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