MTD - Mettler-Toledo International Inc. (MTD) Q4 2023 Earnings Call Transcript

2024-02-09 11:39:05 ET

Mettler-Toledo International Inc. (MTD)

Q4 2024 Earnings Conference Call

February 09, 2024, 08:30 AM ET

Company Participants

Adam Uhlman - Head of Investor Relations

Patrick Kaltenbach - Chief Executive Officer

Shawn Vadala - Chief Financial Officer

Conference Call Participants

Jack Meehan - Nephron Research

Daniel Arias - Stifel

Derik de Bruin - Bank of America

Joshua Waldman - Cleveland Research

Vijay Kumar - Evercore ISI

Dan Leonard - UBS

Matt Sykes - Goldman Sachs

Catherine Schulte - Baird

Rachel Vatnsdal - JPMorgan

Brandon Couillard - Jefferies

Patrick Donnelly - Citi

Presentation

Operator

Good morning. My name is Audra and I'll be your conference operator today. At this time, I would like to welcome everyone to the Mettler-Toledo Fourth Quarter 2023 Earnings Call.

Today's conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator instructions] At this time, I would like to turn the conference over to Adam Uhlman, Head of Investor Relations. Please go ahead.

Adam Uhlman

Thanks, Audra and good morning, everyone. Good afternoon from Switzerland. Thanks for joining our call today. On the line with me is Patrick Kaltenbach, our Chief Executive Officer, and Shawn Vadala, our Chief Financial Officer.

Let me cover some administrative matters. This call is being webcast and is available for replay on our website at mt.com. A copy of the press release and the presentation that we will refer to today on the call is available on the website as well. This call will include forward-looking statements within the meaning of the U.S. Securities Act of 1933 and the U.S. Securities Exchange Act of 1934. These statements involve risks, uncertainties and other factors that may cause our actual results, financial condition, performance and achievements to be materially different from those expressed or implied by any forward-looking statements. For discussion of these risks and uncertainties, please see our annual report on Form 10-K and our quarterly and current reports filed with the SEC. The company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement except as required by law.

On today's call, we might use non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure is provided in the 8-K and is also available on our website.

Let me now turn the call over to Patrick.

Patrick Kaltenbach

Thanks, Adam, and good morning, everyone. We appreciate you joining our call today. Last night, we reported our fourth quarter financial results, the details of which are outlined for you on Page 3 of our presentation. As previously announced, to transition to a new external European logistic service provider, significantly impacted our fourth quarter results, which we expect to largely recapture in the first quarter.

Excluding the impact of these delayed shipments, our results were in line with our previous expectations. Market demand has remained weak in China and across our core end markets of pharma and biopharma, food manufacturing and chemicals, but also does not appear to have deteriorated further....

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