Mettler-Toledo International Inc. (NYSE:MTD) Q3 2024 Earnings Conference Call November 8, 2024 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

Vijay Kumar - Evercore ISI
Matt Sykes - Goldman Sachs
Dan Arias - Stifel
Dan Leonard - UBS
Jack Meehan - Nephron Research
Rachel Vatnsdal - JPMorgan
Josh Waldman - Cleveland Research
Patrick Donnelly - Citi
Tycho Peterson - Jefferies
Michael Ryskin - Bank of America

Operator

Hello and welcome to the Mettler-Toledo Third Quarter 2024 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the conference over to Adam Uhlman, Head of Investor Relations. You may begin.

Adam Uhlman

Thanks, Sarah [ph] 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 on today's call is available on our website.

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 statement. For discussion of these risks and uncertainties, please see our recent annual report on Form 10-K and 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 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 measures is provided in the 8-K and is 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 3 of our presentation.

We experienced good growth during the third quarter in our Laboratory business and had particularly strong growth in Service. While China grew modestly this quarter, market conditions remain challenging, particularly in the industrial sector. We are very pleased with our team's strong execution of our growth and margin expansion initiatives which supported good earnings growth in the quarter. We continue to execute very well and will benefit from the prior-year shipping delays in the fourth quarter. However, global market conditions remain soft. We have introduced many exciting innovations as well as next generations of our Spinnaker sales and marketing and SternDrive productivity programs over the past year.