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Mettler-Toledo International Inc. Reports Third Quarter 2024 Results

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Mettler-Toledo (MTD) reported Q3 2024 results with a 1% increase in both reported and local currency sales. Net earnings per diluted share (EPS) reached $9.96, up from $9.21 in the prior year, while adjusted EPS grew 4% to $10.21. Total reported sales rose to $954.5 million, with regional variations showing increases in Europe (2%) and Asia/Rest of World (4%), but a decline in the Americas (-1%). The Laboratory business and Service segment showed strong growth, though China faced challenging market conditions. For Q4 2024, the company expects local currency sales to increase approximately 8%, with adjusted EPS forecast between $11.63 to $11.78.

Mettler-Toledo (MTD) ha riportato i risultati del terzo trimestre 2024 con un aumento dell'1% sia nelle vendite riportate che in quelle in valuta locale. Gli utili netti per azione diluita (EPS) hanno raggiunto $9,96, in aumento rispetto a $9,21 dello scorso anno, mentre l'EPS rettificato è cresciuto del 4% a $10,21. Le vendite totali riportate sono aumentate a $954,5 milioni, con variazioni regionali che mostrano un incremento in Europa (2%) e in Asia/Resto del Mondo (4%), ma un calo nelle Americhe (-1%). Il segmento Laboratorio e il segmento Servizi hanno mostrato una forte crescita, anche se la Cina ha affrontato condizioni di mercato difficili. Per il quarto trimestre 2024, l'azienda prevede un aumento delle vendite in valuta locale di circa l'8%, con un EPS rettificato previsto tra $11,63 e $11,78.

Mettler-Toledo (MTD) informó los resultados del tercer trimestre de 2024, con un aumento del 1% en las ventas tanto en moneda reportada como en moneda local. Las ganancias netas por acción diluida (EPS) alcanzaron $9.96, un incremento respecto a $9.21 del año anterior, mientras que el EPS ajustado creció un 4% hasta $10.21. Las ventas totales reportadas aumentaron a $954.5 millones, con variaciones regionales que mostraron incrementos en Europa (2%) y Asia/Resto del Mundo (4%), pero una disminución en las Américas (-1%). El negocio de Laboratorio y el segmento de Servicios mostraron un fuerte crecimiento, aunque China enfrentó condiciones de mercado desafiantes. Para el cuarto trimestre de 2024, la compañía espera que las ventas en moneda local aumenten aproximadamente un 8%, con un EPS ajustado pronosticado entre $11.63 y $11.78.

Mettler-Toledo (MTD)는 2024년 3분기 결과를 발표했으며, 보고된 통화 및 현지 통화 매출에서 모두 1% 증가했습니다. 희석 주당 순이익 (EPS)는 $9.96에 도달하여, 이전 연도의 $9.21에서 증가하였고, 조정 EPS는 4% 증가하여 $10.21이 되었습니다. 총 보고된 매출은 $954.5 백만으로 증가했으며, 지역별로는 유럽 (2%)과 아시아/그 외 지역 (4%)에서 증가가 있었지만, 미주에서는 감소 (-1%)가 있었습니다. 실험실 사업과 서비스 부문은 강력한 성장을 보였지만, 중국은 어려운 시장 환경에 직면했습니다. 2024년 4분기에는 현지 통화 매출이 약 8% 증가할 것으로 예상되며, 조정 EPS는 $11.63에서 $11.78 사이로 예상하고 있습니다.

Mettler-Toledo (MTD) a annoncé les résultats du troisième trimestre 2024, avec une augmentation de 1% des ventes tant en monnaie rapportée qu'en monnaie locale. Le bénéfice net par action diluée (EPS) a atteint 9,96 $, contre 9,21 $ l'année précédente, tandis que l'EPS ajusté a augmenté de 4 % pour atteindre 10,21 $. Les ventes totales rapportées se sont élevées à 954,5 millions de dollars, avec des variations régionales montrant des augmentations en Europe (2 %) et en Asie/Reste du Monde (4 %), mais une baisse dans les Amériques (-1 %). Le secteur des laboratoires et le segment des services ont enregistré une forte croissance, bien que la Chine ait été confrontée à des conditions de marché difficiles. Pour le quatrième trimestre 2024, l'entreprise s'attend à une augmentation des ventes en monnaie locale d'environ 8 %, avec un EPS ajusté prévu entre 11,63 $ et 11,78 $.

