Mettler-Toledo International Inc. (NYSE:MTD) Q3 2023 Earnings Conference Call November 10, 2023 8:30 AM ET

Company Participants

Adam Uhlman - Head of Investor Relations

Patrick Kaltenbach - Chief Executive Officer

Shawn Vadala - Chief Financial Officer

Conference Call Participants

Daniel Arias - Stifel

Joshua Waldman - Cleveland Research

Vijay Kumar - Evercore ISI

Derik de Bruin - Bank of America

Matthew Sykes - Goldman Sachs

Patrick Donnelly - Citi

Jack Meehan - Nephron Research

Rachel Vatnsdal - JPMorgan

Catherine Schulte - Baird

Operator

Thank you for standing by and welcome to the Mettler-Toledo Third Quarter 2023 Earnings Conference Call.

I would now like to welcome Adam Uhlman, Head of Investor Relations, to begin the call. Adam, over to you.

Adam Uhlman

Thank you and good morning, everyone. Thanks for joining us. On the call with me today 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 is available on our website.

This call will include forward-looking statements within the meaning of the US Securities and Exchange Act of 1933 and 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 a discussion of these risks and uncertainties, see our recent Annual Report on Form 10-K and quarterly and current reports as filed with the SEC. The company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statements except as required by law.

On today's call, we may 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 third quarter financial results, the details of which are outlined for you on page three of our presentation.

Market conditions were weaker than expected in the third quarter, especially in China, where market demand significantly deteriorated relative to our expectations. Our team has reacted quickly to address the market challenges and addressed our cost structure and delivered good margin and cash flow performance despite these headwinds.