Luxfer Holdings plc (LXFR) Reports Q3 EPS of $0.53

Luxfer Holdings plc (NYSE: LXFR) reported Q3 EPS of $0.53. Revenue for the quarter came in at $129.1 million.

• Consolidated revenue for the third quarter of 2018 increased 12 percent to $129.1 million from $115.2 million for the third quarter of 2017.
  • Elektron Segment revenue increased 11 percent on continued strong growth in the company’s proprietary SoluMag® alloy and higher shipments of zirconium-based catalysts, partially offset by lower shipments of disaster relief products.
  • Gas Cylinder Segment revenue increased 13 percent due to growth in alternate fuel systems and Superform products.
• Gross profit margin for the third quarter increased to 26.9 percent from 25.6 percent from higher volumes, improved pricing and the favorable impact of cost reductions.
• Adjusted EBITDA increased 38 percent to $23.1 million from $16.8 million.
• Net income totaled $12.4 million, up from $4.7 million for the third quarter of 2017.
• Adjusted net income was $14.7 million for the third quarter of 2018, a 96 percent increase from $7.5 million for the third quarter of 2017.
• Unadjusted basic earnings per share were $0.46 for the third quarter of 2018 compared with $0.18 for the third quarter of 2017.
• Adjusted diluted earnings per share advanced 89 percent to $0.53 from $0.28 for the third quarter of 2017.
• Net cash flow before financing was $12.9 million for the third quarter of 2018, a 90 percent improvement over the prior year’s $6.8 million.
• Net debt at the end of the third quarter of 2018 was $79.0 million, down from $101.4 million at the end of the third quarter of 2017.

“Double-digit organic growth, strong productivity and benefits from our simplification initiatives delivered financial performance above expectations,” stated Luxfer’s Chief Executive Officer Alok Maskara. “We are pleased with the improving trends in our Gas Cylinders segment, including the turnaround momentum in Superform. In Elektron, share recovery continues in our zirconium chemicals business which posted its second consecutive quarter of double-digit growth. We remain confident in our goal of achieving $20 million in net cost savings by 2021, as we implement Lean operational excellence to improve profitability and cash conversion.”

Outlook

Mr. Maskara commented, “Given Luxfer’s performance to-date, we expect to accelerate some investments before year-end for simplification and productivity initiatives. We have a great deal of opportunity to enhance shareholder value, as demonstrated in 2018, and will continue to execute on our strategic plan as we progress through 2019 and beyond.”

GUIDANCE:

Luxfer Holdings plc sees FY2018 EPS of $1.65, versus the consensus of $0.00.

For earnings history and earnings-related data on Luxfer Holdings plc (LXFR) click here.

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