Mettler-Toledo (MTD) hat die Ergebnisse für das dritte Quartal 2024 veröffentlicht und verzeichnete einen Umsatzanstieg von 1% sowohl in der berichteten als auch in der lokalen Währung. Der Nettogewinn pro verwässerter Aktie (EPS) erreichte $9,96, ein Anstieg gegenüber $9,21 im Vorjahr, während das angepasste EPS um 4% auf $10,21 wuchs. Der Gesamtumsatz betrug $954,5 Millionen, wobei regionale Unterschiede einen Anstieg in Europa (2%) und Asien/Rest der Welt (4%) zeigten, aber einen Rückgang in den Amerikas (-1%). Das Laborgeschäft und die Dienstleistungssegmente zeigten ein starkes Wachstum, obwohl China mit herausfordernden Marktbedingungen konfrontiert war. Für das vierte Quartal 2024 erwartet das Unternehmen einen Anstieg der lokalen Währungsumsätze um etwa 8%, mit einem prognostizierten angepassten EPS zwischen $11,63 und $11,78.

Positive
  • Q3 reported and local currency sales increased 1% year-over-year
  • Adjusted EPS grew 4% to $10.21
  • Service segment showed strong growth
  • Q4 2024 guidance projects 8% local currency sales increase
  • Full-year 2024 adjusted EPS guidance raised to $40.35-$40.50
Negative
  • Sales declined 1% in Americas region
  • Nine-month total reported sales declined 1% to $2.827 billion
  • Challenging market conditions in China, particularly in Industrial sector
  • Nine-month Adjusted Operating Profit decreased to $848.0M from $870.1M
  • 2% headwind to Adjusted EPS growth expected due to adverse currency

Insights

MTD's Q3 2024 results show resilience amid challenging market conditions. $954.5M in sales represents a modest 1% growth, while adjusted EPS reached $10.21, up 4% from the previous year. The Laboratory and Service segments demonstrated strength, partially offsetting Industrial sector weakness, particularly in China.

The company's regional performance varies significantly - Europe and Asia/Rest of World showed growth of 2% and 4% respectively, while Americas declined 1%. The outlook for Q4 2024 projects 8% local currency sales growth, though 6% comes from previously disclosed shipping delays. Full-year 2024 guidance maintains 2% local currency sales growth with adjusted EPS of $40.35 to $40.50.

The conservative 2025 outlook of 3% local currency growth and 4-5% EPS growth suggests management's cautious stance on market recovery, particularly in industrial segments and China.

COLUMBUS, Ohio--(BUSINESS WIRE)-- Mettler-Toledo International Inc. (NYSE: MTD) today announced third quarter results for 2024. Provided below are the highlights:

  • Reported and local currency sales increased 1% compared with the prior year.
  • Net earnings per diluted share as reported (EPS) were $9.96, compared with $9.21 in the prior-year period. Adjusted EPS was $10.21, an increase of 4% over the prior-year amount of $9.80. Adjusted EPS is a non-GAAP measure, and a reconciliation to EPS is included on the last page of the attached schedules.

Third Quarter Results

Patrick Kaltenbach, President and Chief Executive Officer, stated, “We experienced good growth during the third quarter in our Laboratory business and had particularly strong growth in Service. While China grew modestly this quarter, market conditions remain challenging, particularly in the Industrial sector. We are very pleased with our team’s strong execution of our growth and margin expansion initiatives, which supported good earnings growth.”

GAAP Results

EPS in the quarter was $9.96, compared with the prior-year amount of $9.21.

Compared with the prior year, total reported sales rose 1% to $954.5 million. By region, reported sales increased 2% in Europe and 4% in Asia/Rest of World and declined 1% in the Americas. Earnings before taxes amounted to $259.0 million, compared with $251.2 million in the prior year.

Non-GAAP Results

Adjusted EPS was $10.21, an increase of 4% over the prior-year amount of $9.80.

