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) ```

Financial Data and Key Metrics Changes - Sales for the quarter were $983 million, representing a 2% increase in local currency and a 4% increase on a U.S. dollar reported basis [11] - Adjusted EPS for the quarter was $10.9, a 5% increase over the prior year [15] - Gross margin was 59%, a decrease of 70 basis points due to tariff costs and lower volume [13] Business Line Data and Key Metrics Changes - Laboratory sales increased by 1%, while industrial sales increased by 4%, with core industrial up 2% and product inspection up 8% [12] - Food retail sales were flat for the quarter [28] - Service business grew by 4% in the quarter and 5% year-to-date [30] Market Data and Key Metrics Changes - Local currency sales increased by 3% in The Americas, were flat in Europe, and increased by 3% in Asia Rest of the World [12] - Local currency sales in China declined by 2% during the quarter [12] Company Strategy and Development Direction - The company is focused on leveraging its innovative product portfolio and strategic programs to navigate uncertain market conditions [8] - There is an emphasis on capitalizing on onshoring investments and the demand for automation and productivity solutions [27][32] - The company anticipates growth opportunities from the replacement cycle of aging equipment as market conditions stabilize [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in mitigating tariff impacts and expects to fully offset these costs next year [10][20] - The outlook for the second half of the year remains cautious, with expectations of stable demand in China and mixed conditions in the laboratory sector [44] - Management noted that geopolitical tensions and trade disputes continue to create uncertainty in the market [20] Other Important Information - The company expects local currency sales to grow approximately 3% to 4% for the full year 2025 [21] - Adjusted EPS guidance for 2025 is in the range of $10.55 to $10.75, reflecting a growth rate of 3% to 5% [22] - The effective tax rate is expected to remain at 19% for 2025 [24] Q&A Session Summary Question: Impact of Swiss tariffs on EPS guidance - Management indicated that the gross headwind from the Swiss tariffs is approximately $0.40, and they are working on mitigation actions for next year [36][38] Question: Demand visibility in China - Management noted that while there is some stabilization, underlying market conditions remain soft, and they have not factored in potential stimulus [40][45] Question: Strength in product inspection - Management highlighted that new product innovations have led to market share gains and they expect continued growth in this segment [48][51] Question: Service business timing issues - Management explained that timing issues in Q2 were project-related, but they remain optimistic about growth in the second half of the year [75][78] Question: Replacement cycle dynamics - Management discussed pent-up demand for equipment replacement and indicated that while there may not be a snapback, there will be an acceleration as market confidence returns [99][101]

Financial Data and Key Metrics Changes - Sales for the quarter were $983 million, representing a 2% increase in local currency and a 4% increase on a U.S. dollar reported basis [11] - Adjusted EPS for the quarter was $10.9, a 5% increase over the prior year, while reported EPS was $9.76 compared to $10.37 in the prior year [15][16] - Gross margin was 59%, a decrease of 70 basis points due to tariff costs and lower volume [13] - Adjusted operating profit was $283.3 million, flat versus the prior year, with an adjusted operating margin of 28.8%, down 120 basis points [14] Business Line Data and Key Metrics Changes - Laboratory sales increased by 1%, while industrial sales increased by 4%, with core industrial up 2% and product inspection up 8% [12] - Food retail sales were flat for the quarter [28] - The service business grew by 4% in the quarter and 5% year-to-date [31] Market Data and Key Metrics Changes - Local currency sales increased by 3% in The Americas, were flat in Europe, and increased by 3% in Asia Rest of the World [12] - Local currency sales in China declined by 2% during the quarter [12] Company Strategy and Development Direction - The company is focused on mitigating the impact of tariffs and is confident in its ability to offset these costs in the future [9][20] - The company is well-positioned to benefit from increased investments in automation and productivity solutions, particularly in the context of onshoring trends [33][34] - The company anticipates a return to normal replacement cycles for lab equipment, indicating pent-up demand for upgrades [35][102] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating uncertain market conditions and highlighted the importance of their innovative product portfolio [7][9] - The outlook for the second half of the year remains cautious, with expectations of flat sales in China and mixed conditions in Europe [31][46] - Management noted that geopolitical tensions and tariff dynamics could continue to impact operations, but they are optimistic about future growth opportunities [20][35] Other Important Information - The company expects local currency sales to grow approximately 3% to 4% for the full year 2025, with adjusted EPS guidance revised to a range of $10.55 to $10.75 [22][23] - Incremental global tariff costs are estimated at approximately $95 million on an annualized basis, down from previous estimates [19] Q&A Session Summary Question: EPS guidance and offset activities - Management indicated that the $0.40 lower EPS guidance reflects the gross headwind from tariffs, with ongoing mitigation efforts planned for the next year [38][40] Question: Demand visibility in China - Management noted that while there is stability in overall volume, underlying market conditions in China remain soft, and no significant changes are expected [42][46] Question: Strength in product inspection - Management highlighted that recent innovations and a refreshed product portfolio have led to market share gains in product inspection, with expectations for continued growth [51][54] Question: Service business timing issues - Management explained that timing issues in Q2 were project-related, but they remain optimistic about returning to growth in the service business in the second half of the year [78][80] Question: Replacement cycle dynamics - Management discussed pent-up demand for equipment replacements, indicating that while there may not be a snapback, a gradual return to normal replacement cycles is expected as market conditions stabilize [102][105]

Financial Performance - Q2 2025 - Mettler Toledo's Q2 2025 sales increased by 4% to $983221000 compared to $946750000 in Q2 2024[24] - Local currency sales growth was 2% in Q2 2025[7, 12, 18, 24] - Adjusted EPS increased by 5% to $1009 in Q2 2025, compared to $965 in Q2 2024[7, 24] - Adjusted operating margin decreased by 120 basis points to 288% in Q2 2025[7, 24] Financial Performance - YTD 2025 - Year-to-date net sales decreased by 0% to $1866965000 compared to $1872699000 in YTD 2024[25] - Year-to-date local currency sales growth was 0%[15, 22, 25] - Adjusted EPS decreased by 1% to $1827 year-to-date[25] - Adjusted operating margin decreased by 150 basis points to 279% year-to-date[25] Sales by Geography - Q2 2025 - Americas sales increased to $414000000 with 3% local currency growth[12] - Europe sales decreased to $274000000 with 0% local currency growth[12] - Asia/ROW sales increased to $295000000 with 3% local currency growth[12] Sales by Product - Q2 2025 - Laboratory product sales increased to $538000000 with 1% local currency growth[18] - Industrial product sales increased to $395000000 with 4% local currency growth[18]

Company Performance - Mettler-Toledo reported quarterly earnings of $10.09 per share, exceeding the Zacks Consensus Estimate of $9.58 per share, and showing an increase from $9.65 per share a year ago, representing an earnings surprise of +5.32% [1] - The company achieved revenues of $983.22 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.67% and increasing from $946.75 million year-over-year [2] - Over the last four quarters, Mettler-Toledo has consistently surpassed consensus EPS and revenue estimates [2] Stock Outlook - Mettler-Toledo shares have increased approximately 3.5% since the beginning of the year, while the S&P 500 has gained 8.2% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the next quarter is $10.57, with expected revenues of $987.38 million, and for the current fiscal year, the EPS estimate is $41.55 on revenues of $3.93 billion [7] Industry Context - The Medical - Instruments industry, to which Mettler-Toledo belongs, is currently ranked in the bottom 40% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]