Mettler-Toledo (MTD) Q2 Earnings Top Estimates, Revenues Lag
Zacks Investment Research | Aug 01, 2019 11:05PM ET
Mettler-Toledo International, Inc. (NYSE:MTD) delivered second-quarter 2018 adjusted earnings of $5.16 per share, beating the Zacks Consensus Estimate by 7 cents and also came ahead of management’s guided range of $5.05-$5.10 per share. The figure improved 11% on a year-over-year basis and 25.8% sequentially.
Net sales of $731.4 million were up 1.3% year over year and 7.6% from the previous quarter. In local currency, sales grew 5% from the year-ago quarter. However, the figure was below management’s growth expectation of 5.5%.
The robust performance of Laboratory and Industrial product lines drove the top line. Further, the company’s solid momentum across Americas and Asia aided growth.
However, the top line missed the Zacks Consensus Estimate of $736.34 million.
Foreign exchange headwinds had an impact of 4% on the top line during the reported quarter. Further, the company’s weak performance in Europe remained an overhang.
Nevertheless, the company remains confident on growth strategies that include productivity and margin initiatives. Moreover, Mettler-Toledo’s continued investments in product portfolio expansion, field force, Spinnaker sales and marketing programs are expected to continue aiding business growth.
Coming to the price performance, shares of Mettler-Toledo have gained 30.7% on a year-to-date basis, outperforming the Zacks Investment Research
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