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Mar 31, 2023
Mettler-Toledo Q1 2023 Earnings Report
Mettler-Toledo's Q1 2023 results demonstrated strong performance, driven by broad-based growth and effective margin initiatives.
Key Takeaways
Mettler-Toledo International Inc. reported a 3% increase in reported sales and a 7% increase in local currency sales for the first quarter of 2023. Adjusted EPS increased by 10% year-over-year, driven by growth across geographic regions and product categories, and strong execution on margin initiatives and cost control.
Reported sales increased by 3% compared to the prior year, with a 7% increase in local currency.
Net earnings per diluted share (EPS) were $8.47, compared to $7.55 in the prior-year period.
Adjusted EPS was $8.69, a 10% increase over the prior-year amount of $7.87.
The company benefited from broad-based growth across geographic regions and product categories, including strong momentum in the service business.
Mettler-Toledo
Mettler-Toledo
Forward Guidance
For the second quarter of 2023, the company anticipates local currency sales growth of approximately 3% and Adjusted EPS of $9.90 to $10.00, a growth rate of 5% to 7%. For the full year 2023, the company anticipates local currency sales growth of approximately 5% and Adjusted EPS in the range of $43.65 to $43.95, representing growth of approximately 10% to 11%.
Positive Outlook
- Local currency sales growth for Q2 2023 is expected to be approximately 3%.
- Adjusted EPS for Q2 2023 is forecast to be $9.90 to $10.00, a growth rate of 5% to 7%.
- Full year 2023 local currency sales growth is anticipated to be approximately 5%.
- Adjusted EPS for full year 2023 is forecast to be in the range of $43.65 to $43.95, representing growth of approximately 10% to 11%.
- The company remains focused on capitalizing on Spinnaker sales and marketing programs and executing on productivity and margin expansion initiatives.
Challenges Ahead
- Forecasting remains challenging due to dynamic market conditions.
- There is uncertainty in the economic environment, including the risk of recession in many countries.
- Second quarter guidance includes an estimated 4% headwind to Adjusted EPS growth due to adverse currency.
- Full year 2023 guidance includes an estimated 2% headwind to Adjusted EPS growth due to adverse currency.
- Market conditions are subject to change.