特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 仪粉e r们，长假袭来，正是静下心来更新简历寻找新工作机会的好时机，所以国庆假期8天，小编每天会为大家推荐一 些优质岗位，不要错过哦！ 今天是第一期： 高薪仪器校招职位专场 ： 应届精英，校招职位 Ho t r e c r u itme n t p o siti o n s 安捷伦 客户服务工程师 上海-面议 任职要求： 硕士及以上学历，制药、食品、环境、化学、生物、材料等相关专业；2025/2026届毕业生，熟练掌 握色质谱学科基础理论，有相关产品使用经验；出色的人际交往能力和沟通能力，团队合作能力强；有明确的自我提 升意愿和目标，持续学习能力强。 梅特勒托利多 博赛德 销售工程师 北京-6k-30k ·13薪 任 职要求 ： 化学、生物、分析仪器等理工科毕业，本科及以上学历，具有1年以上销售或技术工作经验，英语良 好，可出差；具备有机化学分析仪器或环保分析仪器销售经验者优先；良好的客户意识及业务开拓能力；良好的沟通 和协作能力，良好的社会公关能力；吃苦耐劳，思维敏捷，行动迅速，精力 ...

在数字化转型实践中，常州太湖路工厂累计部署49项工业4.0前沿应用案例：AI驱动的产品选型与配置 系统，实现客户需求到产品方案的快速匹配；可重构模块化集群工作站，灵活适配多品类定制化生产； 基于机器学习的闭环焊接质量控制系统，为产品品质提供精准保障。一系列创新举措成效显著 —— 工 厂准时交付率攀升至98.4%，交付周期缩短22%，客户净推荐值（NPS）达84.9，实现客户满意度与忠诚 度的双重提升。 得益于多年的自动化与数字化积淀，在认证过程中，由学术界、产业界及技术领域领袖组成的"灯塔工 厂"独立专家组一致认为，常州太湖路工厂在创新文化培育、敏捷运营体系搭建、人才梯队建设及人工 智能高效应用等方面，深度契合全球灯塔网络的核心原则；而数十年积累的自动化与数字化技术沉淀， 更为工厂全价值链绩效提升提供坚实支撑，推动运营效率与客户价值同步增长。 作为梅特勒托利多全球战略布局的关键制造基地，常州太湖路工厂聚焦产品检测、工业称重、零售称重 三大核心领域，凭借高度敏捷的定制化生产能力，为全球超百个国家和地区的客户提供可靠产品与服 务。此次 "灯塔工厂" 认证，既是对工厂持续创新、敏捷响应、卓越运营的最高认可，更是其践 ...

Columbus, Ohio-based Mettler-Toledo International Inc. (MTD) is the world's largest marketer of weighing instruments for use in laboratory, industrial, and food retailing applications. With a market cap of $25.9 billion, Mettler’s operations span the Americas, Europe, Asia, and internationally. Companies worth $10 billion or more are generally described as "large-cap stocks." MTD fits right into that category, with its market cap exceeding this threshold, reflecting its substantial size and influence in t ...

Economic Overview - The U.S. economy faced significant volatility with mixed signals, as major indexes like the S&P 500 and Dow Jones increased by 0.28% and 1.60%, while the Nasdaq Composite decreased by 0.62% [1] - The Federal Reserve Chair Jerome Powell suggested the possibility of an interest rate cut as early as September during the Jackson Hole symposium [1] Labor Market Concerns - A slowing labor market is a primary concern for the Federal Reserve, with recent data showing a downward revision of job growth in May and June, and only 73,000 jobs added in July [2] - Despite strong Q2 GDP numbers, labor market and manufacturing data indicate a potential economic slowdown, presenting a dilemma for the Fed between supporting the job market and combating inflation [2] Zacks Research Performance - WisdomTree, Inc. shares increased by 28% since being upgraded to Zacks Rank 2 (Buy) on June 23, outperforming the S&P 500's 8.7% gain [4] - Hafnia Limited shares rose by 14.1% after a Zacks Rank 2 upgrade on June 25, also surpassing the S&P 500's 6.4% increase [5] - A hypothetical portfolio of Zacks Rank 1 stocks returned +20.65% in 2023, compared to +24.83% for the S&P 500 index [6] Focus List and Model Portfolios - The Zacks Focus List portfolio returned +10.91% in 2025 (through July 31) compared to +8.59% for the S&P 500 index [12] - The Top 10 portfolio has delivered a cumulative return of +2,220.4% since 2012, significantly outperforming the S&P 500 index's +517.8% return [24] Sector-Specific Performance - Johnson & Johnson and The Hershey Company, part of the Earnings Certain Dividend Portfolio, returned 17.2% and 16.8% respectively over the past 12 weeks, driven by investor interest in quality dividend stocks amid market volatility [19] - Mettler-Toledo International Inc. and PepsiCo, part of the Earnings Certain Admiral Portfolio, saw returns of 18.6% and 15.7% over the past 12 weeks [15]

Core Insights - Mettler-Toledo International, Inc. (MTD) has reached a significant support level, indicating a potential investment opportunity from a technical perspective [1] - The recent breakout of MTD's 50-day simple moving average above its 200-day moving average signifies a "golden cross," which is a bullish indicator [1] - MTD has experienced a 9% rally over the past four weeks, suggesting a positive trend [3] Technical Analysis - A golden cross event consists of three stages: the stock price bottoms out, the shorter moving average crosses above the longer moving average, and the stock maintains upward momentum [2] - The occurrence of a golden cross is contrasted with a death cross, which indicates potential bearish movement [2] Earnings Outlook - MTD's positive earnings outlook is supported by three upward revisions in earnings estimates over the past 60 days, with no downward revisions [3] - The Zacks Consensus Estimate for MTD has also increased, reinforcing the bullish sentiment [3] Investment Consideration - Given the key technical level and positive earnings estimate revisions, MTD may present further gains for investors in the near future [5]

Company Overview - Mettler-Toledo International Inc. is the world's largest manufacturer and marketer of weighing instruments for laboratory, industrial, and food retailing applications, focusing on high value-added segments of the market [11]. Investment Ratings - Mettler-Toledo has a Zacks Rank of 3 (Hold) and a VGM Score of B, indicating a moderate investment outlook [11]. Growth Potential - The company is considered a top pick for growth investors, with a Growth Style Score of B and a forecasted year-over-year earnings growth of 1.7% for the current fiscal year [12]. - In the last 60 days, three analysts revised their earnings estimates upwards, with the Zacks Consensus Estimate increasing by $0.28 to $41.79 per share [12]. - Mettler-Toledo has an average earnings surprise of +4.3%, suggesting a positive trend in earnings performance [12].

