Benzinga | May 6, 2021 05:20PM EDT

Mettler-Toledo Raises FY21 Adj. EPS Guidance From $29.20-$29.80 To $31.45-$31.90 vs $29.75 Est.

The Company emphasized that forecasting continues to be challenging. Management cautions that market conditions are dynamic and changes to the business environment can happen quickly. Uncertainty remains surrounding the impact of COVID-19 on the global economic environment. The estimates include uncertainty and management acknowledges that market conditions are subject to change.

Based on today's assessment of market conditions, management anticipates local currency sales growth in 2021 will be in the range of 10% to 12%, and Adjusted EPS is forecasted to be in the range of $31.45 to $31.90, an increase of 22% to 24%. This compares with previous guidance of Adjusted EPS in the range of $29.20 to $29.80.

For the second quarter of 2021, based on current market conditions, the Company anticipates that local currency sales growth will be in the range of 19% to 21%, and Adjusted EPS is forecasted to be $7.50 to $7.65, a growth rate of 42% to 45%.

While the Company has provided an outlook for local currency sales growth and Adjusted EPS, it has not provided an outlook for reported sales growth or EPS as it would require an estimate of currency exchange fluctuations and non-recurring items, which are not yet known.