Skip to content
AnalystLens

Mettler-Toledo International 8-K Report, Financial Results (May 9, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed May 9, 2024
Period End
May 9, 2024
Security
MTD
In the record · 2016–202610-K1110-Q328-K94

MTD filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 94 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jun ’18Jun ’18
  2. Leadership change8-K · Nov ’22Nov ’22
  3. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed May 9, 2024. Cited figures are marked; the original filing is the authoritative source.

Mettler-Toledo International Inc. (NYSE: MTD) reported first-quarter 2024 results in a press release furnished as Exhibit 99.1.

Net sales were flat at $925.9 milliona versus $928.7 million a year earlier, with local currency sales also flat. The company said the quarter benefited 6% from recovering previously delayed shipments from the fourth quarter of 2023. Regionally, reported sales rose 8% in Europe and 3% in the Americas and fell 12% in Asia/Rest of World.

Excluding the delayed-shipment benefit, local currency sales decreased 5% in Europe, 1% in the Americas and 12% in Asia/Rest of World. Diluted EPS as reported was $8.24b, down from $8.47, while Adjusted EPS rose 2% to $8.89 from $8.69. Earnings before taxes were $220.5 million versus $226.6 million, and Adjusted Operating Profit was $267.3 million versus $266.5 million.

Restructuring charges increased to $9.7 millionc from $4.3 million. Management cited reduced market demand, especially in China, and significant foreign exchange headwinds, partly offset by productivity and cost savings. For the second quarter of 2024, management expects local currency sales to decline approximately 4% and Adjusted EPS of $8.90 to $9.05, a decline of 11% to 13%.

For full year 2024, it expects local currency sales to increase approximately 2%, up from prior guidance of approximately 1% to 2%, and Adjusted EPS of $39.90 to $40.40d, representing growth of approximately 5% to 6%. Both outlooks include an estimated 2% currency headwind to Adjusted EPS growth.

02—Key points

Key Highlights

  1. Net sales were flat at $925.9 million versus $928.7 million in Q1 2023; local currency sales were also flat.
  2. Q1 sales benefited 6% from recovery of delayed fourth-quarter 2023 shipments; excluding this, local currency sales declined 5% in Europe, 1% in the Americas and 12% in Asia/Rest of World.
  3. Diluted EPS as reported was $8.24 versus $8.47; Adjusted EPS rose 2% to $8.89 from $8.69.
  4. Earnings before taxes fell to $220.5 million from $226.6 million; Adjusted Operating Profit was $267.3 million versus $266.5 million.
  5. Restructuring charges rose to $9.7 million from $4.3 million.
  6. Q2 2024 guidance: local currency sales decline of approximately 4% and Adjusted EPS of $8.90 to $9.05.
  7. Full-year 2024 guidance raised: local currency sales growth of approximately 2% (previously approximately 1% to 2%) and Adjusted EPS of $39.90 to $40.40 (previously $39.60 to $40.30).

03—Questions

Frequently Asked Questions

  1. How did Mettler-Toledo perform in the first quarter of 2024?

    Net sales were flat at $925.9 million compared with $928.7 million a year earlier, and local currency sales were also flat. Sales benefited 6% from recovering delayed fourth-quarter 2023 shipments. Diluted EPS as reported was $8.24, versus $8.47, and Adjusted EPS was $8.89, up 2%.

  2. Which regions drove the sales results?

    Reported sales rose 8% in Europe and 3% in the Americas, and fell 12% in Asia/Rest of World. Management attributed weaker results to reduced market demand, especially in China.

  3. What is the company's outlook for 2024?

    For the second quarter, management expects local currency sales to decline approximately 4% and Adjusted EPS of $8.90 to $9.05. For full year 2024, it expects local currency sales to increase approximately 2% and Adjusted EPS of $39.90 to $40.40. Both outlooks include an estimated 2% adverse currency impact on Adjusted EPS growth.

  4. Why did reported EPS and pre-tax earnings decline while Adjusted EPS increased?

    Earnings before taxes fell to $220.5 million from $226.6 million, and restructuring charges rose to $9.7 million from $4.3 million. Adjusted EPS excludes restructuring charges, purchased intangible amortization and certain tax items, so it rose 2% to $8.89 while reported EPS was $8.24.

04—Continue

← View all 8-K filings