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Dec 31, 2023
Mettler-Toledo Q4 2023 Earnings Report
Reported a sales decline of 12% and an EPS of $8.52, impacted by shipping delays, while cost control initiatives and cash flow generation remained strong.
Key Takeaways
Mettler-Toledo's Q4 2023 results were impacted by shipping delays and challenging market conditions, leading to a 12% decrease in reported sales and a 22% decrease in adjusted EPS. However, the company's cost control measures and cash flow generation remained strong.
Reported sales declined by 12% compared to the prior year, with local currency sales decreasing by 13%.
Net earnings per diluted share (EPS) were $8.52, a decrease from $11.86 in the prior-year period.
Adjusted EPS was $9.40, a 22% decrease compared to the prior year's $12.10.
Shipping delays from a new European logistics provider negatively impacted sales by approximately $58 million.
Forward Guidance
Mettler-Toledo anticipates a decline in local currency sales for Q1 2024 by approximately 4% to 6%, with adjusted EPS forecast to be $7.35 to $7.75. For the full year 2024, the company expects local currency sales to increase by approximately 1% to 2%, and adjusted EPS to be in the range of $39.60 to $40.30.
Positive Outlook
- Local currency sales in 2024 will increase approximately 1% to 2%.
- Adjusted EPS is forecast to be in the range of $39.60 to $40.30, representing growth of approximately 4% to 6%.
- Management anticipates local currency sales for the first quarter of 2024 will decline approximately 4% to 6%.
- Adjusted EPS is forecast to be $7.35 to $7.75.
- Preparing for challenging market conditions to persist in the first half of 2024, while also remaining agile to quickly capitalize on growth opportunities and trends towards automation and digitalization, as well as customer investments in faster growth segments.
Challenges Ahead
- Market conditions are uncertain and changes to the business environment can occur quickly.
- There is increased uncertainty in the economic environment today, including the risk of recession in many countries.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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