Core Insights - Mettler-Toledo (MTD) reported its Q2 earnings on July 31st, which was followed by President Trump's executive order imposing tariffs on various countries, including Switzerland at a rate of 39% [1] Company Summary - Mettler-Toledo has manufacturing facilities located in Switzerland, which will be directly impacted by the newly imposed tariffs [1]

Core Viewpoint - Mettler-Toledo International reported strong Q2 2025 results, exceeding consensus expectations for both adjusted earnings per share and revenue despite facing challenges from tariffs, uneven demand, and rising costs [1][5][12] Financial Performance - Adjusted EPS (non-GAAP) was $10.09, surpassing the analyst estimate of $9.60, marking a 4.6% year-over-year increase [2][5] - GAAP revenue reached $983.2 million, exceeding the consensus of $957.6 million, reflecting a 3.8% year-over-year growth [2][5] - GAAP gross margin decreased to 59.0% from 59.7% in the prior year, while adjusted operating margin fell to 28.8% from 30.0% [2][6] - Net earnings (GAAP) declined to $202.3 million from $221.8 million year-over-year, a decrease of 8.8% [2][6] Business Overview - Mettler-Toledo International specializes in precision instruments for laboratory, industrial, and food retail applications, serving a diverse customer base including pharmaceutical, biotechnology, and food producers [3][4] - The company emphasizes maintaining market leadership through innovation and diversification across geographies and customer types [4] Strategic Developments - The company is focusing on supply chain restructuring to reduce exposure to tariffs and manufacturing costs, with an anticipated annualized tariff cost reduction from $115 million to $60 million [6][10] - R&D spending increased to $49.3 million, representing 5.0% of sales, aimed at developing new laboratory instruments and enhancing product offerings [7][8] Outlook - The company raised its full-year adjusted EPS forecast for fiscal 2025 to $42.10–$42.60, reflecting a 2–4% increase from the prior year [12] - Local currency sales are projected to grow 1–2% for fiscal 2025, with Q3 expectations of 3–4% growth [12] - Management plans to implement additional pricing actions and continue supply chain reforms to protect profit margins [13]

Core Insights - Mettler-Toledo reported revenue of $983.22 million for the quarter ended June 2025, marking a year-over-year increase of 3.9% and exceeding the Zacks Consensus Estimate of $957.64 million by 2.67% [1] - The company's EPS for the same period was $10.09, up from $9.65 a year ago, representing a surprise of 5.32% compared to the consensus estimate of $9.58 [1] Revenue Breakdown - Net Sales- Products reached $734.24 million, surpassing the average estimate of $726.47 million, with a year-over-year change of +3.1% [4] - Net Sales- Service totaled $248.98 million, exceeding the average estimate of $229.94 million, reflecting a year-over-year increase of +6.2% [4] - Net Sales- Retail amounted to $50.68 million, above the average estimate of $47.83 million, with a year-over-year change of +2.9% [4] - Net Sales- Industrial was reported at $394.63 million, compared to the average estimate of $384.01 million, indicating a year-over-year increase of +5.4% [4] - Net Sales- Laboratory reached $537.92 million, exceeding the average estimate of $529.1 million, with a year-over-year change of +2.8% [4] Stock Performance - Mettler-Toledo shares have returned +2% over the past month, slightly underperforming the Zacks S&P 500 composite's +2.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

```markdown PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Detailed disclosures cover accounting policies, revenue, financial instruments, debt, share repurchases, and segment performance [Interim Consolidated Statements of Operations and Comprehensive Income (Three Months)](index=4&type=section&id=Interim%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20for%20the%20three%20months%20ended%20June%2030%2C%202025%20and%202024) Net sales rose 3.85% for Q2 2025, but net earnings fell 8.78% due to higher taxes Interim Consolidated Statements of Operations and Comprehensive Income (Three Months) | Metric | June 30, 2025 (in thousands) | June 30, 2024 (in thousands) | Change (%) | | :----------------------------------- | :--------------------------- | :--------------------------- | :--------- | | Total Net Sales | $983,221 | $946,750 | 3.85% | | Gross Profit | $579,876 | $565,668 | 2.51% | | Earnings Before Taxes | $248,657 | $243,177 | 2.25% | | Provision for Taxes | $46,309 | $21,363 | 116.77% | | Net Earnings | $202,348 | $221,814 | -8.78% | | Basic EPS | $9.78 | $10.42 | -6.24% | | Diluted EPS | $9.76 | $10.37 | -5.90% | [Interim Consolidated Statements of Operations and Comprehensive Income (Six Months)](index=5&type=section&id=Interim%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20for%20the%20six%20months%20ended%20June%2030%2C%202025%20and%202024) Six-month net sales were flat, but net earnings decreased 8.36% due to a significant increase in tax provision Interim Consolidated Statements of Operations and Comprehensive Income (Six Months) | Metric | June 30, 2025 (in thousands) | June 30, 2024 (in thousands) | Change (%) | | :----------------------------------- | :--------------------------- | :--------------------------- | :--------- | | Total Net Sales | $1,866,965 | $1,872,699 | -0.31% | | Gross Profit | $1,105,755 | $1,113,801 | -0.72% | | Earnings Before Taxes | $450,599 | $463,724 | -2.83% | | Provision for Taxes | $84,664 | $64,401 | 31.46% | | Net Earnings | $365,935 | $399,323 | -8.36% | | Basic EPS | $17.61 | $18.70 | -5.83% | | Diluted EPS | $17.56 | $18.60 | -5.59% | [Interim Consolidated Balance Sheets](index=6&type=section&id=Interim%20Consolidated%20Balance%20Sheets%20as%20of%20June%2030%2C%202025%20and%20December%2031%2C%202024) Total assets grew 4.96% by June 30, 2025, while liabilities rose 8.70% and equity further declined Interim Consolidated Balance Sheets | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (%) | | :----------------------------------- | :--------------------------- | :------------------------------- | :--------- | | Total Assets | $3,400,465 | $3,239,999 | 4.96% | | Total Liabilities | $3,659,258 | $3,366,889 | 8.70% | | Total Shareholders' Equity | $(258,793) | $(126,890) | -103.95% | | Cash and Cash Equivalents | $61,825 | $59,362 | 4.15% | | Inventories | $388,081 | $342,274 | 13.37% | | Long-term Debt | $2,123,735 | $1,831,265 | 15.97% | [Interim Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Interim%20Consolidated%20Statements%20of%20Shareholders%27%20Equity%20for%20the%20six%20months%20ended%20June%2030%2C%202025%20and%202024) Shareholders' equity significantly decreased due to substantial share repurchases and higher comprehensive loss Interim Consolidated Statements of Shareholders' Equity (in thousands) | Metric | December 31, 2024 (in thousands) | June 30, 2025 (in thousands) | Change (in thousands) | | :----------------------------------- | :------------------------------- | :--------------------------- | :-------------------- | | Total Shareholders' Equity | $(126,890) | $(258,793) | $(131,903) | | Treasury Stock at Cost | $(9,049,925) | $(9,486,086) | $(436,161) | | Retained Earnings | $8,371,420 | $8,737,339 | $365,919 | | Accumulated Other Comprehensive Loss | $(345,858) | $(421,641) | $(75,783) | - The company repurchased **368,010** shares for **$437.5 million** during the six months ended June 30, 2025, compared to **330,492** shares for **$425.0 million** in the prior year period[15](index=15&type=chunk)[69](index=69&type=chunk) - Excise tax related to the Inflation Reduction Act amounted to **$4.1 million** for the six months ended June 30, 2025, up from **$4.0 million** in the prior year[15](index=15&type=chunk)[69](index=69&type=chunk) [Interim Consolidated Statements of Cash Flows](index=8&type=section&id=Interim%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20six%20months%20ended%20June%2030%2C%202025%20and%202024) Operating cash flow decreased 3.73%, investing cash flow rose 77.33%, and financing cash flow fell 10.47% Cash Flow Metrics (Six Months Ended June 30, in thousands) | Cash Flow Activity | June 30, 2025 (in thousands) | June 30, 2024 (in thousands) | Change (%) | | :----------------------------------- | :--------------------------- | :--------------------------- | :--------- | | Net Cash Provided by Operating Activities | $430,815 | $447,493 | -3.73% | | Net Cash Used in Investing Activities | $(54,557) | $(30,767) | 77.33% | | Net Cash Used in Financing Activities | $(370,149) | $(413,386) | -10.47% | | Net Increase (Decrease) in Cash and Cash Equivalents | $2,463 | $1,003 | 145.56% | - The decrease in operating cash flow was primarily due to higher cash incentive payments of approximately **$36 million** related to prior year performance[142](index=142&type=chunk) [Notes to the Interim Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Interim%20Consolidated%20Financial%20Statements%20at%20June%2030%2C%202025) Detailed disclosures cover accounting policies, revenue, financial instruments, debt, share repurchases, and segment performance [Note 1. Basis of Presentation](index=9&type=section&id=1.%20BASIS%20OF%20PRESENTATION) Mettler-Toledo, a global precision instrument supplier, prepares GAAP financials based on estimates amid global uncertainties - Mettler-Toledo is a **leading global supplier** of precision instruments and services, manufacturing weighing instruments, analytical instruments, automated chemistry solutions, and inspection systems[19](index=19&type=chunk) - Interim consolidated financial statements are prepared in accordance with U.S. GAAP and include wholly-owned subsidiaries, with certain disclosures condensed or omitted per SEC rules[20](index=20&type=chunk) - Financial statements rely on management estimates and assumptions, which could differ from actual results due to uncertainties like global trade/tariffs, governmental policies, and conflicts in Ukraine and the Middle East[22](index=22&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=9&type=section&id=2.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This note details accounting policies for receivables, inventories, intangibles, revenue, share-based compensation, and R&D Inventories (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------------ | :------------ | :---------------- | | Raw materials and parts | $179,788 | $161,416 | | Work-in-progress | $79,042 | $69,488 | | Finished goods | $129,251 | $111,370 | | **Total** | **$388,081** | **$342,274** | Other Intangible Assets, Net (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------------------ | :------------ | :---------------- | | Customer relationships | $171,273 | $172,366 | | Proven technology and patents | $40,673 | $43,337 | | Tradenames (finite life) | $2,165 | $2,545 | | Tradenames (indefinite life) | $35,167 | $35,088 | | Other | $4,250 | $3,807 | | **Total** | **$253,528** | **$257,143** | - Annual aggregate amortization expense for other intangible assets is estimated at **$27.4 million** for **2025**, decreasing to **$18.1 million** by **2030**[30](index=30&type=chunk) - The company adopted ASU **2023-07** (Improvements to Reportable Segment Disclosures) retrospectively in **2024** and is evaluating the impact of ASU **2023-09** (Improvements to Income Tax Disclosures) for **2025** and ASU **2024-03** (Disaggregation of Income Statement Expenses) for **2027**[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) [Note 3. Revenue](index=12&type=section&id=3.