Why Is Analytical Instruments Maker Mettler-Toledo Stock Sinking Today?

Mettler-Toledo International Inc MTD shares are trading lower by around 4% after reducing Q4 guidance yesterday.

The company now projects a Q4 sales decline of around 12% Y/Y or 13% Y/Y in local currencies vs. prior guidance of a decline of about 7%-8% in local currency.

The bearish stance is due to an unexpected shipping delay with a new external European logistics service provider, which the company expects to recover in Q1 2024.

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MTD is evaluating the impact of the shipping delays on its Q4 2023 Adjusted EPS results and therefore also withdrew its previously-issued Adjusted EPS guidance.

In November, the company reported Q3 revenue of $942.5 million, missing the consensus of $949.9 million, and adjusted EPS of $9.80, beating the consensus of $9.74.

Price Action: MTD shares are down 4.04% at $1,102.92 premarket on the last check Friday.

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