Compared with the prior year, total sales in local currency increased 1%. By region, local currency sales increased 1% in Europe and 4% in Asia/Rest of World and declined 1% in the Americas. Adjusted Operating Profit amounted to $296.6 million, compared with the prior-year amount of $296.0 million.

Adjusted EPS and Adjusted Operating Profit are non-GAAP measures. Reconciliations to the most comparable GAAP measures are provided in the attached schedules.

Nine Month Results

GAAP Results

EPS was $28.55, compared with the prior-year amount of $27.37, and included a non-cash discrete tax benefit of $1.07 per share.

Compared with the prior year, total reported sales declined 1% to $2.827 billion. By region, reported sales increased 5% in Europe and 1% in the Americas and declined 8% in Asia/Rest of World. Earnings before taxes amounted to $722.7 million, compared with $741.2 million in the prior year.

Non-GAAP Results

Adjusted EPS was $28.74, compared with the prior-year amount of $28.63.

Compared with the prior year, total sales in local currency were flat as currency reduced sales growth by 1%. By region, local currency sales increased 4% in Europe and 1% in the Americas and declined 6% in Asia/Rest of World. Excluding the first quarter benefit from delayed fourth quarter 2023 shipments, year-to-date local currency sales declined 2%, including flat sales in Europe and the Americas and a 7% decline in Asia/Rest of World. Adjusted Operating Profit amounted to $848.0 million, compared with the prior-year amount of $870.1 million.

Adjusted EPS and Adjusted Operating Profit are non-GAAP measures. Reconciliations to the most comparable GAAP measures are provided in the attached schedules.

Outlook

Management cautions that market conditions are uncertain and could change quickly. Based on today's assessment, management anticipates local currency sales for the fourth quarter of 2024 will increase approximately 8%, which includes a benefit of approximately 6% from the previously disclosed shipping delays in the fourth quarter of 2023. Adjusted EPS is forecast to be $11.63 to $11.78, representing growth of 24% to 25%.

For the full year, management anticipates local currency sales will increase approximately 2%, which includes a benefit of approximately 3% from the previously disclosed shipping delays in the fourth quarter of 2023 that benefited the first quarter of 2024. Adjusted EPS is forecast to be in the range of $40.35 to $40.50, representing growth of approximately 6%. This compares with previous local currency sales growth guidance of approximately 2% and Adjusted EPS guidance of $40.20 to $40.50. Included in the 2024 guidance is an estimated 2% headwind to Adjusted EPS growth due to adverse currency.

The Company stated that based on its assessment of market conditions today, management anticipates local currency sales growth of approximately 3% in 2025, including a headwind to growth of approximately 1.5% due to the previously mentioned 2023 shipping delays that benefited 2024. This is expected to result in Adjusted EPS in the range of $41.85 to $42.50, representing growth of approximately 4% to 5%.

The Company does not provide GAAP financial measures on a forward-looking basis because we are unable to predict with reasonable certainty and without unreasonable effort the timing and amount of future restructuring and other non-recurring items.

Conclusion

Kaltenbach concluded, “We continue to execute very well and will benefit from the prior-year shipping delays in the fourth quarter; however, global market conditions remain soft. We have introduced many exciting innovations, as well as next generations of our Spinnaker sales and marketing and SternDrive productivity programs, over the past year. We also continue to leverage our business diversity and ability to provide value throughout our customers’ value chain to identify and capture growth opportunities and believe we are very well positioned to gain market share and deliver good earnings growth in the future.”

Other Matters

The Company will host a conference call to discuss its quarterly results tomorrow morning (Friday, November 8) at 8:30 a.m. Eastern Time. To listen to a live webcast or replay of the call, visit the investor relations page on the Company’s website at investor.mt.com. The presentation referenced on the conference call will be located on the website prior to the call.

METTLER TOLEDO (NYSE: MTD) is a leading global supplier of precision instruments and services. We have strong leadership positions in all of our businesses and believe we hold global number-one market positions in most of them. We are recognized as an innovation leader and our solutions are critical in key R&D, quality control, and manufacturing processes for customers in a wide range of industries including life sciences, food, and chemicals. Our sales and service network is one of the most extensive in the industry. Our products are sold in more than 140 countries and we have a direct presence in approximately 40 countries. With proven growth strategies and a focus on execution, we have achieved a long-term track record of strong financial performance. For more information, please visit www.mt.com.

