COLUMBUS, Ohio - Mettler-Toledo (NYSE:MTD) International Inc. (NYSE: MTD) reported a modest increase in adjusted earnings per share (EPS) for the first quarter of 2024, surpassing analyst expectations despite flat sales compared to the previous year.
The precision instrument supplier announced an adjusted EPS of $8.89, a 2% increase from the $8.69 reported in the same quarter last year, and significantly higher than the analyst estimate of $7.65. Revenue for the quarter remained steady at $925.9 million, but outperformed the consensus estimate of $879.72 million.
Following the report, MTD shares were trading 5% higher in aftermarket hours.
Patrick Kaltenbach, President and CEO, attributed the better-than-expected results to strong recovery of delayed shipments from the fourth quarter of 2023 and effective cost management strategies.
"Our first quarter results were much better than expected, although we continued to face reduced market demand, especially in China, versus the prior year," Kaltenbach said. Despite the flat sales, the company's focus on productivity and cost savings initiatives helped achieve the modest growth in adjusted EPS.
Looking ahead, Mettler-Toledo expects local currency sales for the second quarter of 2024 to decline by approximately 4%, with adjusted EPS projected to be between $8.90 and $9.05, reflecting an 11% to 13% decrease. This guidance includes an estimated 2% negative impact from adverse currency conditions. For the full year, the company anticipates a local currency sales increase of around 2% and an adjusted EPS range of $39.90 to $40.40, indicating a growth of 5% to 6%.
Kaltenbach remains optimistic about the company's prospects, despite anticipating soft market conditions in the second quarter, particularly in China. "We remain focused on the diligent execution of our growth strategies, while continuing to drive innovation and further strengthen our Company for the future," he concluded.
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