METTLER-TOLEDO INTERNATIONAL INC. REPORTS FIRST QUARTER 2024 RESULTS COLUMBUS, Ohio, USA

METTLER-TOLEDO INTERNATIONAL INC. REPORTS

FIRST QUARTER 2024 RESULTS

COLUMBUS, Ohio, USA - May 9, 2024 - Mettler-Toledo International Inc. (NYSE MTD) today announced first quarter results for 2024. Provided below are the highlights

Reported and local currency sales were flat compared with the prior year and benefited 6% from recovering previously announced delayed shipments from the fourth quarter of 2023.

Net earnings per diluted share as reported (EPS) were $8.24, compared with $8.47 in the prior-year period. Adjusted EPS was $8.89, an increase of 2% over the prior-year amount of $8.69. Adjusted EPS is a non-GAAP measure, and a reconciliation to EPS is included on the last page of the attached schedules.

First Quarter Results

Patrick Kaltenbach, President and Chief Executive Officer, stated, "Our first quarter results were much better than expected, although we continued to face reduced market demand, especially in China, versus the prior year. We also substantially recovered our previously disclosed delayed product shipments from the fourth quarter of 2023, slightly better than forecast. Strong execution of our productivity and cost savings initiatives offset significant foreign exchange headwinds and resulted in modest Adjusted EPS growth in the quarter."

EPS in the quarter was $8.24, compared with the prior-year amount of $8.47.

Compared with the prior year, total reported sales were flat at $925.9 million. By region, reported sales increased 8% in Europe and 3% in the Americas and declined 12% in Asia Rest of World. Earnings before taxes amounted to $220.5 million, compared with $226.6 million in the prior year.

Adjusted EPS was $8.89, an increase of 2% over the prior-year amount of $8.69.

Compared with the prior year, total sales in local currency were flat and benefited by 6% from recovering delayed shipments from the fourth quarter of 2023. By region, local currency sales increased 6% in Europe and 3% in the Americas and declined 8% in Asia Rest of World. Excluding the benefit of delayed fourth quarter 2023 shipments, local currency sales decreased 5% in Europe, 1% in the Americas, and 12% in Asia Rest of World. Adjusted Operating Profit amounted to $267.3 million, compared to the prior-year amount of $266.5 million.

Adjusted EPS and Adjusted Operating Profit are non-GAAP measures. Reconciliations to the most comparable GAAP measures are provided in the attached schedules.

Management cautions that market conditions are uncertain and could change quickly. Based on today's assessment, management anticipates local currency sales for the second quarter of 2024 will decline approximately 4%, and Adjusted EPS is forecast to be $8.90 to $9.05, a decline of 11% to 13%. Included in the second quarter guidance is an estimated 2% headwind to Adjusted EPS growth due to adverse currency.

For the full year, management anticipates local currency sales in 2024 will increase approximately 2%, and Adjusted EPS is forecast to be in the range of $39.90 to $40.40, representing growth of approximately 5% to 6%. Included in the full year guidance is an estimated 2% headwind to Adjusted EPS growth due to adverse currency. This compares with previous local currency sales growth guidance of approximately 1% to 2% and Adjusted EPS guidance of $39.60 to $40.30.

The Company does not provide GAAP financial measures on a forward-looking basis because we are unable to predict with reasonable certainty and without unreasonable effort the timing and amount of future restructuring and other non-recurring items.

Kaltenbach concluded, "We expect soft market conditions in the second quarter of 2024, particularly in China. We remain focused on the diligent execution of our growth strategies, while continuing to drive innovation and further strengthen our Company for the future. Our product portfolio is in excellent shape with many successful recent product introductions, and enhancements to our best-in-class corporate programs such as Spinnaker and SternDrive position us very well for future growth."

The Company will host a conference call to discuss its quarterly results tomorrow morning (Friday, May 10) at 8 30 a.m. Eastern Time. To listen to a live webcast or replay of the call, visit the investor relations page on the Company's website at investor.mt.com. The presentation referenced on the conference call will be located on the website prior to the call.

METTLER TOLEDO (NYSE MTD) is a leading global supplier of precision instruments and services. We have strong leadership positions in all of our businesses and believe we hold global number-one market positions in most of them. We are recognized as an innovation leader and our solutions are critical in key R D, quality control and manufacturing processes for customers in a wide range of industries including life sciences, food and chemicals. Our sales and service network is one of the most extensive in the industry. Our products are sold in more than 140 countries and we have a direct presence in approximately 40 countries. With proven growth strategies and a focus on execution, we have achieved a long-term track record of strong financial performance. For more information, please visit www.mt.com.

Statements in this press release 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. You should not rely on forward-looking statements to predict our actual results. Our actual results or performance may be materially different than reflected in forward-looking statements because of various risks and uncertainties, including statements about expected revenue growth, inflation and ongoing developments related to Ukraine. You can identify forward-looking statements by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," or "continue." We make forward-looking statements about future events or our future financial performance, including earnings and sales growth, earnings per share, strategic plans and contingency plans, growth opportunities or economic downturns, our ability to respond to changes in market conditions, planned research and development efforts and product introductions, adequacy of facilities, access to and the costs of raw materials, shipping and supplier costs, gross margins, customer demand, our competitive position, pricing, capital expenditures, cash flow, tax-related matters, the impact of foreign currencies, compliance with laws, effects of acquisitions, and the impact of inflation and ongoing developments related to Ukraine on our business. Our forward-looking statements may not be accurate or complete, and we do not intend to update or revise them in light of actual results. New risks also periodically arise. Please consider the risks and factors that could cause our results to differ materially from what is described in our forward-looking statements, including inflation, and the ongoing developments related to Ukraine. See in particular "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 year ended December 31, 2022 and other reports filed with the SEC from time to time.

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