Forward-Looking Statements Disclaimer

You should not rely on forward-looking statements to predict our actual results. Our actual results or performance may be materially different than reflected in forward-looking statements because of various risks and uncertainties, including statements about expected revenue growth, inflation, ongoing developments related to Ukraine, and the Israel-Hamas war. You can identify forward-looking statements by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” or “continue.”

We make forward-looking statements about future events or our future financial performance, including earnings and sales growth, earnings per share, strategic plans and contingency plans, growth opportunities or economic downturns, our ability to respond to changes in market conditions, planned research and development efforts and product introductions, adequacy of facilities, access to and the costs of raw materials, shipping and supplier costs, gross margins, customer demand, our competitive position, pricing, capital expenditures, cash flow, tax-related matters, the impact of foreign currencies, compliance with laws, effects of acquisitions, and the impact of inflation, ongoing developments related to Ukraine, and the Israel-Hamas war on our business.

Our forward-looking statements may not be accurate or complete, and we do not intend to update or revise them in light of actual results. New risks also periodically arise. Please consider the risks and factors that could cause our results to differ materially from what is described in our forward-looking statements, including inflation, ongoing developments related to Ukraine, and the Israel-Hamas war. See in particular “Factors Affecting Our Future Operating Results” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

 

METTLER-TOLEDO INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands except share data)

(unaudited)

 

 

Three months ended

 

 

 

 

Three months ended

 

 

 

September 30, 2024

 

 

% of sales

 

September 30, 2023

 

% of sales

 
Net sales

$

954,535

 

(a)

100.0

 

$

942,462

 

100.0

 

Cost of sales

 

382,068

 

40.0

 

 

382,923

 

40.6

 

Gross profit

 

572,467

 

60.0

 

 

559,539

 

59.4

 

 
Research and development

 

47,117

 

4.9

 

 

46,127

 

4.9

 

Selling, general and administrative

 

228,777

 

24.0

 

 

217,447

 

23.1

 

Amortization

 

18,243

 

1.9

 

 

18,314

 

1.9

 

Interest expense

 

18,599

 

1.9

 

 

20,278

 

2.2

 

Restructuring charges

 

2,631

 

0.3

 

 

7,385

 

0.8

 

Other charges (income), net

 

(1,852

)

(0.2

)

 

(1,171

)

(0.1

)

Earnings before taxes

 

258,952

 

27.2

 

 

251,159

 

26.6

 

 
Provision for taxes

 

47,436

 

5.0

 

 

49,528

 

5.2

 

Net earnings

$

211,516

 

22.2

 

$

201,631

 

21.4

 

 
Basic earnings per common share:
Net earnings

$

10.01

 

$

9.26

 

Weighted average number of common shares

 

21,139,674

 

 

21,776,944

 

 
Diluted earnings per common share:
Net earnings

$

9.96

 

$

9.21

 

Weighted average number of common and common equivalent shares

 

21,242,343

 

 

21,886,482

 

 
Note:

(a) Local currency sales increased 1% as compared to the same period in 2023.

 

RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

 

Three months ended

 

 

 

September 30, 2024

 

 

% of sales

 

September 30, 2023

 

% of sales

 
Earnings before taxes

$

258,952

 

$

251,159

 

Amortization

 

18,243

 

 

18,314

 

Interest expense

 

18,599

 

 

20,278

 

Restructuring charges

 

2,631

 

 

7,385

 

Other charges (income), net

 

(1,852

)

 

(1,171

)

Adjusted operating profit

$

296,573

 

(b)

31.1

 

$

295,965

 

31.4

 

 
Note:

(b) Adjusted operating profit was flat as compared to the same period in 2023.

