Q2 2024 Mettler-Toledo International Inc Earnings Call Transcript
Key Points
- Mettler-Toledo International Inc (MTD) reported better-than-expected results in the second quarter, driven by good growth in laboratory sales in Europe and the Americas.
- The company continues to benefit from productivity and margin initiatives, which helped mitigate the impact of foreign exchange headwinds.
- Sales in Europe grew by 6% in local currency, showcasing strong performance despite challenging economic conditions.
- The service business grew by 6% in the quarter, building on double-digit growth from the previous year.
- The company expects local currency sales to return to growth in the second half of the year, driven by easier comparisons and the execution of the Spinnaker sales and marketing program.
- Sales in China remained weak, with a 23% decline in local currency sales for the quarter.
- Overall sales declined by 2% in local currency and 4% in US dollars due to currency impacts.
- Adjusted operating profit decreased by 8%, with unfavorable foreign currency being a headwind.
- Gross margin improvements were partially offset by lower volume, and adjusted operating margin decreased by 130 basis points.
- Market conditions are expected to remain soft, particularly in China, with no significant improvement anticipated in the near term.
Thank you for standing by, and welcome to the Mettler-Toledo second-quarter 2024 earnings call. (Operator Instructions) And finally, I would like to advise all participants that this call is being recorded. Thank you.
I'd now like to welcome Adam Uhlman, Head of Investor Relations, to begin the conference. Adam, over to you.
Thanks, Paul, and good morning, everyone. Thanks for joining us. On the call with me today is Patrick Kaltenbach, our Chief Executive Officer; and Shawn Vadala, our Chief Financial Officer.
Let me cover some administrative matters. This call is being webcast and is available for replay on our website at mt.com. A copy of the press release and the presentation that we will refer to today is also available on our website. This call will include forward-looking statements within the meaning of the US Securities Act of 1933 and the US Securities Exchange Act of 1934. These statements involve risks, uncertainties, and other factors that may cause our actual
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