Mettler-Toledo International Inc. (NYSE: MTD) today announced
fourth quarter results for 2024. Provided below are the
highlights:
- Reported and local currency sales increased 12% compared with
the prior year.
- Net earnings per diluted share as reported (EPS) were $11.96,
compared with $8.52 in the prior-year period. Adjusted EPS was
$12.41, an increase of 32% over the prior-year amount of $9.40.
Adjusted EPS is a non-GAAP measure, and a reconciliation to EPS is
included on the last page of the attached schedules.
Fourth Quarter Results
Patrick Kaltenbach, President and Chief Executive Officer,
stated, “We had a strong finish to the year as we capitalized on
very good customer demand for Laboratory products, especially in
Europe. Strong sales growth and solid execution of our margin
improvement initiatives contributed to excellent Adjusted EPS and
cash flow.”
GAAP Results
EPS in the quarter was $11.96, compared with the prior-year
amount of $8.52.
Compared with the prior year, total reported sales rose 12% to
$1.045 billion. By region, reported sales increased 6% in the
Americas, 18% in Europe, and 15% in Asia/Rest of World. Earnings
before taxes amounted to $314.5 million, compared with $232.6
million in the prior year.
Non-GAAP Results
Adjusted EPS was $12.41, an increase of 32% over the prior-year
amount of $9.40.
Compared with the prior year, total sales in local currency
increased 12%. By region, local currency sales increased 7% in the
Americas, 19% in Europe, and 14% in Asia/Rest of World. Excluding
the impact from delayed fourth quarter 2023 shipments, sales in
local currency increased 6%, including sales growth of 3% in the
Americas, 8% in Europe, and 10% in Asia/Rest of World. Adjusted
Operating Profit amounted to $351.9 million, compared with the
prior-year amount of $281.8 million.
Adjusted EPS and Adjusted Operating Profit are non-GAAP
measures. Reconciliations to the most comparable GAAP measures are
provided in the attached schedules.
Full Year Results
GAAP Results
EPS was $40.48, compared with the prior-year amount of $35.90,
and included a non-cash discrete tax benefit of $1.07 per
share.
Compared with the prior year, total reported sales increased 2%
to $3.872 billion. By region, reported sales increased 2% in the
Americas and 8% in Europe and declined 3% in Asia/Rest of World.
Earnings before taxes amounted to $1.037 billion, compared with
$973.7 million in the prior year.
Non-GAAP Results
Adjusted EPS was $41.11, an 8% increase from the prior-year
amount of $38.03.
Compared with the prior year, total sales in local currency grew
3% as currency reduced sales growth by 1%. By region, local
currency sales increased 3% in the Americas and 8% in Europe and
declined 1% in Asia/Rest of World. Excluding the impact from
delayed fourth quarter 2023 shipments, local currency sales in 2024
were flat, including sales growth of 1% in the Americas and 2% in
Europe and a decline of 3% in Asia/Rest of World. Adjusted
Operating Profit amounted to $1.200 billion, a 4% increase compared
with the prior-year amount of $1.152 billion.
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 first quarter of 2025 will
decline approximately 3% to 4%, which includes a headwind of
approximately 6% 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 $7.75 to $7.95, a decline of
11% to 13%, which includes headwinds of approximately 18% from the
previously mentioned shipping delays and an estimated 2% due to
adverse currency.
For the full year 2025, management anticipates local currency
sales will increase approximately 3%, which includes a headwind of
approximately 1.5% 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 $42.35 to
$43.00, representing growth of approximately 3% to 5%, and includes
headwinds of approximately 4% from the previously mentioned
shipping delays and an estimated 2% due to adverse currency. This
compares with previous local currency sales growth guidance of
approximately 3% and Adjusted EPS guidance of $41.85 to $42.50.
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 achieved good results in 2024 despite
soft market conditions and continue to benefit from our strong
culture of execution and continuous improvement. At the same time,
we stayed focused on our long-term strategy of delivering
innovative solutions and extending our market leadership. Driving
growth is our top priority in 2025, and we will continue to build
on our competitive strengths and take advantage of opportunities in
automation, digitalization, and high-growth areas to further expand
our market share and deliver good earnings growth.”
Other Matters
The Company will host a conference call to discuss its quarterly
results tomorrow morning (Friday, February 7) 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 conflict in the Middle East. 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 conflict in the Middle East 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
conflict in the Middle East. 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
December 31, 2024
% of sales
December 31, 2023
% of sales
Net sales
$
1,045,127
(a)
100.0
$
934,992
100.0
Cost of sales
405,812
38.8
383,354
41.0
Gross profit
639,315
61.2
551,638
59.0
Research and development
50,054
4.8
46,435
5.0
Selling, general and administrative
237,340
22.7
223,427
23.9
Amortization
18,220
1.8
18,078
1.9
Interest expense
17,850
1.7
19,655
2.1
Restructuring charges
2,147
0.2
13,055
1.4
Other charges (income), net
(843
)
(0.1
)
(1,568
)
(0.2
)
Earnings before taxes
314,547
30.1
232,556
24.9
Provision for taxes
62,246
6.0
47,761
5.1
Net earnings
$
252,301
24.1
$
184,795
19.8
Basic earnings per common share: Net earnings
$
12.00
$
8.56
Weighted average number of common shares
21,024,024
21,593,616
Diluted earnings per common share: Net earnings
$
11.96
$
8.52
Weighted average number of common
21,101,360
21,687,577
and common equivalent shares Note:
(a) Local currency sales
increased 12% as compared to the same period in 2023.