 
 

METTLER-TOLEDO INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands except share data)

(unaudited)

 

 

Nine months ended

 

 

 

 

Nine months ended

 

 

 

September 30, 2024

 

 

% of sales

 

September 30, 2023

 

% of sales

 
Net sales

$

2,827,234

 

(a)

100.0

 

$

2,853,317

 

100.0

 

Cost of sales

 

1,140,966

 

40.4

 

 

1,163,669

 

40.8

 

Gross profit

 

1,686,268

 

59.6

 

 

1,689,648

 

59.2

 

 
Research and development

 

139,303

 

4.9

 

 

138,849

 

4.9

 

Selling, general and administrative

 

698,963

 

24.7

 

 

680,679

 

23.9

 

Amortization

 

54,649

 

1.9

 

 

54,135

 

1.9

 

Interest expense

 

56,781

 

2.0

 

 

57,711

 

2.0

 

Restructuring charges

 

17,624

 

0.6

 

 

19,680

 

0.7

 

Other charges (income), net

 

(3,728

)

(0.1

)

 

(2,578

)

(0.2

)

Earnings before taxes

 

722,676

 

25.6

 

 

741,172

 

26.0

 

 
Provision for taxes

 

111,837

 

4.0

 

 

137,188

 

4.8

 

Net earnings

$

610,839

 

21.6

 

$

603,984

 

21.2

 

 
Basic earnings per common share:
Net earnings

$

28.69

 

$

27.54

 

Weighted average number of common shares

 

21,288,202

 

 

21,933,889

 

 
Diluted earnings per common share:
Net earnings

$

28.55

 

$

27.37

 

Weighted average number of common and common equivalent shares

 

21,396,456

 

 

22,067,398

 

 
Note:

(a) Local currency sales were flat as compared to the same period in 2023.

 

RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT

 

 

 

 

 

 

 

 

 

 

Nine months ended

 

 

 

 

Nine months ended

 

 

 

September 30, 2024

 

 

% of sales

 

September 30, 2023

 

% of sales

 
Earnings before taxes

$

722,676

 

$

741,172

 

Amortization

 

54,649

 

 

54,135

 

Interest expense

 

56,781

 

 

57,711

 

Restructuring charges

 

17,624

 

 

19,680

 

Other charges (income), net

 

(3,728

)

 

(2,578

)

Adjusted operating profit

$

848,002

 

(b)

30.0

 

$

870,120

 

(b)

30.5

 

 
Note:

(b) Adjusted operating profit decreased 3% as compared to the same period in 2023.

 

METTLER-TOLEDO INTERNATIONAL INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

September 30, 2024

 

December 31, 2023

 
Cash and cash equivalents

$

71,574

 

$

69,807

 

Accounts receivable, net

 

637,202

 

 

663,893

 

Inventories

 

375,813

 

 

385,865

 

Other current assets and prepaid expenses

 

113,643

 

 

110,638

 

Total current assets

 

1,198,232

 

 

1,230,203

 

 
Property, plant and equipment, net

 

790,447

 

 

803,374

 

Goodwill and other intangibles assets, net

 

934,923

 

 

955,537

 

Other non-current assets

 

396,226

 

 

366,441

 

Total assets

$

3,319,828

 

$

3,355,555

 

 
Short-term borrowings and maturities of long-term debt

$

185,824

 

$

192,219

 

Trade accounts payable

 

202,859

 

 

210,411

 

Accrued and other current liabilities

 

796,285

 

 

778,452

 

Total current liabilities

 

1,184,968

 

 

1,181,082

 

 
Long-term debt

 

1,891,661

 

 

1,888,620

 

Other non-current liabilities

 

397,552

 

 

435,791

 

Total liabilities

 

3,474,181

 

 

3,505,493

 

 
Shareholders’ equity

 

(154,353

)

 

(149,938

)

Total liabilities and shareholders’ equity

$

3,319,828

 

$

3,355,555

 

 

METTLER-TOLEDO INTERNATIONAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

September 30,

 

September 30,

 

2024

 

2023

 

2024

 

2023

 
Cash flow from operating activities:
Net earnings

$

211,516

 

$

201,631

 

$

610,839

 

$

603,984

 

Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation

 

12,836

 

 

12,189

 

 

37,709

 

 

36,406

 

Amortization

 

18,243

 

 

18,314

 

