Mettler Toledo International Inc/ Q4 FY2023 results: revenue $935 million, down 11.6% on the year

Mettler Toledo International Inc/ (MTD) reported revenue of $935 million for Q4 FY2023, the quarter ended 31 December 2023, down 11.6% on the same quarter a year earlier. Net income was $185 million, down 1.9% on the year, and diluted earnings per share $8.53. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2024.

Revenue$935 milliondown 11.6%

Net income$185 milliondown 1.9%

Diluted EPS$8.53

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	935	942	n/a	n/a
Gross profit	552	560	n/a	n/a
Gross margin	59.0%	59.4%	n/a
Research and development	46.4	46.1	n/a	n/a
Selling, general and administrative	223	217	n/a	n/a
Interest expense	19.7	20.3	n/a	n/a
Pre-tax income	233	251	n/a	n/a
Income tax	47.8	49.5	n/a	n/a
Effective tax rate	20.5%	19.7%	n/a
Net income	185	202	n/a	n/a
Net margin	19.8%	21.4%	n/a
Diluted EPS	$8.53	$9.21	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	282	264	n/a	n/a
Capital expenditure	32.4	21.0	n/a	n/a
Free cash flow	249	243	n/a	n/a
Free cash flow margin	26.6%	25.8%	n/a
Depreciation and amortisation	19.3	19.2	n/a	n/a
Share-based compensation	5.5	4.2	n/a	n/a
Buybacks	176	224	n/a	n/a
Diluted shares, weighted	22m	22m	n/a	n/a
Shares outstanding at period end	22m	22m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	3,356	3,289	n/a	n/a
Cash and equivalents	69.8	69.7	n/a	n/a
Receivables	664	635	n/a	n/a
Inventory	386	376	n/a	n/a
Goodwill	670	661	n/a	n/a
Total debt, as filed	2,081	2,108	n/a	n/a
Long-term debt	1,889	1,929	n/a	n/a
Operating lease liabilities	86.9	n/a	n/a	n/a
Shareholders' equity	-150	-106	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	942	935	926	947	955	1,045	884	983	1,030	1,130	947	1,027
Gross profit	560	552	548	566	572	639	526	580	609	675	556	650
Gross margin	59%	59%	59%	60%	60%	61%	60%	59%	59%	60%	59%	63%
R&D	46.1	46.4	46.4	45.8	47.1	50.1	46.3	49.3	51.1	52.6	51.3	53.0
SG&A	217	223	234	236	229	237	243	247	248	260	258	263
Interest expense	20.3	19.7	19.2	18.9	18.6	17.9	16.7	16.8	17.7	17.4	17.0	17.2
Pre-tax income	251	233	221	243	259	315	202	249	269	329	210	289
Tax rate	20%	21%	20%	9%	18%	20%	19%	19%	19%	13%	19%	20%
Net income	202	185	178	222	212	252	164	202	217	286	169	233
Net margin	21%	20%	19%	23%	22%	24%	19%	21%	21%	25%	18%	23%
Diluted EPS	$9.21	$8.53	$8.24	$10.37	$9.96	$11.91	$7.81	$9.76	$10.57	$13.91	$8.33	$11.55
Operating cash flow	264	282	190	258	255	266	194	236	299	226	140	310
Capital expenditure	21.0	32.4	17.4	23.8	21.4	41.3	17.3	23.9	24.5	41.5	17.4	27.8
Free cash flow	243	249	173	234	233	225	177	212	275	184	122	283
Buybacks	224	176	212	212	212	212	219	219	219	144	206	206
Shares outstanding	22m	22m	21m	22m	22m	21m	21m	22m	22m	20m	21m	22m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 9 February 2024, accession 0001037646-24-000007: the filing on EDGAR. All of Mettler Toledo International Inc/'s filings: EDGAR company page.

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