Earnings Summary: Mettler-Toledo International reports higher adj. profit for Q1

Mettler-Toledo International Inc. (NYSE: MTD), a manufacturer of scales and analytical instruments, has reported an increase in adjusted earnings for the first quarter of 2024.

• Q1 adjusted earnings increased 2% to $8.89 per share from $8.69 per share in the comparable period last year
• On a reported basis, net earnings per share were $8.24 in Q1, compared to $8.47 in the first quarter of 2023
• Net sales came in at $925.9 million in the March quarter, which is broadly unchanged from last year
• Sales increased 8% in Europe and 3% in the Americas and declined 12% in Asia/Rest of the World
• First-quarter earnings before taxes amounted to $220.5 million, compared with $226.6 million last year
• The management anticipates local currency sales to decline by approximately 4% in the second quarter
• Adjusted profit is forecast to be between $8.90 per share and $9.05 per share, representing a decline of 11% to 13%
• For fiscal 2024, the company expects local currency sales to increase approximately 2% from the prior year
• Full-year adjusted earnings are forecast to be in the range of $39.90 to $40.40, representing a 5-6% growth