%20REVENUE) Revenue disaggregation shows slight Q2 net sales increase but a six-month decrease, with varied segment performance Total Net Sales by Geographic Operations (in thousands) | Geographic Operations | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | U.S. Operations | $372,516 | $362,215 | $718,274 | $708,338 | | Swiss Operations | $49,555 | $50,185 | $96,857 | $104,435 | | Western European Operations | $211,916 | $202,313 | $402,285 | $417,078 | | Chinese Operations | $162,017 | $164,384 | $303,185 | $307,582 | | Other Operations | $187,217 | $167,653 | $346,364 | $335,266 | | **Total** | **$983,221** | **$946,750** | **$1,866,965** | **$1,872,699** | Net Sales by Geographic Customer Destination (in thousands) | Region | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Americas | $414,092 | $404,030 | $792,008 | $788,373 | | Europe | $274,103 | $258,836 | $522,078 | $532,697 | | Asia / Rest of World | $295,026 | $283,884 | $552,879 | $551,629 | | **Total** | **$983,221** | **$946,750** | **$1,866,965** | **$1,872,699** | Sales by Product Category (in thousands) | Product Category | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Laboratory | $537,916 | $523,233 | $1,038,140 | $1,048,288 | | Industrial | $394,628 | $374,257 | $735,828 | $726,102 | | Retail | $50,677 | $49,260 | $92,997 | $98,309 | | **Total** | **$983,221** | **$946,750** | **$1,866,965** | **$1,872,699** | Changes in Deferred Revenue and Customer Prepayments (in thousands) | Metric | 2025 | 2024 | | :----------------------------------- | :----------- | :----------- | | Beginning balances as of January 1 | $204,166 | $202,022 | | Customer pre-payments/deferred revenue | $363,588 | $338,581 | | Revenue recognized | $(335,082) | $(320,727) | | Foreign currency translation | $11,154 | $(5,671) | | **Ending balance as of June 30** | **$243,826** | **$214,205** | [Note 4. Financial Instruments](index=15&type=section&id=4.%20FINANCIAL%20INSTRUMENTS) The company uses interest rate and cross currency swaps as cash flow hedges and foreign currency forwards for hedging Cross Currency Swaps Designated as Cash Flow Hedges | Agreement Date | Amount Converted | Effective Swiss Franc Interest Rate | Maturity Date | | :------------- | :--------------- | :---------------------------------- | :------------ | | June 2019 | $50 million | (0.82)% | June 2023 | | November 2021 | $50 million | (0.67)% | November 2023 | | June 2021 | $50 million | (0.73)% | June 2024 | | June 2021 | $50 million | (0.59)% | June 2025 | | December 2023 | $50 million | 1.04% | November 2026 | | November 2023 | $50 million | 1.16% | November 2026 | | June 2023 | $50 million | 1.55% | June 2027 | | June 2024 | $50 million | 1.15% | June 2027 | | June 2025 | $50 million | (0.21)% | June 2028 | - A derivative gain of **$5.5 million** from cash flow hedges is expected to be reclassified from other comprehensive income (loss) to earnings in the next twelve months[52](index=52&type=chunk) - Foreign currency forward contracts, not designated as hedging instruments, resulted in a net loss of **$12.6 million** for the three months and **$11.3 million** for the six months ended June 30, 2025[53](index=53&type=chunk)[54](index=54&type=chunk) [Note 5. Fair Value Measurements](index=16&type=section&id=5.%20FAIR%20VALUE%20MEASUREMENTS) Derivative assets and liabilities are measured at fair value (Level 2), with debt fair value below carrying value Derivative Assets and Liabilities (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------------------------------------- | :------------ | :---------------- | | Total Derivative Assets | $2,412 | $9,202 | | Total Derivative Liabilities | $40,079 | $8,541 | - All fair value measurements for derivatives are categorized as **Level 2**, based on observable market assumptions and dealer quotes[55](index=55&type=chunk)[58](index=58&type=chunk) - The fair value of the company's debt is approximately **$195.8 million** less than its carrying value as of June 30, 2025[59](index=59&type=chunk) [Note 6. Income Taxes](index=17&type=section&id=6.%20INCOME%20TAXES) Reported tax rates significantly increased due to prior year tax benefits and stock option timing differences Reported Tax Rates | Period | June 30, 2025 | June 30, 2024 | | :-------------------------- | :------------ | :------------ | | Three Months Ended | 18.6% | 8.8% | | Six Months Ended | 18.8% | 13.9% | - The reported tax rate for the three and six months ended June 30, 2024, included a non-cash discrete tax benefit of **$23.0 million** from the reduction of uncertain tax position liabilities[60](index=60&type=chunk) - The company's projected annual **effective** tax rate is **19.0%** before non-recurring discrete tax items[60](index=60&type=chunk) - New U.S. tax legislation enacted on July 4, 2025, is **not expected to have a significant impact** on the company's projected annual tax rate[61](index=61&type=chunk) [Note 7. Debt](index=18&type=section&id=7.