Mettler-Toledo Intl. (NYSE: MTD) reported Q1 EPS of $4.00, $0.10 better than the analyst estimate of $3.90. Revenue for the quarter came in at $649.16 million versus the consensus estimate of $648.82 million.

Provided below are the highlights:

• Reported sales decreased 4% compared with the prior year. In local currency, sales decreased 3% in the quarter as currency reduced sales growth by 1%.
• Net earnings per diluted share as reported (EPS) were $4.03, compared with $4.42 in the prior-year period. Adjusted EPS was $4.00, a decrease of 2% over the prior-year amount of $4.10. Adjusted EPS is a non-GAAP measure, and we have included a reconciliation to EPS on the last page of the attached schedules.

First Quarter Results

Olivier Filliol, President and Chief Executive Officer, stated, "The negative impact of COVID-19 to our local currency sales in China was significant. Local currency sales in other countries, particularly in Asia and Europe, were also negatively impacted by COVID-19. With the benefit of our margin and cost containment initiatives, we improved gross margins and maintained adjusted operating margins consistent with the prior year while adjusted EPS was slightly below the prior year."

GUIDANCE:

Mettler-Toledo Intl. sees FY2020 EPS of $4.05-$4.45, versus the consensus of $3.93.

The Company stated that forecasting is very difficult given the significant uncertainty surrounding COVID-19 and ensuing impact to the global economic environment. The Company said that given this significant uncertainty, it will not provide an estimate for full year sales growth and Adjusted EPS for 2020. The Company noted that it expects to continue to benefit from its margin and productivity initiatives and has implemented temporary cost containment measures and reductions in discretionary spending.

For the second quarter 2020, based on management's current estimate of market conditions, the Company estimates that local currency sales will decline approximately -8% to -12%, and Adjusted EPS is forecasted to be in the range of $4.05 to $4.45.

The Company cautions that market dynamics and impacts related to COVID-19 are fluid and changes to the economic environment can happen quickly. The estimates for the second quarter 2020 include significant uncertainty and management acknowledges that market conditions are subject to change.

While the Company has provided an outlook for local currency sales growth and Adjusted EPS, it has not provided an outlook for reported sales growth or EPS as it would require an estimate of currency exchange fluctuations and non-recurring items, which are not yet known.

For earnings history and earnings-related data on Mettler-Toledo Intl. (MTD) click here.