Mettler-Toledo raises annual profit forecast on strong demand for lab instruments

• The medical equipment maker forecast annual profit in the range of $47.15 to $47.50 per share, higher than its previous range of $46.30 to $46.95. Analysts expected $46.66 per share, according to data compiled by LSEG.
• The company posted an adjusted profit of $11.46 per share, beating analysts' estimates of $10.79 per share for the quarter ended June 30, supported by growth in China and emerging market.
• Mettler-Toledo, which counts China as a key manufacturing hub within its global production network spanning the United States and Europe, last quarter raised its full-year growth forecast for the country to the mid-single digits.
• It reported an increase of 9% in Asia sales, excluding acquisitions and tariff refunds.
• The Columbus, Ohio-based firm reported second-quarter revenue of $1.03 billion, nearly in line with estimates.

It expects third-quarter profit in the range of $12.00 to $12.15 per share and local currency sales to increase 4%.

July 30 (Reuters) - Mettler-Toledo International MTD.N raised its annual profit forecast on Thursday after posting a better-than-expected profit for the second quarter, driven by demand for its laboratory instruments used in drug development and research.