%20DEBT) Total debt reached $2.18 billion, comprising Senior Notes and a Credit Agreement, with new EUR 100 million notes issued Debt Composition at June 30, 2025 (in thousands) | Debt Type | U.S. Dollar | Other Principal Currencies | Total | | :-------------------------------------------- | :---------- | :------------------------- | :------------ | | Total Senior Notes | $697,794 | $565,727 | $1,263,521 | | $1.35 billion Credit Agreement | $437,637 | $414,432 | $852,069 | | Other local arrangements | $9,243 | $59,089 | $68,332 | | **Total Debt** | **$1,144,674** | **$1,039,248** | **$2,183,922** | | Less: Current portion | $(1,306) | $(58,881) | $(60,187) | | **Total Long-Term Debt** | **$1,143,368** | **$980,367** | **$2,123,735** | - The company entered into a **$1.35 billion** Credit Agreement on May 30, 2024, with a maturity date of **2029**, and had **$493.4 million** of additional borrowings available as of June 30, 2025[62](index=62&type=chunk) - In January **2025**, the company issued **EUR 100 million** 10 1/2-year Senior Notes with a fixed interest rate of **3.8%**, maturing in July **2035**, to refinance existing indebtedness and for general corporate purposes[65](index=65&type=chunk) - Certain Euro-denominated Senior Notes are designated as a hedge of a portion of net investment in euro-denominated foreign subsidiaries, resulting in an unrealized loss of **$63.8 million** for the six months ended June 30, 2025[66](index=66&type=chunk) [Note 8. Share Repurchase Program and Treasury Stock](index=19&type=section&id=8.%20SHARE%20REPURCHASE%20PROGRAM%20AND%20TREASURY%20STOCK) The company has $1.3 billion remaining for share repurchases, spending $437.5 million on 368,010 shares in H1 2025 - As of June 30, 2025, **$1.3 billion** remains available for the share repurchase program[68](index=68&type=chunk) Share Repurchase Activity (Six Months Ended June 30) | Metric | 2025 | 2024 | | :----------------------------------- | :----------- | :----------- | | Amount spent on repurchases | $437.5 million | $425.0 million | | Number of shares repurchased | 368,010 | 330,492 | | Average price per share | $1,188.80 | $1,285.94 | | Excise tax on net repurchases | $4.1 million | $4.0 million | [Note 9. Accumulated Other Comprehensive Income](index=20&type=section&id=9.%20ACCUMULATED%20OTHER%20COMPREHENSIVE%20INCOME) Comprehensive income decreased to $290.2 million due to higher other comprehensive loss from currency and hedging Comprehensive Income, Net of Tax (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net earnings | $202,348 | $221,814 | $365,935 | $399,323 | | Other comprehensive income (loss), net of tax | $(70,542) | $(12,293) | $(75,783) | $9,448 | | **Comprehensive income, net of tax** | **$131,806** | **$209,521** | **$290,152** | **$408,771** | Changes in Accumulated Other Comprehensive Income (Loss) (in thousands) | Component | Balance at Dec 31, 2024 | Net Change (6 Months Ended June 30, 2025) | Balance at June 30, 2025 | | :-------------------------------------- | :---------------------- | :---------------------------------------- | :----------------------- | | Currency Translation Adjustment, Net of Tax | $(133,503) | $(56,366) | $(189,869) | | Net Unrealized Gain (Loss) on Cash Flow Hedging Arrangements, Net of Tax | $(3,920) | $(2,615) | $(6,535) | | Pension and Post-Retirement Benefit Related Items, Net of Tax | $(208,435) | $(16,802) | $(225,237) | | **Total** | **$(345,858)** | **$(75,783)** | **$(421,641)** | [Note 10. Earnings Per Common Share](index=22&type=section&id=10.%20EARNINGS%20PER%20COMMON%20SHARE) Diluted EPS calculations included 51,387 and 59,177 common equivalent shares for Q2 and H1 2025, respectively Common Equivalent Shares Included in Diluted EPS Calculation | Period | 2025 | 2024 | | :--------------- | :----- | :------ | | Three months ended | 51,387 | 113,544 | | Six months ended | 59,177 | 110,656 | - **100,446** and **92,116** shares of common stock for the three and six months ended June 30, 2025, respectively, were excluded from diluted EPS calculation as they were anti-dilutive[76](index=76&type=chunk) [Note 11. Net Periodic Pension Cost](index=22&type=section&id=11.%20NET%20PERIODIC%20PENSION%20COST) Net periodic pension cost decreased to $1.49 million (Q2) and $3.11 million (H1) due to higher asset returns Net Periodic Pension Cost (Credit) (in thousands) | Component | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Service cost, net | $4,894 | $4,289 | $9,622 | $8,706 | | Interest cost on projected benefit obligations | $5,030 | $5,567 | $9,788 | $11,245 | | Expected return on plan assets | $(12,457) | $(10,418) | $(24,072) | $(21,131) | | Recognition of prior service cost | $(1,064) | $(1,139) | $(2,042) | $(2,319) | | Recognition of actuarial losses/(gains) | $5,090 | $4,166 | $9,815 | $8,456 | | **Net periodic pension cost/(credit)** | **$1,493** | **$2,465** | **$3,111** | **$4,957** | - The company expects to make approximately **$25.4 million** in employer contributions to its non-U.S. pension plans during **2025**[77](index=77&type=chunk) [Note 12. Other Charges (Income), Net](index=23&type=section&id=12.