Mettler Toledo Raises Full-Year Outlook as Margins Expand
The precision instrument maker raised its 2026 adjusted earnings per share guidance to a range of $47.15 to $47.50
Mettler Toledo International (MTD) reported second-quarter sales of $1.027 billion. The precision instrument maker saw reported sales increase 4% year-over-year, a deceleration from the 7% growth recorded in the first quarter.
Profitability improved as gross margin expanded to 63.3%, up from 59.0% in the prior-year period. Adjusted earnings per share grew 14% to $11.46, accelerating from 9% growth in the previous quarter. Adjusted operating profit rose 9% to $309.3 million compared to $283.3 million a year earlier.
Organic local currency sales, which exclude acquisitions and tariff refunds, grew 4% during the quarter. This represented an acceleration from the 1% growth seen in the first quarter.
Regional performance diverged across the company's markets. Sales in Asia and the Rest of World grew 12% and Europe grew 7%, while sales in the Americas decreased 3% year-over-year.
The company had a one-time $52 million benefit from IEEPA tariff refunds to cost of sales, which was offset by a $28 million refund to customers that reduced net sales. Mettler Toledo also entered a government grant agreement with Xuhui, China, in December 2023 totaling approximately $31 million to offset future operating expenses and property, plant, and equipment.
Mettler Toledo raised its full-year 2024 adjusted earnings per share guidance to a range of $47.15 to $47.50, representing 10% to 11% growth, from a previous range of $46.30 to $46.95. The company also increased its full-year local currency sales growth guidance to approximately 4% to 5% from a previous estimate of approximately 4%.