Medical equipment maker Mettler-Toledo falls on glum annual forecast

Mettler-Toledo International

09/11/2023 23:19

** Shares of medical equipment maker Mettler-Toledo
International  MTD.N  down 5.2% at $970.96 in extended trade
    ** Co forecasts Q4 adjusted EPS in the range of $10.50 to
$10.70, below average analyst estimate of $11.94 - LSEG
    ** "Market conditions are expected to remain challenging in
the near term, especially in China, and we continue to face
difficult sales growth comparisons," says CEO Patrick Kaltenbach
    ** MTD cuts annual profit forecast, and now expects
full-year 2023 adj EPS of $39.10-$39.30 vs prior forecast of
$40.30 to $41.20
    ** Co's full-year 2024 adj EPS forecast of $39.10 to $39.80
falls below analysts' expectations $43.50
    ** There is increased uncertainty in the economic
environment today, including the risk of recession in many
countries - MTD
    ** Q3 net sales of $942.5 mln misses market expectations of
$949.9 mln
    ** Up to last close, stock down 29% YTD

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com;))