%20OTHER%20CHARGES%20(INCOME)%2C%20NET) Other charges (income), net, includes non-service pension benefits, which increased to $3.4 million for Q2 2025 Non-Service Pension Benefits (in thousands) | Period | June 30, 2025 | June 30, 2024 | | :--------------- | :------------ | :------------ | | Three months ended | $3,400 | $1,900 | | Six months ended | $6,500 | $3,800 | [Note 13. Segment Reporting](index=23&type=section&id=13.%20SEGMENT%20REPORTING) The company operates five segments; total segment profit decreased 5.69% to $520.0 million for H1 2025 Segment Profit Reconciliation to Earnings Before Taxes (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :---------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Segment profit | $283,293 | $284,101 | $520,027 | $551,429 | | Amortization | $(17,581) | $(18,178) | $(34,774) | $(36,406) | | Interest expense | $(16,779) | $(18,950) | $(33,432) | $(38,182) | | Restructuring charges | $(3,557) | $(5,329) | $(7,324) | $(14,993) | | Other income, net | $3,281 | $1,533 | $6,102 | $1,876 | | **Earnings before taxes** | **$248,657** | **$243,177** | **$450,599** | **$463,724** | Segment Assets, Depreciation, Capital Expenditures, and Goodwill (Six Months Ended June 30, 2025, in thousands) | Segment | Depreciation | Purchase of Property, Plant, and Equipment | Goodwill | | :---------------------- | :----------- | :--------------------------------------- | :--------- | | U.S. Operations | $8,321 | $(5,804) | $532,394 | | Swiss Operations | $3,346 | $(2,282) | $28,920 | | Western European Operations | $2,800 | $(2,429) | $108,380 | | Chinese Operations | $4,659 | $(4,375) | $611 | | Other Operations | $3,117 | $(2,702) | $13,817 | | Eliminations and Corporate | $3,091 | $(23,540) | — | | **Total** | **$25,334** | **$(41,132)** | **$684,122** | [Note 14. Commitments and Contingencies](index=26&type=section&id=14.%20COMMITMENTS%20AND%20CONTINGENCIES) Management anticipates no material adverse effect from ongoing legal proceedings or environmental matters - Management does not expect any current legal proceedings or environmental matters to have a **material adverse effect** on the company's financial condition, results of operations, or cash flows[91](index=91&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analysis covers consolidated and segment performance, liquidity, capital, debt, share repurchases, and currency impacts [General](index=27&type=section&id=General) GAAP-based interim results are not full-year indicative; local currency data assesses performance amid economic uncertainty - Operating results for the three and six months ended June 30, 2025, are not necessarily indicative of the full year ending December 31, 2025[94](index=94&type=chunk) - The recent escalation in global trade disputes/tariffs has increased economic uncertainty, including the risk of recession, which could adversely impact financial results[102](index=102&type=chunk) [Results of Operations – Consolidated](index=28&type=section&id=Results%20of%20Operations%20%E2%80%93%20Consolidated) Consolidated net sales rose 4% (Q2) but were flat (H1); gross profit margins declined due to tariffs, net earnings fell Consolidated Statements of Operations and Comprehensive Income (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net sales | $983,221 | $946,750 | $1,866,965 | $1,872,699 | | Cost of sales | $403,345 | $381,082 | $761,210 | $758,898 | | Gross profit | $579,876 | $565,668 | $1,105,755 | $1,113,801 | | Research and development | $49,285 | $45,771 | $95,631 | $92,186 | | Selling, general and administrative | $247,298 | $235,796 | $490,097 | $470,186 | | Amortization | $17,581 | $18,178 | $34,774 | $36,406 | | Interest expense | $16,779 | $18,950 | $33,432 | $38,182 | | Restructuring charges | $3,557 | $5,329 | $7,324 | $14,993 | | Other charges (income), net | $(3,281) | $(1,533) | $(6,102) | $(1,876) | | Earnings before taxes | $248,657 | $243,177 | $450,599 | $463,724 | | Provision for taxes | $46,309 | $21,363 | $84,664 | $64,401 | | Net earnings | $202,348 | $221,814 | $365,935 | $399,323 | - Net sales increased **4%** in U.S. dollars (**2%** in local currencies) for the three months ended June 30, 2025, but were flat in U.S. dollars (flat in local currencies) for the six months, impacted by prior year shipping delay recovery[103](index=103&type=chunk)[104](index=104&type=chunk) - Gross profit as a percentage of net sales decreased to **59.0%** (from **59.7%**) for the three months and **59.2%** (from **59.5%**) for the six months ended June 30, 2025, primarily due to increased tariff costs, partially offset by favorable price realization[112](index=112&type=chunk)[114](index=114&type=chunk) - Research and development expenses increased **8%** (**3%** in local currencies) for the three months and **4%** (**3%** in local currencies) for the six months ended June 30, 2025[116](index=116&type=chunk) - Selling, general and administrative expenses increased **5%** (**2%** in local currencies) for the three months and **4%** (**4%** in local currencies) for the six months ended June 30, 2025, driven by sales and marketing investments[117](index=117&type=chunk) [Results of Operations – by Operating Segment](index=32&type=section&id=Results%20of%20Operations%20%E2%80%93%20by%20Operating%20Segment) Segment profit varied; U.S. and Chinese operations declined due to tariffs and lower sales, others saw mixed results [U.S. Operations](index=32&type=section&id=U.S.