RECONCILIATION OF EARNINGS
BEFORE TAXES TO ADJUSTED OPERATING PROFIT
Three months ended
Three months ended
December 31, 2024
% of sales
December 31, 2023
% of sales
Earnings before taxes
$
314,547
$
232,556
Amortization
18,220
18,078
Interest expense
17,850
19,655
Restructuring charges
2,147
13,055
Other charges (income), net
(843
)
(1,568
)
Adjusted operating profit
$
351,921
(b)
33.7
$
281,776
30.1
Note:
(b) Adjusted operating profit
increased 25% as compared to the same period in 2023.
METTLER-TOLEDO INTERNATIONAL
INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(amounts in thousands except
share data)
(unaudited)
Twelve months ended
Twelve months ended
December 31, 2024
% of sales
December 31, 2023
% of sales
Net sales
$
3,872,361
(a)
100.0
$
3,788,309
100.0
Cost of sales
1,546,778
39.9
1,547,023
40.8
Gross profit
2,325,583
60.1
2,241,286
59.2
Research and development
189,357
4.9
185,284
4.9
Selling, general and administrative
936,303
24.2
904,106
23.9
Amortization
72,869
1.9
72,213
1.9
Interest expense
74,631
1.9
77,366
2.0
Restructuring charges
19,771
0.5
32,735
0.9
Other charges (income), net
(4,571
)
(0.1
)
(4,146
)
(0.1
)
Earnings before taxes
1,037,223
26.8
973,728
25.7
Provision for taxes
174,083
4.5
184,950
4.9
Net earnings
$
863,140
22.3
$
788,778
20.8
Basic earnings per common share: Net earnings
$
40.67
$
36.10
Weighted average number of common shares
21,221,839
21,848,122
Diluted earnings per common share: Net earnings
$
40.48
$
35.90
Weighted average number of common
21,320,641
21,971,528
and common equivalent shares Note:
(a) Local currency sales
increased 3% as compared to the same period in 2023.
RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED
OPERATING PROFIT
Twelve months ended
Twelve months ended
December 31, 2024
% of sales
December 31, 2023
% of sales
Earnings before taxes
$
1,037,223
$
973,728
Amortization
72,869
72,213
Interest expense
74,631
77,366
Restructuring charges
19,771
32,735
Other charges (income), net
(4,571
)
(4,146
)
Adjusted operating profit
$
1,199,923
(b)
31.0
$
1,151,896
30.4
Note:
(b) Adjusted operating profit
increased 4% as compared to the same period in 2023.
METTLER-TOLEDO INTERNATIONAL INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (amounts in thousands)
(unaudited) December 31, 2024 December 31,
2023 Cash and cash equivalents
$
59,362
$
69,807
Accounts receivable, net
687,112
663,893
Inventories
342,274
385,865
Other current assets and prepaid expenses
105,158
110,638
Total current assets
1,193,906
1,230,203
Property, plant and equipment, net
770,280
803,374
Goodwill and other intangibles assets, net
926,057
955,537
Other non-current assets
349,756
366,441
Total assets
$
3,239,999
$
3,355,555
Short-term borrowings and maturities of long-term debt
$
182,623
$
192,219
Trade accounts payable
215,843
210,411
Accrued and other current liabilities
769,727
778,452
Total current liabilities
1,168,193
1,181,082
Long-term debt
1,831,265
1,888,620
Other non-current liabilities
367,431
435,791
Total liabilities
3,366,889
3,505,493
Shareholders’ equity
(126,890
)
(149,938
)
Total liabilities and shareholders’ equity
$
3,239,999
$
3,355,555
METTLER-TOLEDO INTERNATIONAL INC. CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in
thousands) (unaudited)
Three months ended
Twelve months ended
December 31,
December 31,
2024
2023
2024
2023
Cash flow from operating activities: Net earnings
$
252,301
$
184,795
$
863,140
$
788,778
Adjustments to reconcile net earnings to net cash provided by
operating activities: Depreciation
12,643
12,545
50,352
48,951
Amortization
18,220
18,078
72,869
72,213
Deferred tax benefit
(155
)
(8,918
)
(5,216
)
(13,373
)
One-time non-cash discrete tax benefit
-
-
(22,982
)
-
Other
6,357
5,478
19,979
17,928
Increase (decrease) in cash resulting from changes in operating
assets and liabilities
(23,179
)
69,528
(9,796
)
51,377
Net cash provided by operating activities
266,187
281,506
968,346
965,874
Cash flows from investing activities: Proceeds from sale of
property, plant and equipment
898
167
1,631
835
Purchase of property, plant and equipment
(41,276
)
(32,416
)
(103,898
)
(105,323
)
Proceeds from government funding (a)
-
3,498
-
6,094
Acquisitions
(7,618
)
(5,198
)
(10,091
)
(5,811
)
Other investing activities
(3,056
)
(1,552
)
(7,104
)
(27,489
)
Net cash used in investing activities
(51,052
)
(35,501
)
(119,462
)
(131,694
)
Cash flows from financing activities: Proceeds from
borrowings
