(Reuters) – Medical equipment maker Mettler-Toledo International raised its annual profit forecast on Thursday despite anticipating weak demand to continue in the second quarter due to cautious consumer spending.
“We expect soft market conditions in the second quarter of 2024, particularly in China,” the company said.
The firm forecast its 2024 adjusted profit per share to be in the range of $39.90 to $40.40, higher than its previous stated range of $39.60 to $40.30 per share.
The lower end of the raised forecast, however, is in line with analysts’ average estimate, according to LSEG data.
The company also announced second-quarter adjusted profit per share forecast in the range of $8.90 to $9.05, compared with an LSEG estimate of $9.33 per share.
Sales for the quarter ended March 31 were roughly flat at $926 million compared to the prior year, as it largely recovered from the delayed product shipments from the fourth quarter.
Mettler-Toledo’s adjusted profit for the quarter was $8.89 per share, above analysts’ estimate of $7.64 per share.
(Reporting by Unnamalai L in Bengaluru; Editing by Mohammed Safi Shamsi)
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