Mettler-Toledo raises annual profit forecast despite expecting persistent weak demand

Mettler-Toledo International

09/05/2024 23:36

May 9 (Reuters) - Medical equipment maker Mettler-Toledo
International  MTD.N  raised its annual profit forecast on
Thursday despite anticipating weak demand to continue in the
second quarter due to cautious consumer spending.
        "We expect soft market conditions in the second quarter
of 2024, particularly in China," the company said.
    The firm forecast its 2024 adjusted profit per share to be
in the range of $39.90 to $40.40, higher than its previous
stated range of $39.60 to $40.30 per share. 
        The lower end of the raised forecast, however, is in
line with analysts' average estimate, according to LSEG data. 
  
    The company also announced second-quarter adjusted profit
per share forecast in the range of $8.90 to $9.05, compared with
an LSEG estimate of $9.33 per share.
    Sales for the quarter ended March 31 were roughly flat at
$926 million compared to the prior year, as it largely recovered
from the delayed product shipments from the fourth quarter.
    Mettler-Toledo's adjusted profit for the quarter was $8.89
per share, above analysts' estimate of $7.64 per share.

 (Reporting by Unnamalai L in Bengaluru; Editing by Mohammed
Safi Shamsi)
 ((Unnamalai.L@thomsonreuters.com;))