%20Operations%20(amounts%20in%20thousands)) U.S. Operations' net sales rose 3% (Q2) and 1% (H1), but segment profit decreased 8% and 9% due to tariffs U.S. Operations Financial Performance (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net sales to external customers | $372,516 | $362,215 | $718,274 | $708,338 | | Segment profit | $92,700 | $100,247 | $176,996 | $193,883 | - Segment profit decreased due to higher tariff costs and unfavorable business mix, with lower sales volume in Q1 **2025** also impacting the six-month period[126](index=126&type=chunk) [Swiss Operations](index=32&type=section&id=Swiss%20Operations%20(amounts%20in%20thousands)) Swiss Operations' net sales fell 1% (Q2) and 7% (H1), yet segment profit increased 26% and 15% from inter-segment sales Swiss Operations Financial Performance (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net sales to external customers | $49,555 | $50,185 | $96,857 | $104,435 | | Segment profit | $70,581 | $55,804 | $131,576 | $114,890 | - The decline in net sales to external customers for the six months ended June 30, 2025, includes a **6%** decline from the recovery of previously disclosed shipping delays in the prior year[128](index=128&type=chunk) - Segment profit increased primarily due to higher net sales to other segments, partially offset by unfavorable foreign currency translation[129](index=129&type=chunk) [Western European Operations](index=33&type=section&id=Western%20European%20Operations%20(amounts%20in%20thousands)) Western European net sales rose 5% (Q2) but fell 4% (H1); segment profit increased 15% (Q2) but decreased 1% (H1) Western European Operations Financial Performance (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net sales to external customers | $211,916 | $202,313 | $402,285 | $417,078 | | Segment profit | $51,880 | $45,124 | $94,925 | $95,435 | - Net sales to external customers for the six months ended June 30, 2025, were reduced approximately **5%** from the recovery of previously disclosed shipping delays in the prior year[131](index=131&type=chunk) - The increase in segment profit for the three months was due to increased net sales, margin expansion initiatives, and favorable foreign currency translation[132](index=132&type=chunk) [Chinese Operations](index=33&type=section&id=Chinese%20Operations%20(amounts%20in%20thousands)) Chinese Operations' net sales decreased 1% (Q2 & H1); segment profit fell 10% (Q2) and 6% (H1) due to tariffs Chinese Operations Financial Performance (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net sales to external customers | $162,017 | $164,384 | $303,185 | $307,582 | | Segment profit | $89,338 | $99,496 | $165,355 | $175,319 | - The decrease in segment profit for both periods includes lower sales volume and increased tariff costs, partially offset by cost savings initiatives[136](index=136&type=chunk) [Other Operations](index=34&type=section&id=Other%20(amounts%20in%20thousands)) Other Operations' net sales rose 12% (Q2) and 3% (H1); segment profit increased 26% (Q2) and 12% (H1) from sales growth Other Operations Financial Performance (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net sales to external customers | $187,217 | $167,653 | $346,364 | $335,266 | | Segment profit | $31,103 | $24,628 | $55,594 | $49,810 | - The increase in segment profit for both periods is primarily related to increased sales volume and benefits from margin expansion initiatives[139](index=139&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is strong, supported by operating cash flows and available borrowings, sufficient for anticipated needs - Cash flows from operating activities, available liquidity under the Credit Agreement, local working capital facilities, and cash balances are expected to be **sufficient** to fund working capital and spending requirements[141](index=141&type=chunk) Cash Flow Metrics (Six Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :----------------------------------- | :----------- | :----------- | | Cash provided by operating activities | $430,815 | $447,493 | | Capital expenditures | $41,100 | $41,200 | | Cash flows used in financing activities | $370,149 | $413,386 | - The decrease in operating cash flow for the six months ended June 30, 2025, is primarily related to approximately **$36 million** in higher cash incentive payments[142](index=142&type=chunk) [Senior Notes and Credit Facility Agreement](index=35&type=section&id=Senior%20Notes%20and%20Credit%20Facility%20Agreement) Debt includes Senior Notes and a $1.35 billion Credit Agreement, with $493.4 million available and new EUR 100M notes Debt Composition at June 30, 2025 (in thousands) | Debt Type | U.S. Dollar | Other Principal Currencies | Total | | :-------------------------------------------- | :---------- | :------------------------- | :------------ | | Total Senior Notes | $697,794 | $565,727 | $1,263,521 | | $1.35 billion Credit Agreement | $437,637 | $414,432 | $852,069 | | Other local arrangements | $9,243 | $59,089 | $68,332 | | **Total Debt** | **$1,144,674** | **$1,039,248** | **$2,183,922** | | Less: Current portion | $(1,306) | $(58,881) | $(60,187) | | **Total Long-Term Debt** | **$1,143,368** | **$980,367** | **$2,123,735** | - As of June 30, 2025, **$493.4 million** of additional borrowings were available under the Credit Agreement[146](index=146&type=chunk) - The company was **in compliance** with its debt covenants as of June 30, 2025[147](index=147&type=chunk) - In January **2025**, **EUR 100 million** 10 1/2-year Senior Notes with a **3.8%** fixed interest