Mettler-Toledo International Inc. (NYSE: MTD) has released its financial results for the second quarter of 2024. Key highlights include:
Second Quarter Highlights
- Sales: Reported sales fell by 4% compared to the previous year. In local currency, sales decreased by 2% as currency effects reduced growth by 2%.
- Earnings: Reported EPS was $10.37, up from $9.69 in the same period last year. Adjusted EPS was $9.65, reflecting a 5% decrease from the prior year’s $10.19. Adjusted EPS is a non-GAAP measure; a reconciliation to EPS is available in the attached schedules.
Management Commentary
Patrick Kaltenbach, President and CEO, commented, “Our team delivered strong Laboratory sales growth in Europe and the Americas despite challenging market conditions in China. Productivity and margin initiatives helped offset foreign exchange impacts and supported better-than-expected financial results.”
GAAP Results
- EPS: For the quarter, EPS was $10.37, compared to $9.69 the previous year, including a one-time non-cash tax benefit of $1.07 per share.
- Sales: Total reported sales decreased by 4% to $946.8 million. Regional sales saw increases of 5% in Europe and 2% in the Americas, while Asia/Rest of World saw a 16% decline.
- Earnings Before Taxes: Amounted to $243.2 million, down from $263.4 million last year.
Non-GAAP Results
- Adjusted EPS: Decreased by 5% to $9.65 from $10.19.
- Local Currency Sales: Declined by 2%, with currency effects reducing growth by 2%. Local currency sales grew 6% in Europe and 2% in the Americas, but fell 12% in Asia/Rest of World.
- Adjusted Operating Profit: Totaled $284.1 million, down from $307.7 million in the prior year.
Six-Month Results
- GAAP EPS: Was $18.60, up from $18.15, including the one-time non-cash tax benefit of $1.07 per share.
- Sales: Declined 2% to $1.873 billion. Sales increased 6% in Europe and 3% in the Americas, with a 14% decline in Asia/Rest of World.
- Earnings Before Taxes: Amounted to $463.7 million, compared to $490.0 million last year.
Non-GAAP Results
- Adjusted EPS: Decreased by 2% to $18.53 from $18.82.
- Local Currency Sales: Declined 1%, with currency effects reducing growth by 1%. Local currency sales increased 6% in Europe and 2% in the Americas, but declined 11% in Asia/Rest of World. Excluding the first-quarter benefit from delayed shipments, year-to-date local currency sales dropped 4%.
- Adjusted Operating Profit: Totaled $551.4 million, down from $574.2 million last year.
Adjusted EPS and Adjusted Operating Profit are non-GAAP measures. Reconciliations to GAAP measures are included in the attached schedules.