 

54,649

 

 

54,135

 

Deferred tax benefit

 

(1,224

)

 

(2,689

)

 

(5,061

)

 

(4,455

)

One-time non-cash discrete tax benefit

 

-

 

 

-

 

 

(22,982

)

 

-

 

Other

 

4,359

 

 

4,228

 

 

13,622

 

 

12,450

 

Increase (decrease) in cash resulting from changes in operating assets and liabilities

 

8,936

 

 

30,623

 

 

13,383

 

 

(18,151

)

Net cash provided by operating activities

 

254,666

 

 

264,296

 

 

702,159

 

 

684,369

 

 
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment

 

65

 

 

256

 

 

733

 

 

668

 

Purchase of property, plant and equipment

 

(21,421

)

 

(20,960

)

 

(62,622

)

 

(72,907

)

Proceeds from government funding (a)

 

-

 

 

1,332

 

 

-

 

 

2,596

 

Acquisitions

 

-

 

 

-

 

 

(2,473

)

 

(613

)

Other investing activities

 

(16,287

)

 

(11,523

)

 

(4,048

)

 

(25,937

)

Net cash used in investing activities

 

(37,643

)

 

(30,895

)

 

(68,410

)

 

(96,193

)

Cash flows from financing activities:
Proceeds from borrowings

 

539,071

 

 

489,052

 

 

1,561,649

 

 

1,569,973

 

Repayments of borrowings

 

(559,670

)

 

(508,497

)

 

(1,576,862

)

 

(1,467,228

)

Proceeds from exercise of stock options

 

14,203

 

 

147

 

 

22,339

 

 

19,234

 

Repurchases of common stock

 

(212,499

)

 

(223,999

)

 

(637,497

)

 

(723,998

)

Acquisition contingent consideration payment

 

-

 

 

(2,141

)

 

-

 

 

(7,767

)

Other financing activities

 

(3

)

 

(112

)

 

(1,913

)

 

(826

)

Net cash used in financing activities

 

(218,898

)

 

(245,550

)

 

(632,284

)

 

(610,612

)

 
Effect of exchange rate changes on cash and cash equivalents

 

2,639

 

 

(1,750

)

 

302

 

 

(3,855

)

 
Net increase (decrease) in cash and cash equivalents

 

764

 

 

(13,899

)

 

1,767

 

 

(26,291

)

 
Cash and cash equivalents:
Beginning of period

 

70,810

 

 

83,574

 

 

69,807

 

 

95,966

 

End of period

$

71,574

 

$

69,675

 

$

71,574

 

$

69,675

 

 
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW
 
Net cash provided by operating activities

$

254,666

 

$

264,296

 

$

702,159

 

$

684,369

 

Payments in respect of restructuring activities

 

4,086

 

 

7,544

 

 

19,766

 

 

14,942

 

Transition tax payment

 

-

 

 

-

 

 

10,723

 

 

8,042

 

Proceeds from sale of property, plant and equipment

 

65

 

 

255

 

 

733

 

 

667

 

Purchase of property, plant and equipment, net (a)

 

(21,421

)

 

(20,362

)

 

(62,622

)

 

(65,177

)

Acquisition payments (b)

 

-

 

 

-

 

 

-

 

 

4,775

 

Adjusted free cash flow

$

237,396

 

$

251,733

 

$

670,759

 

$

647,618

 

 
Notes:
(a) In September 2021, the Company entered into an agreement with the U.S. Department of Defense to increase the domestic production capacity of pipette tips and enhance manufacturing automation and logistics. The Company received funding of $35.8 million in prior years, which offset capital expenditures. During the three and nine months ended September 30, 2023 the Company received funding proceeds of $1.3 million and $2.6 million, respectively. During the three and nine months ended September 30, 2023 the related purchase of property, plant and equipment of $0.6 million and $7.7 million, respectively, are excluded from Adjusted free cash flow.
(b) Includes $4.4 million of the PendoTECH contingent consideration payment that was reported in net cash provided by operating activities as required by U.S. GAAP for the nine months ended September 30, 2023.
 
