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Mettler-Toledo International, Inc. ((MTD - Free Report) has withdrawn its earlier announced guidance for 2020 on account of the coronavirus outbreak. It has also modified its guidance for the first quarter.
For first-quarter 2020, the company now expects overall sales to decline 4% and local currency sales to decrease 3% due to currency headwinds. Earlier, Mettler-Toledo had anticipated sales growth between 0% and 1% on a year-over-year basis in local currency.
In addition, Mettler-Toledo nowexpects adjusted earnings for the quarter to be below the previously issued guided range of $4.20-$4.30 per share.
Management said that the coronavirus outbreak has significantly hurt local currency sales in China and other regions in the first quarter. Also, tariff costs are expected to have impacted its quarterly performance.
For full-year 2020, the company has withdrawn its guidance due to the negative impact of the pandemic. Earlier, the company had anticipated sales growth of 4% in local currency and adjusted earnings in the range of $24.85-$25.10 per share for 2020.
Mettler-Toledo International, Inc. Price and Consensus
The coronavirus outbreak has dealt further blow to the instruments and scientific industry, which was already reeling under the protracted U.S.-China trade tensions and waning global demand. Factory closures across the globe, impact of restrictions imposed by different governments, supply chain disruptions and low demand for goods, among others, have hit the sector hard.
There has been a spate of guidance withdrawals by the industry players lately, owing to the volatile situation arising from the deadly virus and its impact on their performance.
However, the momentum across its Laboratory and Industrial segments should help the company sail through this pandemic. Also, benefits from strategic investments in Spinnaker sales, marketing initiatives, field resources and R&D should aid the upcoming results.
The company is set to release first-quarter results on May 7.
Zacks Rank & Key Picks
Mettler-Toledo currently carries a Zacks Rank #4 (Sell). Some better-ranked stocks in the broader technology sector include Stamps.com Inc. , Fiverr International Lt. (FVRR - Free Report) and eBay Inc. (EBAY - Free Report) . While Stamps.com and Fiverr International sport a Zacks Rank #1 (Strong Buy), eBay carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth for Stamps.com, eBay and Fiverr International is currently projected at 15%, 11.6% and 44.2%, respectively.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.
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Mettler-Toledo (MTD) Lowers Guidance Amid Coronavirus Crisis
Mettler-Toledo International, Inc. ((MTD - Free Report) has withdrawn its earlier announced guidance for 2020 on account of the coronavirus outbreak. It has also modified its guidance for the first quarter.
For first-quarter 2020, the company now expects overall sales to decline 4% and local currency sales to decrease 3% due to currency headwinds. Earlier, Mettler-Toledo had anticipated sales growth between 0% and 1% on a year-over-year basis in local currency.
In addition, Mettler-Toledo nowexpects adjusted earnings for the quarter to be below the previously issued guided range of $4.20-$4.30 per share.
Management said that the coronavirus outbreak has significantly hurt local currency sales in China and other regions in the first quarter. Also, tariff costs are expected to have impacted its quarterly performance.
For full-year 2020, the company has withdrawn its guidance due to the negative impact of the pandemic. Earlier, the company had anticipated sales growth of 4% in local currency and adjusted earnings in the range of $24.85-$25.10 per share for 2020.
Mettler-Toledo International, Inc. Price and Consensus
Mettler-Toledo International, Inc. price-consensus-chart | Mettler-Toledo International, Inc. Quote
Bottom Line
The coronavirus outbreak has dealt further blow to the instruments and scientific industry, which was already reeling under the protracted U.S.-China trade tensions and waning global demand. Factory closures across the globe, impact of restrictions imposed by different governments, supply chain disruptions and low demand for goods, among others, have hit the sector hard.
There has been a spate of guidance withdrawals by the industry players lately, owing to the volatile situation arising from the deadly virus and its impact on their performance.
However, the momentum across its Laboratory and Industrial segments should help the company sail through this pandemic. Also, benefits from strategic investments in Spinnaker sales, marketing initiatives, field resources and R&D should aid the upcoming results.
The company is set to release first-quarter results on May 7.
Zacks Rank & Key Picks
Mettler-Toledo currently carries a Zacks Rank #4 (Sell). Some better-ranked stocks in the broader technology sector include Stamps.com Inc. , Fiverr International Lt. (FVRR - Free Report) and eBay Inc. (EBAY - Free Report) . While Stamps.com and Fiverr International sport a Zacks Rank #1 (Strong Buy), eBay carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth for Stamps.com, eBay and Fiverr International is currently projected at 15%, 11.6% and 44.2%, respectively.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>