How much did the fourth-quarter shipping delays from 2023 affect 2024 results?

The Company estimates that net sales for the three months ended December 31, 2024 benefited by 6% from previously delayed fourth-quarter 2023 shipments, and by 3% for the full year. Excluding this impact, local currency sales grew 6% in Q4 2024 and were flat for full-year 2024.

What drove the increase in Adjusted Operating Profit?

Adjusted Operating Profit rose to $351.9 million in Q4 2024 from $281.8 million, and the Adjusted Operating Profit margin increased to 33.7% from 30.1%. For the full year, it rose 4% to $1.200 billion. Management attributed results to strong Laboratory product demand, especially in Europe, and margin improvement initiatives.

What is the outlook for 2025?

Management anticipates local currency sales growth of approximately 3% for 2025, including a roughly 1.5% headwind from the prior-year shipping delays, and Adjusted EPS of $42.35 to $43.00, growth of approximately 3% to 5%. This includes headwinds of approximately 4% from the shipping delays and an estimated 2% from adverse currency. The Company also expects Q1 2025 local currency sales to decline approximately 3% to 4%.

Why do reported EPS and Adjusted EPS differ?

Full-year 2024 reported diluted EPS of $40.48 included a $1.07 per share non-cash discrete tax benefit from the reduction of uncertain tax position liabilities tied to a tax audit settlement. Adjusted EPS of $41.11 also excludes purchased intangible amortization ($0.94 per share) and restructuring charges ($0.76 per share), net of tax, and reflects a tax expense adjustment of $1.07 per share, offsetting the discrete benefit.

How did the Company generate and return cash in 2024?

Net cash provided by operating activities was $968.3 million for 2024, and Adjusted Free Cash Flow was $900.6 million. The Company repurchased $850.0 million of common stock during the year and received $23.7 million from stock option exercises.

MTD 8-K SEC Disclosure

01—Abstract

Summary

Summary of the 8-K filed February 6, 2025. Cited figures are marked; the original filing is the authoritative source.

Mettler-Toledo International Inc. (NYSE: MTD) reported fourth-quarter 2024 net sales of $1.045 billion^a, up 12% from the prior year in both reported and local currency terms, with reported EPS of $11.96 versus $8.52 and Adjusted EPS of $12.41 versus $9.40.

Growth was helped by delayed fourth-quarter 2023 shipments, which the company estimates benefited Q4 2024 net sales by 6%. Excluding that effect, local currency sales rose 6% in the quarter. Adjusted Operating Profit reached $351.9 million^b, compared with $281.8 million a year earlier, and the Company's Adjusted Operating Profit margin rose to 33.7% from 30.1%.

For full-year 2024, net sales were $3.872 billion^c, up 2% in U.S. dollars and 3% in local currency, with local currency sales flat excluding the delayed shipments. Reported diluted EPS was $40.48 versus $35.90, including a non-cash discrete tax benefit of $1.07 per share, and Adjusted EPS was $41.11, up 8% from $38.03. Adjusted Operating Profit was $1.200 billion, up 4%.

Operating cash flow was $968.3 million^d and Adjusted Free Cash Flow was $900.6 million, and the Company repurchased $850.0 million of common stock during the year. For 2025, management guides to local currency sales growth of approximately 3%, including a roughly 1.5% headwind from the shipping delays, and Adjusted EPS of $42.35 to $43.00, representing growth of approximately 3% to 5%.

Management expects a first-quarter 2025 local currency sales decline of approximately 3% to 4% and Adjusted EPS of $7.75 to $7.95. Management said it is focused on driving growth in 2025 and on opportunities in automation, digitalization and high-growth areas.

02—Key points

Key Highlights

Q4 2024 net sales rose 12% to $1.045 billion; local currency sales also rose 12%, or 6% excluding delayed Q4 2023 shipments.
Q4 2024 diluted EPS was $11.96 (vs. $8.52); Adjusted EPS was $12.41 (vs. $9.40), up 32%.
Full-year 2024 net sales were $3.872 billion, up 2% in U.S. dollars and 3% in local currency; Adjusted EPS was $41.11, up 8%.
Full-year 2024 reported diluted EPS of $40.48 included a non-cash discrete tax benefit of $1.07 per share.
Full-year 2024 Adjusted Operating Profit was $1.200 billion, up 4%, and Adjusted Free Cash Flow was $900.6 million.
2025 guidance: local currency sales growth of approximately 3% and Adjusted EPS of $42.35 to $43.00, versus prior guidance of $41.85 to $42.50.
Q1 2025 outlook calls for local currency sales to decline approximately 3% to 4% and Adjusted EPS of $7.75 to $7.95, reflecting a roughly 6% sales headwind from the prior-year shipping delays.

03—Questions

Frequently Asked Questions

How much did the fourth-quarter shipping delays from 2023 affect 2024 results?
The Company estimates that net sales for the three months ended December 31, 2024 benefited by 6% from previously delayed fourth-quarter 2023 shipments, and by 3% for the full year. Excluding this impact, local currency sales grew 6% in Q4 2024 and were flat for full-year 2024.
What drove the increase in Adjusted Operating Profit?
Adjusted Operating Profit rose to $351.9 million in Q4 2024 from $281.8 million, and the Adjusted Operating Profit margin increased to 33.7% from 30.1%. For the full year, it rose 4% to $1.200 billion. Management attributed results to strong Laboratory product demand, especially in Europe, and margin improvement initiatives.
What is the outlook for 2025?
Management anticipates local currency sales growth of approximately 3% for 2025, including a roughly 1.5% headwind from the prior-year shipping delays, and Adjusted EPS of $42.35 to $43.00, growth of approximately 3% to 5%. This includes headwinds of approximately 4% from the shipping delays and an estimated 2% from adverse currency. The Company also expects Q1 2025 local currency sales to decline approximately 3% to 4%.
Why do reported EPS and Adjusted EPS differ?
Full-year 2024 reported diluted EPS of $40.48 included a $1.07 per share non-cash discrete tax benefit from the reduction of uncertain tax position liabilities tied to a tax audit settlement. Adjusted EPS of $41.11 also excludes purchased intangible amortization ($0.94 per share) and restructuring charges ($0.76 per share), net of tax, and reflects a tax expense adjustment of $1.07 per share, offsetting the discrete benefit.
How did the Company generate and return cash in 2024?
Net cash provided by operating activities was $968.3 million for 2024, and Adjusted Free Cash Flow was $900.6 million. The Company repurchased $850.0 million of common stock during the year and received $23.7 million from stock option exercises.

04—Continue

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