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Sep 30, 2023
Mettler-Toledo Q3 2023 Earnings Report
Mettler-Toledo's Q3 2023 earnings reflected a sales decline and mixed regional performance amid challenging market conditions.
Key Takeaways
Mettler-Toledo International Inc. reported a 4% decline in sales compared to the prior year, with local currency sales decreasing by 5%. EPS was $9.21, while adjusted EPS decreased by 4% to $9.80. The company noted good earnings and cash flow performance despite challenging market conditions in China and foreign currency headwinds.
Reported sales decreased by 4% compared to the prior year, with local currency sales down by 5%.
EPS was reported at $9.21, compared to $9.76 in the prior-year period.
Adjusted EPS was $9.80, a 4% decrease from the prior-year amount of $10.18.
Local currency sales increased 4% in Europe, declined 3% in the Americas, and declined 14% in Asia/Rest of World.
Forward Guidance
Mettler-Toledo anticipates a decline in local currency sales for Q4 2023 by approximately 7% to 8%, with Adjusted EPS expected to be $10.50 to $10.70, a decline of 12% to 13%. For the full year 2023, local currency sales are expected to decline approximately 1%, and Adjusted EPS is forecast to be in the range of $39.10 to $39.30, representing a decline of approximately 1%. The company anticipates local currency sales in 2024 will be approximately flat, resulting in Adjusted EPS in the range of $39.10 to $39.80, representing growth of approximately 0% to 2%.
Positive Outlook
- Focus on strong execution of corporate programs like Spinnaker to drive growth and capture market share.
- Continued focus on SternDrive to manage costs effectively.
- Remarkable resilience and agility in adjusting to changing market conditions.
- Ongoing investment in long-term strategic priorities like innovation.
Challenges Ahead
- Market conditions are expected to remain challenging in the near-term, especially in China.
- Difficult sales growth comparisons.
- Local currency sales for the fourth quarter of 2023 will decline approximately 7% to 8%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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