rate were issued to refinance existing indebtedness and for general corporate purposes[148](index=148&type=chunk) [Other Local Arrangements](index=36&type=section&id=Other%20Local%20Arrangements) Non-U.S. pension plans renewed $39.6 million (CHF 38 million) in loans to a subsidiary for one year - Loans totaling **$39.6 million** (Swiss franc **38 million**) from non-U.S. pension plans to a subsidiary were renewed for one year in April **2025**, bearing interest at SARON plus **87.5** basis points[149](index=149&type=chunk) [Share Repurchase Program](index=36&type=section&id=Share%20Repurchase%20Program) The company has $1.3 billion remaining for share repurchases, spending $437.5 million on 368,010 shares in H1 2025 - As of June 30, 2025, **$1.3 billion** of remaining availability for the share repurchase program[150](index=150&type=chunk) Share Repurchase Activity (Six Months Ended June 30) | Metric | 2025 | 2024 | | :----------------------------------- | :----------- | :----------- | | Amount spent on repurchases | $437.5 million | $425.0 million | | Number of shares repurchased | 368,010 | 330,492 | | Average price per share | $1,188.80 | $1,285.94 | | Excise tax on net repurchases | $4.1 million | $4.0 million | [Effect of Currency on Results of Operations](index=36&type=section&id=Effect%20of%20Currency%20on%20Results%20of%20Operations) Earnings are sensitive to currency fluctuations, with specific impacts from Swiss franc/euro and renminbi/USD movements - A **1%** strengthening of the Swiss franc against the euro is estimated to reduce earnings before tax by approximately **$2.6 million** to **$2.9 million** annually[152](index=152&type=chunk) - A **1%** weakening of the Chinese renminbi against the U.S. dollar is estimated to reduce earnings before tax by approximately **$2.1 million** to **$2.4 million** annually[153](index=153&type=chunk) - A **5%** weakening of the U.S. dollar against the currencies in which debt is denominated could increase the reported U.S. dollar value of debt by approximately **$54.8 million**[154](index=154&type=chunk) [Forward-Looking Statements Disclaimer](index=37&type=section&id=Forward-Looking%20Statements%20Disclaimer) Forward-looking statements are subject to risks and uncertainties, including global trade disputes, policies, and conflicts - Forward-looking statements are subject to risks and uncertainties, including global trade disputes/tariffs, governmental policies, inflation, and conflicts in Ukraine and the Middle East[155](index=155&type=chunk)[156](index=156&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risk disclosures from the 2024 Annual Report on Form 10-K - **No material change** in market risk information from the Annual Report on Form 10-K for the year ended December 31, 2024[157](index=157&type=chunk) [Item 4. Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of June 30, 2025, with no material internal control changes - Disclosure controls and procedures were evaluated and deemed **effective** as of June 30, 2025[158](index=158&type=chunk) - **No material changes** in internal control over financial reporting occurred during the quarter ended June 30, 2025[158](index=158&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) No legal proceedings to report - **No legal proceedings** to report[160](index=160&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors from the 2024 Annual Report on Form 10-K - **No material changes** from risk factors disclosed in Part I, Item 1A of the Annual Report on Form 10-K for the year ended December 31, 2024[160](index=160&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 197,053 shares for $218.7 million in Q2 2025, with $1.3 billion remaining in the program Issuer Purchases of Equity Securities (April 1 to June 30, 2025) | Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | | :---------------------- | :------------------------------- | :--------------------------- | :------------------------------------------------------------------- | | April 1 to April 30, 2025 | 70,935 | $1,045.20 | 70,935 | | May 1 to May 31, 2025 | 69,260 | $1,123.97 | 69,260 | | June 1 to June 30, 2025 | 56,858 | $1,174.09 | 56,858 | | **Total** | **197,053** | **$1,110.08** | **197,053** | - As of June 30, 2025, **$1.3 billion** of remaining availability for the share repurchase program[161](index=161&type=chunk) - During the six months ended June 30, 2025, the company spent **$437.5 million** on repurchasing **368,010** shares and incurred **$4.1 million** in excise tax related to the Inflation Reduction Act[162](index=162&type=chunk) [Item 3. Defaults Upon Senior Securities](index=38&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities - **No defaults** upon senior securities[163](index=163&type=chunk) [Item 5. Other Information](index=38&type=section&id=Item%205.%20Other%20Information) No other information to report - **No other information** to report[163](index=163&type=chunk) [Item 6. Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the quarterly report, including certifications and XBRL documents - The exhibit index includes certifications (CEO, CFO, Section 906) and XBRL taxonomy documents[164](index=164&type=chunk) SIGNATURE [SIGNATURE](index=39&type=section&id=SIGNATURE) The report was signed by Shawn P. Vadala, Chief Financial Officer, on August 1, 2025 - The report was signed by **Shawn P. Vadala**, Chief Financial Officer, on **August 1, 2025**[166](index=166&type=chunk) ```