30, 2010 in U.S. dollars increased 16% and 15% in the Americas, increased 5% for both periods in Europe and increased 30% and 26% in Asia/Rest of World. In local currencies, our net sales by geographic destination increased during the three and six months ended June 30, 2010 by 15% and 13% in the Americas, by 10% and 4% in Europe and by 27% and 21% in Asia/Rest of World. A discussion of sales by operating segment is included below. Acquisitions contributed approximately 1% in the Americas and 2% in Europe to net sales growth for both the three and six months ended June 30, 2010. While we have experienced improved business activity, particularly in Asia/Rest of World and the Americas, the global economic environment remains uncertain and it is currently difficult to predict the extent to which our results may be adversely affected.
Net sales of products increased in U.S. dollars by 18% and 15% during the three and six months ended June 30, 2010, respectively, and in local currencies by 19% and 14%, respectively, compared to the corresponding prior periods. Service revenue (including spare parts) increased in U.S. dollars by 6% and 7% during the three and six months ended June 30, 2010, respectively, and increased in local currencies by 8% and 5% during the three and six months ended June 30, 2010, respectively, compared to corresponding prior periods.
Net sales of our laboratory-related products increased 17% and 15% in U.S. dollars and increased 17% and 13% in local currencies during the three and six months ended June 30, 2010, respectively, and included particularly strong growth in pipettes, process analytics and analytical instruments across most geographies. Acquisitions contributed approximately 1% and 2% to our laboratory-related net sales growth during the three and six months ended June 30, 2010, respectively.
Research and development expenses as a percentage of net sales were 4.9% and 5.2% for the three and six months ended June 30, 2010, respectively, compared to 5.4% and 5.6% for the corresponding periods during 2009. Research and development expenses increased 5% and 4% in U.S. dollars and increased 5% and 2% in local currencies, during the three and six months ended June 30, 2010, respectively, compared to the corresponding periods in 2009 relating to the timing of research and development project activity.
Selling, general and administrative expenses as a percentage of net sales were 30.6% and 31.5% for the three and six months ended June 30, 2010, respectively, compared to 30.1% and 30.3% in the corresponding periods during 2009. Selling, general and administrative expenses increased 17% and 18% in U.S. dollars and increased 18% and 16% in local currencies, during the three and six months ended June 30, 2010, respectively, compared to the corresponding periods in 2009. The increase is primarily due to increased performance-related compensation costs, as well as increased sales and marketing activities related to the improved economic environment and acquisition-related expenses.
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