Luxfer Holdings PLC (NYSE: LXFR), a global producer of
highly-engineered advanced materials, today announced financial results
for its second quarter, which ended July 1, 2018. To access a PDF of the
completed report for the second quarter of 2018, click
here.
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“Growth across business units, improved execution, and the early
benefits of our productivity initiatives drove a very strong quarter for
Luxfer,” stated Luxfer’s Chief Executive Officer Alok Maskara. “We are
notably pleased with growing customer demand for our innovative SoluMag
product, which is helping U.S. oil and gas well operators improve
productivity and lower maintenance costs. Overall, we remain on track to
deliver on our business transformation plan to achieve sustainable
revenue growth, improve profitability and increase cash conversion.”
For the first half of 2018, revenue increased 18 percent to $247.9
million from $210.0 million for the same period in 2017. Year-to-date
net income was $19.2 million, up from $9.1 million. Unadjusted basic
earnings per share were $0.72, compared with $0.34 for the first half of
2017. Adjusted diluted earnings were $0.83 per share for the first half
of 2018, up 60 percent from $0.52 a year ago.
Outlook
Based on the financial performance of the second quarter and outlook for
the remainder of 2018, the company is increasing its guidance for the
2018 full year to EPS of $1.35 to $1.45 on an adjusted, fully diluted
basis. This outlook incorporates expected usual seasonality and lower
disaster-relief sales in the second half of the year, as well as for
planned higher expenses related to simplification and productivity
projects.
Conference Call Information
Luxfer has scheduled a conference call at 8:30 a.m. U.S. Eastern Time on
Thursday, August 2, 2018, on which management will provide a review of
the company’s results for the second quarter. U.S. participants may
access the conference call by telephoning 877-341-8545. U.K.
participants may call 08000288438. Participants from other countries may
call +1-908-982-4601. The participant conference ID code is 4171909. The
following link to access slides related to the conference call: https://event.webcasts.com/starthere.jsp?ei=1177972&tp_key=9c509c305b.
A recording of the conference call will be available for replay two
hours after the completion of the call and will remain accessible until
the next quarterly report is released. To hear the recording, call
800-585-8367 in the U.S., 08009172646 in the U.K. and +1-404-537-3406 in
other countries. Enter conference ID code 4171909 when prompted. Slides
used in the presentation and a recording of the call will also be
available in the investor relations section of the Luxfer website at www.luxfer.com.
Non-GAAP Financial Measures
This release refers to non-GAAP financial measures including “adjusted
gross profit”, “adjusted engineering, selling, general, and
administrative expenses”, “adjusted segment income (loss)”, “adjusted
net income (loss)”, and “adjusted diluted earnings (loss) per share.”
Refer to the accompanying financial schedules for supplemental financial
data and corresponding reconciliations of these non-GAAP financial
measures to certain GAAP financial measures.
Forward-Looking Statement
This release contains certain forward-looking statements that involve
risks and uncertainties that could cause actual results to differ
materially from those projected in the forward-looking statements.
Examples of such forward-looking statements include, but are not limited
to: (i) statements regarding the Group’s results of operations and
financial condition; (ii) statements of plans, objectives or goals of
the Group or its management, including those related to financing,
products or services; (iii) statements of future economic performance;
and (iv) statements of assumptions underlying such statements. Words
such as “believes”, “anticipates”, “expects”, “intends”, “forecasts” and
“plans” and similar expressions are intended to identify forward-looking
statements but are not the exclusive means of identifying such
statements. By their very nature, forward-looking statements involve
inherent risks and uncertainties, both general and specific, and risks
exist that the predictions, forecasts, projections and other
forward-looking statements will not be achieved. The Group cautions that
a number of important factors could cause actual results to differ
materially from the plans, objectives, expectations, estimates and
intentions expressed in such forward-looking statements. These factors
include, but are not limited to: (i) future revenues being lower than
expected; (ii) increasing competitive pressures in the industry; (iii)
general economic conditions or conditions affecting demand for the
services offered by us in the markets in which we operate, both
domestically and internationally, including as a result of the Brexit
referendum, being less favorable than expected; (iv) worldwide economic
and business conditions and conditions in the industries in which we
operate; (v) fluctuations in the cost of raw materials and utilities;
(vi) currency fluctuations and hedging risks; (vii) our ability to
protect our intellectual property; and (viii) the significant amount of
indebtedness we have incurred and may incur and the obligations to
service such indebtedness and to comply with the covenants contained
therein. The Group cautions that the foregoing list of important factors
is not exhaustive. These factors are more fully discussed in the
sections “Forward-Looking Statements” and “Risk factors” in our Annual
Report on Form 20-F for the year ended December 31, 2017, filed with the
U.S. Securities and Exchange Commission on March 19, 2018. When relying
on forward-looking statements to make decisions with respect to the
Group, investors and others should carefully consider the foregoing
factors and other uncertainties and events. Such forward-looking
statements speak only as of the date on which they are made, and the
Group does not undertake any obligation to update or revise any of them,
whether as a result of new information, future events or otherwise.
About Luxfer Holdings PLC (“Luxfer”)
Luxfer is a global manufacturer of highly-engineered advanced materials,
which focuses on value creation by using its broad array of technical
knowhow and proprietary technologies. Luxfer’s high-performance
materials, components, and high-pressure gas containment devices are
used in defense and emergency response, healthcare, transportation, and
general industrial settings. For more information, visit www.luxfer.com.
Luxfer is listed on the New York Stock Exchange and its ordinary shares
trade under the symbol LXFR.
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