Mettler-Toledo International Inc. (NYSE:MTD) Q1 2024 Earnings Call Transcript

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Joshua Waldman: Got it. And then, Shawn, maybe a related question on price. I guess, I forgot if you commented whether or not price is tracking kind of in line or how it is tracking versus expectations. But just curious if you could comment on price risk expectations. And then in the recent past, you talked about using tough times to support share gains. Any recent success stories or examples you could point to that you think are driving share gain, maybe supporting upside versus the guide year-to-date? I think Patrick mentioned benefit from go-to-market strategy. I guess, any changes on the go-to-market strategy, for example? And anything like that kind of driving upside versus maybe what you expected here year-to-date?

Shawn Vadala: Hey, Josh. Hey, maybe I’ll take that one. So we’ll start with price. So as I mentioned, price came in as expected in the quarter. It came in at 2%. So we were happy with that. We expect price to be 2% again in Q2 and for the full year, which is kind of consistent with our previous guidance, and as I kind of mentioned, we do feel very good about our value proposition. All the stuff we talked about earlier about innovation really strengthens that value proposition. So that helps to always support our pricing in the market. And so — and but at the same time, we’ll, of course, look to see if we can do better than that as we kind of go through the year. In terms of market share gains, I do think we are executing really well.

It’s always hard to tell how much share we are taking. But if I look at — if I just look at some of our results by region, Europe, I think was a good example. I mean, even the comments on food, right, some of that is we are executing well. We have new products that are being very well-received in the market. It’s not like — there’s not softness in some of these end markets, particularly in the US, but the teams are doing quite well there. So in terms of go-to-market approach, I mean, I think we continue to just do very well within the umbrella of Spinnaker. That program really has allowed us to be, use a lot of analytics to really identify growth opportunities and pursue those opportunities. We have a lot of great tools to help prepare the team to help with conversion and value-selling, cross-selling.

And so I think a lot of the programs we have are very effective. If you go back to the beginning of the year, we talked about rolling out and introducing the next-generation of Spinnaker to the organization, Spinnaker 6. I think it’s still a little early to say that Spinnaker 6 is driving share gains, but certainly, it creates momentum in the organization and focus on the program in general because it’s not like a different Spinnaker, they all kind of build-on all the other ways and generations.

Joshua Waldman: Got it. Appreciate it, guys.

Operator: This concludes the question-and-answer session. I’ll turn the call to Adam Uhlman for closing remarks.

Adam Uhlman: Great. Thank you, everybody, for joining us this morning. If you have any follow-up questions, please feel free to reach out to me. And I hope you all have a great weekend. We’ll talk to you soon. Thank you.

Operator: This concludes today’s conference call. Thank you for joining. You may now disconnect.

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