594,916
556,824
2,156,565
2,126,797
Repayments of borrowings
(598,429
)
(629,795
)
(2,175,291
)
(2,097,023
)
Proceeds from exercise of stock options
1,380
-
23,719
19,234
Repurchases of common stock
(212,500
)
(176,002
)
(849,997
)
(900,000
)
Payments of excise tax on repurchases of common stock
(8,089
)
-
(8,089
)
-
Acquisition contingent consideration payment
-
-
-
(7,767
)
Other financing activities
(971
)
-
(2,884
)
(826
)
Net cash used in financing activities
(223,693
)
(248,973
)
(855,977
)
(859,585
)
Effect of exchange rate changes on cash and cash equivalents
(3,654
)
3,100
(3,352
)
(754
)
Net increase (decrease) in cash and cash equivalents
(12,212
)
132
(10,445
)
(26,159
)
Cash and cash equivalents: Beginning of period
71,574
69,675
69,807
95,966
End of period
$
59,362
$
69,807
$
59,362
$
69,807
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES
TO ADJUSTED FREE CASH FLOW Net cash provided by operating
activities
$
266,187
$
281,506
$
968,346
$
965,874
Payments in respect of restructuring activities
3,986
10,877
23,752
25,818
Proceeds from sale of property, plant and equipment
898
167
1,631
835
Purchase of property, plant and equipment, net (a)
(41,276
)
(32,416
)
(103,898
)
(97,593
)
Acquisition payments (b)
-
-
-
4,775
Transition tax payment
-
-
10,723
8,042
Adjusted free cash flow
$
229,795
$
260,134
$
900,554
$
907,751
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 has received funding of $35.8 million in
prior years, which offset capital expenditures. Funding proceeds of
$3.5 million during the three months ended December 31, 2023 is
excluded from Adjusted free cash flow. Funding proceeds of $6.1
million and the related purchase of property, plant and equipment
of $7.7 million for the twelve months ended December 31, 2023 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 twelve months ended
December 31, 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 December
31, 2024
6%
18%
15%
12%
Twelve Months Ended December 31, 2024
2%
8%
-3%
2%
Local Currency Sales Growth
Three Months Ended December 31, 2024
7%
19%
14%
12%
Twelve Months Ended December 31, 2024
3%
8%
-1%
3%
Note: (a) The Company estimates net sales for the three and
twelve months ended December 31, 2024 benefited by 6% and 3%,
respectively, from previously delayed shipments from the fourth
quarter of 2023. By geographic destination, net sales benefited
approximately 4% and 2% in the Americas, 11% and 6% in Europe, and
4% and 2% in Asia/Rest of World for the three and twelve months
ended December 31, 2024, respectively.
RECONCILIATION OF DILUTED
EPS AS REPORTED TO ADJUSTED DILUTED EPS (unaudited)
Three months ended
Twelve months ended
December 31,
December 31,
2024
2023
% Growth
2024
2023
% Growth
EPS as reported, diluted
$
11.96
$
8.52
40
%
$
40.48
$
35.90
13
%
Purchased intangible amortization, net of tax
0.24
(a)
0.23
(a)
0.94
(a)
0.93
(a) Restructuring and other, net of tax
0.09
(b)
0.49
(b)
0.76
(b)
1.20
(b) Income tax expense
0.12
(c)
0.16
(c)
(1.07
)
(c)
-
(c) Adjusted EPS, diluted
$
12.41
$
9.40
32
%
$
41.11
$
38.03
8
%
Notes:
(a)
Represents the EPS impact of purchased intangibles amortization of
$6.4 million ($5.0 million net of tax) and $6.5 million ($5.0
million net of tax) for the three months ended December 31, 2024
and 2023, and $25.9 million ($20.1 million net of tax) and $26.4
million ($20.4 million net of tax) for the twelve months ended
December 31, 2024 and 2023, respectively.
(b)
Represents the EPS impact of restructuring charges of $2.1 million
($1.7 million after tax) and $13.1 million ($10.6 million after
tax) for the three months ended December 31, 2024 and 2023, and
$19.8 million ($16.0 million after tax) and $32.7 million ($26.5
million after tax) for the twelve months ended December 31, 2024
and 2023, respectively, which primarily include employee related
costs; and other costs of $0.3 million ($0.3 million after tax) for
the three and twelve months ended December 31, 2024.
(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 twelve months ended December 31, 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 twelve months ended December 31, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250206644068/en/
Adam Uhlman Head of Investor Relations METTLER TOLEDO Direct:
614-438-4794 adam.uhlman@mt.com
Mettler Toledo (NYSE:MTD)
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Mettler Toledo (NYSE:MTD)
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