Mettler Toledo International (MTD) has reported 14.03 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $101.33 million, or $3.77 a share in the quarter, compared with $88.86 million, or $3.16 a share for the same period last year.

Revenue during the quarter grew 7.69 percent to $650.60 million from $604.15 million in the previous year period. Gross margin for the quarter expanded 59 basis points over the previous year period to 56.79 percent. Total expenses were 78.31 percent of quarterly revenues, down from 79.48 percent for the same period last year. This has led to an improvement of 117 basis points in operating margin to 21.69 percent.

Olivier Filliol, president and chief executive officer, stated, "Sales growth in the quarter was very strong with broad-based growth in all regions and most product lines. Demand in the Americas and Europe was very good. Asia  Rest of the World did particularly well with good growth in China and strong results in most other countries in the region. We further improved gross and operating margins which contributed to an excellent growth in EPS. Finally, cash flow in the quarter was robust."

For the fourth-quarter, Mettler Toledo International forecasts revenue to grow at 5 percent.  On an adjusted basis, the company projects diluted earnings per share to be in the range of $5.08 to $5.13.

For financial year 2016, Mettler Toledo International forecasts revenue to grow at 6 percent. The company projects diluted earnings per share to be in the range of $14.61 to $14.66 on adjusted basis.

The company has spent $158.52 million cash to meet investing activities during the nine month period as against cash outgo of $73.01 million in the last year period. It has incurred net capital expenditure of $50.87 million on net basis during the nine month period, down 9.92 percent or $5.60 million from year ago period.

The company has spent $84.25 million cash to carry out financing activities during the nine month period as against cash outgo of $173.86 million in the last year period.

Cash and cash equivalents stood at $146.13 million as on Sep. 30, 2016, up 18.52 percent or $22.83 million from $123.30 million on Sep. 30, 2015.

Working capital increases
Mettler Toledo International has recorded an increase in the working capital over the last year. It stood at $325.25 million as at Sep. 30, 2016, up 18.32 percent or $50.35 million from $274.90 million on Sep. 30, 2015. Current ratio was at 1.52 as on Sep. 30, 2016, up from 1.46 on Sep. 30, 2015.

Cash conversion cycle (CCC) has decreased to 53 days for the quarter from 91 days for the last year period. Days sales outstanding went down to 58 days for the quarter compared with 60 days for the same period last year.

Days inventory outstanding has decreased to 39 days for the quarter compared with 78 days for the previous year period. At the same time, days payable outstanding went down to 44 days for the quarter from 48 for the same period last year.