Mettler-Toledo International Inc. (NYSE:MTD) Q3 2017 Earnings Conference Call Transcript
Nov 02, 2017 • 05:00 pm ET
Good day, ladies and gentlemen and welcome to our Third Quarter 2017 Mettler-Toledo International Earnings Conference Call. My name is Sera and I will be your audio coordinator for today. (Operator Instructions) I would now like to turn our presentation over to your hostess for today's call, Ms. Mary Finnegan. Ms. Finnegan, you may proceed.
Thank you, Sera and good evening, everyone. I'm Mary Finnegan. I'm the Treasurer and I'm responsible for Investor Relations at Mettler-Toledo and happy that you're joining us this evening. I am here with Olivier Filliol, our CEO and Bill Donnelly, our EVP. I need to cover just a couple of administrative matters. The call is being webcast and is available for replay on our website. A copy of the press release and the presentations that we refer to is also on the website.
Let me summarize the Safe Harbor language, which is outlined on page 2 of the presentation. (Forward-looking Cautionary Statements). Just one last item. On today's call, we may use non-GAAP financial measures. More detailed information with respect to the use of and the differences between the non-GAAP financial measure and the most directly comparable GAAP measure is in our Form 8-K. I will now turn the call over to Olivier.
Thank you, Mary and welcome to everyone on the call. I will start with a summary of the quarter and then Bill will provide details on our financial results. We will also provide an overview of our guidance for the fourth quarter and next year. I will have some additional comments and we will then open the lines for Q&A. The highlights for the quarter are on page 3 of the presentation. We are pleased with our sales growth in the quarter particularly in light of the very strong sales in the prior year.
In the third quarter of this year, sales growth in Asia/Rest of World was excellent driven by growth in China. In the Americas and Europe, sales growth in Laboratory and Industrial was good but as expected, we had a meaningful decline in food retailing sales. Overall, demand in our markets remains good and we are pleased with our strong execution. Our productivity and margin initiatives continue to yield results which drove strong growth in EPS in the quarter. Our outlook for the remainder of the year and for 2018 is quite positive. We are also pleased to have completed the acquisition of Biotix. I will cover that in some more details later in the call. For now, let me turn it over to Bill to cover the financials.
Thanks, Olivier and hello, everybody. Sales were $698.8 million in the quarter, an increase of 6% in local currency. On a US dollar basis, our sales increased by 7% as currencies helped sales growth by about 1% in the quarter. There are two considerations in evaluating our local currency sales growth for the quarter. First, we had a significant decline in our US and European Retail businesses and second, acquisitions benefited