Mettler-Toledo International Inc. (NYSE:MTD) Q2 2020 Earnings Conference Call - Final Transcript
Jul 30, 2020 • 05:00 pm ET
Good day, ladies and gentlemen, and welcome to the First [Phonetic] Quarter 2020 Mettler-Toledo International Earnings Conference Call. My name is Demetris, and I will be your audio coordinator for today. [Operator Instructions] After the speakers' presentation there will be a question-and-answer session. [Operator Instructions]
I would now like to turn our presentation over to your hostess for today's call, Ms. Mary Finnegan. Please proceed, ma'am.
Mary T. Finnegan
Thank you, and good evening, everyone. I'm Mary Finnegan. I'm responsible for Investor Relations at Mettler-Toledo, and happy that you're joining us this evening. I'm joined on the call today with Olivier Filliol, our CEO; and Shawn Vadala, our Chief Financial Officer.
I want to cover just a couple of administrative matters. This call is being webcast and is available for replay on our website. A copy of the press release and the presentation is also available on the website.
Let me summarize the safe harbor language, which is outlined on Page 2 of the presentation. Statements in this presentation, which are not historical facts, constitute forward-looking statements within the meanings of the US Securities Act of 1933 and the US Securities Exchange Act of 1934. These statements involve risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. For discussions of these risks and uncertainties, please see our recent Form 10-K and other reports filed with the SEC from time to time.
All of our forward-looking statements are qualified in their entirety by reference to the factors discussed under the captions Factors Affecting Our Future Operating Results and Business and Management Discussion and Analysis of Financial Conditions and Results of Operations in our filings.
One other item. On today's call, we may use non-GAAP financial measures. More detailed information with respect to the use of and differences between the non-GAAP financial measure and the most directly comparable GAAP measure is provided in our Form 8-K.
I will now turn the call over to Olivier.
Olivier A. Filliol
Thank you, Mary, and good evening, everyone. I hope this finds you safe and well. I'm again doing this call from Switzerland, while Shawn and Mary are in Columbus, Ohio. I will start with a summary of the quarter and then Shawn will provide details on our financials. I will then have some additional comments, and we will open the lines for Q&A.
The highlights for the quarter are on Page 3 of the presentation. Local currency sales declined 4% in the quarter, which was better than expected. Demand in our end markets continues to be negatively impacted by COVID-19. However, we had good growth in China, and our lab and industrial businesses proved more resilient than initially expected. Contributing to this resiliency is that the majority of our sales are to essential end markets, including life sciences and food manufacturing. Furthermore, we have significant products and end-market diversification and are doing well in redirecting resources to the best growth