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.
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.
Photo via Company
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
