Mettler-Toledo International Inc. Announces Second Quarter 2024 Financial Results
Mettler-Toledo International Inc. reported a 4% decline in sales for the second quarter of 2024 compared to the same period last year. In local currency terms, sales decreased by 2%, with currency effects contributing a 2% reduction in growth.
The company’s reported net earnings per diluted share (EPS) were $10.37, up from $9.69 in the prior year. However, adjusted EPS was $9.65, reflecting a 5% decrease from $10.19 in the previous year. Adjusted EPS is a non-GAAP measure, with a reconciliation to EPS provided on the last page of the attached schedules.
Second Quarter Performance
Patrick Kaltenbach, President and CEO, commented, “Our team continued to execute effectively in the second quarter, achieving solid Laboratory sales growth in Europe and the Americas. As anticipated, market conditions in China were challenging. We have benefited from our productivity and margin initiatives, which helped counteract foreign exchange headwinds and contributed to stronger-than-expected financial results.”
GAAP Results
EPS for the quarter was $10.37, compared to $9.69 in the prior year, including a one-time non-cash tax benefit of $1.07 per share.
Total reported sales decreased by 4% to $946.8 million. Regionally, reported sales grew by 5% in Europe and 2% in the Americas, but fell by 16% in Asia/Rest of World. Earnings before taxes were $243.2 million, down from $263.4 million the previous year.
Non-GAAP Results
Adjusted EPS was $9.65, a 5% decrease from $10.19 last year.
In local currency, total sales decreased by 2%, with currency effects accounting for a 2% reduction in growth. Regionally, local currency sales increased by 6% in Europe and 2% in the Americas, while declining by 12% in Asia/Rest of World. Adjusted Operating Profit was $284.1 million, compared to $307.7 million in the previous year.
Adjusted EPS and Adjusted Operating Profit are non-GAAP measures. Reconciliations to the most comparable GAAP measures are provided in the attached schedules.
Six-Month Performance
GAAP Results
For the six months ended June 30, EPS was $18.60, up from $18.15 the previous year, including the previously mentioned one-time non-cash tax benefit of $1.07 per share.
Reported sales declined by 2% to $1.873 billion. Regionally, sales increased by 6% in Europe and 3% in the Americas, while falling by 14% in Asia/Rest of World. Earnings before taxes were $463.7 million, compared to $490.0 million last year.
Non-GAAP Results
Adjusted EPS for the six months was $18.53, a 2% decrease from $18.82 in the prior year.
In local currency, total sales declined by 1%, with currency effects reducing growth by 1%. Regionally, local currency sales grew by 6% in Europe and 2% in the Americas, but fell by 11% in Asia/Rest of World. Excluding the benefit from delayed fourth quarter 2023 shipments, year-to-date local currency sales dropped by 4%, with flat sales in Europe and the Americas and a 12% decline in Asia/Rest of World. Adjusted Operating Profit was $551.4 million, compared to $574.2 million in the previous year.
Adjusted EPS and Adjusted Operating Profit are non-GAAP measures. Reconciliations to the most comparable GAAP measures are included in the attached schedules.
