Earnings Call Webcast
February 9, 2024
Mettler-Toledo International Inc.
Q4 2023 Financial Results
Safe Harbor Statement
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Statements in this presentation which are not historical facts constitute "forward looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These statements involve known and unknown risks, uncertainties and other factors that may cause our or our businesses, actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. For a discussion of these risks and uncertainties, please see "Factors Affecting Our Future Operating Results" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the most recently completed fiscal year and other reports filed with the SEC from time to time.
Summary Comments
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Fourth Quarter 2023 Highlights
Local Currency | Adj Operating | Adjusted |
Sales | Margin | EPS |
(13%) | 30.1% | $9.40 |
down (380bp) | down (22%) | |
- Our sales and Adjusted EPS were negatively impacted by the previously disclosed shipping delays of approximately $58m from a new external European logistics provider, which we expect to largely recover in Q1 2024. Excluding these delays, our results came in as we had expected as we continued to face challenging market conditions in the fourth quarter.
- Our team executed very well on our cost control initiatives, and cash flow generation for the quarter and the year was strong.
- We have continued to invest strongly in next-generation products and solutions and have also enhanced our best-in- class corporate programs by launching the next waves of Spinnaker and SternDrive. This will help us further increase our competitiveness and put us in an even more favorable position, especially once our markets pick up again.
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Sales by Geography
Q4 local currency sales growth | ||||||||
Americas | Europe | Asia/ROW | Total | |||||
43% | 28% | 29% |
9% LC
8% LC | $1,058 | (13%) LC | |||||
(7%) LC | |||||||
$428 | $935 | ||||||
$402 | |||||||
9% LC | |||||||
9% LC | |||||||
(16%) LC | $336 | (18%) LC | |||||
$294 | |||||||
$273 | |||||||
$260 | |||||||
4Q22 | 4Q23 | 4Q22 | 4Q23 | 4Q22 | 4Q23 | 4Q22 | 4Q23 |
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USD in 000's, figures may not foot due to rounding. Local currency (LC) sales growth excludes the impact from changes in foreign exchange rates
Sales by Geography
Full year local currency sales growth
Americas | Europe | Asia/ROW | Total | ||||
41% | 27% | 32% | |||||
11% LC | (3%) LC | ||||||
$3,920 | |||||||
$3,788 | |||||||
12% LC | (1%) LC | ||||||
$1,582 | $1,568 | 13% LC | |||||
$1,323 | (5%) LC | ||||||
6% LC | (2%) LC | $1,205 | |||||
$1,014 | $1,015 | ||||||
2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 |
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USD in 000's, figures may not foot due to rounding. Local currency (LC) sales growth excludes the impact from changes in foreign exchange rates
Sales by Product
Q4 local currency sales growth | ||||||||
Laboratory | Industrial | Food Retail | Total | |||||
55% | 40% | 5% |
9% LC
10% LC | $1,058 | (13%) LC | |||||
$616 | (18%) LC | $935 | |||||
$513 | |||||||
6% LC | (7%) LC | ||||||
$396 | |||||||
$370 | |||||||
12% LC | 9% LC | ||||||
$46 | $51 | ||||||
4Q22 | 4Q23 | 4Q22 | 4Q23 | 4Q22 | 4Q23 | 4Q22 | 4Q23 |
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USD in 000's, figures may not foot due to rounding. Local currency (LC) sales growth excludes the impact from changes in foreign exchange rates
Sales by Product
Full year local currency sales growth
Laboratory | Industrial | Food Retail | Total | ||||
55% | 39% | 6% | 11% LC | (3%) LC | |||
$3,920 | |||||||
12% LC | $3,788 | ||||||
$2,230 | (7%) LC | ||||||
$2,069 | |||||||
9% LC | (1%) LC | ||||||
$1,511 | $1,490 | ||||||
1% LC | 27% LC | ||||||
$229 | |||||||
$179 | |||||||
2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 |
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USD in 000's, figures may not foot due to rounding. Local currency (LC) sales growth excludes the impact from changes in foreign exchange rates
Profit & Loss Statement - Q4 2023
(USD in 000's) | Q4 2023 | Q4 2022 | Change |
Net Sales | $934,992 | $1,057,685 | (12%) |
Local Currency Growth % | (13%) | 9% | |
Gross Profit | 551,638 | 632,140 | (13%) |
Gross Profit Margin % | 59.0% | 59.8% | (80bp) |
Research and Development | 46,435 | 45,942 | 1% |
% of Sales | 5.0% | 4.3% | 70bp |
Selling, General and Administrative | 223,427 | 227,586 | (2%) |
% of Sales | 23.9% | 21.5% | 240bp |
Adjusted Operating Profit | 281,776 | 358,612 | (21%) |
Adj Margin % | 30.1% | 33.9% | (380bp) |
Adjusted EPS | $9.40 | $12.10 | (22%) |
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Profit & Loss Statement - YTD 2023
(USD in 000's) | YTD 2023 | YTD 2022 | Change |
Net Sales | $3,788,309 | $3,919,709 | (3%) |
Local Currency Growth % | (3%) | 11% | |
Gross Profit | 2,241,286 | 2,308,042 | (3%) |
Gross Profit Margin % | 59.2% | 58.9% | 30bp |
Research and Development | 185,284 | 177,122 | 5% |
% of Sales | 4.9% | 4.5% | 40bp |
Selling, General and Administrative | 904,106 | 938,461 | (4%) |
% of Sales | 23.9% | 23.9% | 0bp |
Adjusted Operating Profit | 1,151,896 | 1,192,459 | (3%) |
Adj Margin % | 30.4% | 30.4% | 0bp |
Adjusted EPS | $38.03 | $39.65 | (4%) |
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Thank You.
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Mettler Toledo International Inc. published this content on 08 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 March 2024 00:11:06 UTC.