(Reuters) – Medical equipment maker Mettler-Toledo International’s fourth-quarter revenue fell on Thursday, hurt by shipping delays.

The company said its sales and adjusted earnings per share were negatively impacted by the unexpected shipping delays with a new external European logistics service provider — which it had flagged last month — but expects to “largely recover in Q1 2024”.

Mettler-Toledo recorded a 12% fall in fourth-quarter revenue to $935 million. Its sales in regions such as Americas, Asia/Rest of World also declined during the period.

“Excluding these delays, our results came in as we had expected as we continued to face challenging market conditions in the fourth quarter,” CEO Patrick Kaltenbach said in a statement.

“We are preparing for challenging market conditions to persist in the first half of 2024…,” Kaltenbach added.

The company, however, raised its 2024 adjusted profit forecast to be between $39.60 and $40.30 per share, compared with its prior range of $39.10 to $39.80.

(Reporting by Puyaan Singh; Editing by Shilpi Majumdar)

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