Mettler-Toledo forecast dull third-quarter profit on weak China demand
Aug 1 (Reuters) - Medical equipment maker Mettler-Toledo International MTD.N forecast third-quarter profit below estimates on Thursday, a sign of a weaker-than-expected recovery in sales in its key market China.
Lifesciences firms including lab equipment maker Mettler-Toledo have seen sluggish demand for their instruments used in drug development as cash-strapped biotech clients try to navigate a funding crunch amid high interest rates.
Slowing growth in China has further crimped demand forMettler. In its first-quarter earnings, the company had flaggedthat it continued to see softness in China.
"As expected, market conditions in China remained weak," said CEO Patrick Kaltenbach.
The firm expects third-quarter adjusted profit to be in the range of $9.90 to $10.05 per share, below estimates of $10.36 per share.
Its quarterly sales fell 4% to $946.8 million, above analysts' average estimate of $929.1 million.
The Columbus, Ohio-based firm reported adjusted profit for the quarter of $9.65 per share, versus analysts' expectations of $9.03 per share.
Even though the company raised its 2024 adjusted profit to be in the range of $40.20 to $40.50 per share, from its previous range of $39.90 to $40.40 apiece, its midpoint came 5 cents below estimates.
Analysts, on average, expect a profit of $40.40 per share, for the year, according to LSEG data.
Peer Waters Corp WAT.N lowered its annual profit forecast last week, as it anticipates reduced demand for its products and services used in drug development and research.
Reporting by Vaibhav Sadhamta; editing by Alan Barona
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
