The company experienced reduced market demand, particularly in China, during the three and six month periods ended June 30, 2024. Net sales in Asia/Rest of World in local currency includes a decrease of 23% and 21% in China during the three and six months ended June 30, 2024, respectively.

Net sales for the six month period ended June 30, 2024 benefited by approximately 3% from the recovery of previously disclosed shipping delays in 2023 related to a new external European logistics service provider.

During the three and six month periods ended June 30, 2024, the company continued to benefit from the execution of global sales and marketing programs and innovative product portfolio.

Selling, general and administrative expenses increased 3% in U.S. dollars and 4% in local currencies for the three months ended June 30, 2024, and increased 2% in U.S. dollars and local currencies for the six months ended June 30, 2024.

The company states that they were in compliance with debt covenants as of June 30, 2024.

Capital expenditures totaled $41.2 million for the six months ended June 30, 2024 compared to $51.9 million in the corresponding period in 2023.

The company states that there is uncertainty in the economic environment and their end markets, including the risk of recession in many countries, and market conditions may change quickly.

The ongoing developments related to Ukraine, the Israel-Hamas war, and inflation also present several risks to the company's business.

The company states that their earnings are affected by changes in exchange rates, and are most sensitive to changes in the exchange rates between the Swiss franc, euro, Chinese renminbi, and U.S. dollar.

Net sales to external customers for the three months ended June 30, 2024 includes particularly strong growth in laboratory products.

The local currency decrease in net sales of our industrial-related products for the three and six month periods ended June 30, 2024 includes a decline in core-industrial products, particularly in China, which was partially offset by growth in product inspection.

The local currency net sales decrease in food retailing products primarily reflects the timing of project activity related to especially strong growth in the prior year.

The company states that they have $2.1 billion of remaining availability for their share repurchase program as of June 30, 2024.

During the six months ended June 30, 2024, the company spent $425.0 million on the repurchase of 330,492 shares.

On May 30, 2024, the Company entered into a $1.35 billion Credit Agreement (the Credit Agreement), which amended its $1.25 billion Amended and Restated Credit Agreement (the Prior Credit Agreement).