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Mar 31, 2024
Mettler-Toledo Q1 2024 Earnings Report
Mettler-Toledo's Q1 2024 results reflected better-than-expected performance amidst reduced market demand, particularly in China, with flat sales and a slight increase in Adjusted EPS.
Key Takeaways
Mettler-Toledo reported flat sales compared to the prior year, but benefited from recovering delayed shipments from Q4 2023. Adjusted EPS increased by 2% due to strong execution of productivity and cost savings initiatives offsetting foreign exchange headwinds. The company anticipates soft market conditions in Q2 2024, particularly in China.
Reported and local currency sales were flat compared with the prior year, benefiting from recovering delayed shipments.
Net earnings per diluted share (EPS) were $8.24, compared to $8.47 in the prior-year period.
Adjusted EPS was $8.89, an increase of 2% over the prior-year amount of $8.69.
Local currency sales increased 6% in Europe and 3% in the Americas, but declined 8% in Asia/Rest of World.
Mettler-Toledo
Mettler-Toledo
Mettler-Toledo Revenue by Geographic Location
Revenue by Geographic Location
Americas Revenue
CapyFin.comEurope Revenue
CapyFin.comAsia/Rest of World Revenue
CapyFin.com Forward Guidance
Management anticipates local currency sales for the second quarter of 2024 will decline approximately 4%, and Adjusted EPS is forecast to be $8.90 to $9.05, a decline of 11% to 13%. For the full year, management anticipates local currency sales in 2024 will increase approximately 2%, and Adjusted EPS is forecast to be in the range of $39.90 to $40.40, representing growth of approximately 5% to 6%.
Positive Outlook
- Full year local currency sales are expected to increase approximately 2%.
- Full year Adjusted EPS is forecast to be in the range of $39.90 to $40.40.
- Full year Adjusted EPS growth of approximately 5% to 6% is expected.
- Product portfolio is in excellent shape with many successful recent product introductions.
- Enhancements to best-in-class corporate programs such as Spinnaker and SternDrive position the company very well for future growth.
Challenges Ahead
- Market conditions are uncertain and could change quickly.
- Local currency sales for the second quarter of 2024 are expected to decline approximately 4%.
- Adjusted EPS for the second quarter is forecast to be $8.90 to $9.05, a decline of 11% to 13%.
- Second quarter guidance includes an estimated 2% headwind to Adjusted EPS growth due to adverse currency.
- Soft market conditions are expected in the second quarter of 2024, particularly in China.
Revenue & Expenses
Visualization of income flow from segment revenue to net income