Mettler-Toledo International Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a mixed performance compared to the previous fiscal period.

For the three months ended September 30, 2024, net sales reached $954.5 million, a slight increase of 1% from $942.5 million in the same period of 2023. Gross profit for the quarter was $572.5 million, representing 60.0% of net sales, up from 59.4% in the prior year. Earnings before taxes increased to $258.9 million, or 27.2% of net sales, compared to $251.2 million (26.6% of net sales) in Q3 2023. Net earnings for the quarter were $211.5 million, up from $201.6 million, with basic earnings per share rising to $10.01 from $9.26.

In contrast, for the nine months ended September 30, 2024, net sales decreased by 1% to $2.83 billion from $2.85 billion in 2023. The decline was attributed to a 1% decrease in product sales, while service revenue increased by 7%. Gross profit for the nine-month period was $1.69 billion, slightly down from $1.69 billion in 2023, but as a percentage of net sales, it improved to 59.6% from 59.2%. Earnings before taxes for the nine months fell to $722.7 million from $741.2 million, while net earnings increased to $610.8 million from $604.0 million.

Geographically, net sales in Europe and Asia/Rest of World showed growth, with Europe increasing by 5% and Asia/Rest of World decreasing by 8% in U.S. dollars. Notably, net sales in China decreased by 15% for the nine-month period. The company’s product categories revealed that laboratory products, which account for 56% of total sales, increased by 2%, while industrial products, making up 39% of sales, saw a 3% decline.

Strategically, Mettler-Toledo continued its share repurchase program, spending $637.5 million to repurchase 482,413 shares during the nine months ended September 30, 2024, compared to $724.0 million for 526,019 shares in the same period of 2023. The company also maintained a strong cash position with $71.6 million in cash and cash equivalents as of September 30, 2024, and had $585.3 million available under its $1.35 billion credit agreement.

Overall, Mettler-Toledo's financial results reflect a resilient performance in a challenging market, with strategic investments and a focus on maintaining profitability amid fluctuating sales across different regions and product lines.