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Mettler-Toledo International Inc. (MTD+0.15%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $954.5 million from $942.5 million in the same quarter the previous year. The increase is attributed to growth in service revenue and favorable price realization.
Gross profit for the quarter was $572.5 million, representing 60% of net sales, compared to 59.4% in the same quarter of the previous year. This increase is due to favorable business mix and price realization.
Research and development expenses were $47.1 million, consistent with the previous year, while selling, general, and administrative expenses increased to $228.8 million from $217.4 million, primarily due to higher variable compensation costs.
Net earnings for the quarter were $211.5 million, up from $201.6 million in the previous year. Basic earnings per common share increased to $10.01 from $9.26.
The company reported cash provided by operating activities of $702.2 million for the nine months ended September 30, 2024, compared to $684.4 million in the previous year.
Mettler-Toledo had a working capital of $1,198.2 million as of September 30, 2024. The company maintains a $1.35 billion credit agreement with $585.3 million of additional borrowings available.
The filing also details a share repurchase program with $1.9 billion remaining availability as of September 30, 2024. The company repurchased 482,413 shares during the nine months ended September 30, 2024.
The company continues to focus on expanding its product offerings and maintaining its market position in precision instruments and services.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mettler-Toledo International Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.