METTLER-TOLEDO INTERNATIONAL INC.
OTHER OPERATING STATISTICS
 
 
SALES GROWTH BY DESTINATION
(unaudited)
 
Americas Europe Asia/RoW Total
 
U.S. Dollar Sales Growth
Three Months Ended September 30, 2024

(1

%)

2

%

4

%

1

%

Nine Months Ended September 30, 2024

1

%

5

%

(8

%)

(1

%)

 
Local Currency Sales Growth
Three Months Ended September 30, 2024

(1

%)

1

%

4

%

1

%

Nine Months Ended September 30, 2024

1

%

4

%

(6

%)

0

%

 
Note:
(a) The Company estimates net sales for the nine months ended September 30, 2024 benefited by 2% from recovering previously delayed shipments from the fourth quarter of 2023. By geographic destination, net sales benefited approximately 1% in the Americas, 4% in Europe and 1% in Asia/Rest of World.

RECONCILIATION OF DILUTED EPS AS REPORTED TO ADJUSTED DILUTED EPS

(unaudited)

 

 

Three months ended

 

Nine months ended

 

September 30,

 

September 30,

 

2024

 

2023

 

% Growth

 

2024

 

2023

 

% Growth

 
EPS as reported, diluted

$

9.96

 

$

9.21

8

%

$

28.55

 

$

27.37

 

4

%

 
Purchased intangible amortization, net of tax

 

0.23

 

(a)

 

0.24

(a)

 

0.71

 

(a)

 

0.70

 

(a)
Restructuring charges, net of tax

 

0.10

 

(b)

 

0.27

(b)

 

0.67

 

(b)

 

0.72

 

(b)
Income tax expense

 

(0.08

)

(c)

 

0.08

(c)

 

(1.19

)

(c)

 

(0.16

)

(c)
 
Adjusted EPS, diluted

$

10.21

 

$

9.80

4

%

$

28.74

 

$

28.63

 

0

%

 
Notes:
(a) Represents the EPS impact of purchased intangibles amortization of $6.4 million ($5.0 million after tax) and $6.7 million ($5.2 million after tax) for the three months ended September 30, 2024 and 2023, and $19.5 million ($15.1 million after tax) and $20.0 million ($15.4 million after tax) for the nine months ended September 30, 2024 and 2023, respectively.
(b) Represents the EPS impact of restructuring charges of $2.6 million ($2.1 million after tax) and $7.4 million ($6.0 million after tax) for the three months ended September 30, 2024 and 2023, and $17.6 million ($14.3 million after tax) and $19.7 million ($15.9 million after tax) for the nine months ended September 30, 2024 and 2023, respectively, which primarily include employee related costs.
(c) Represents the EPS impact of the difference between our quarterly and estimated annual tax rate before non-recurring discrete items during the three and nine months ended September 30, 2024 and 2023 due to the timing of excess tax benefits associated with stock option exercises. Also includes a reported EPS reduction of $1.07 for the nine months ended September 30, 2024 for a non-cash discrete tax benefit resulting from the reduction of uncertain tax position liabilities related to the settlement of a tax audit.

 

Adam Uhlman

Head of Investor Relations

METTLER TOLEDO

Direct: 614-438-4794

adam.uhlman@mt.com

Source: Mettler-Toledo International Inc.

FAQ

What was Mettler-Toledo's (MTD) Q3 2024 earnings per share?

Mettler-Toledo reported Q3 2024 net earnings per diluted share (EPS) of $9.96, with adjusted EPS of $10.21.

How much did Mettler-Toledo's (MTD) sales grow in Q3 2024?

Mettler-Toledo's reported and local currency sales both increased 1% in Q3 2024 compared to the prior year.

What is Mettler-Toledo's (MTD) sales growth guidance for Q4 2024?

The company expects Q4 2024 local currency sales to increase approximately 8%, including a 6% benefit from Q4 2023 shipping delays.

What is Mettler-Toledo's (MTD) full-year 2024 EPS guidance?

Mettler-Toledo forecasts full-year 2024 adjusted EPS to be in the range of $40.35 to $40.50, representing approximately 6% growth.

Mettler-Toledo International

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Diagnostics & Research
Laboratory Analytical Instruments
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