Luxfer Holdings plc (LXFR) Tops Q1 EPS by 15c, Revenues Beat; Raises FY21 EPS Guidance

Luxfer Holdings plc (NYSE: LXFR) reported Q1 EPS of $0.39, $0.15 better than the analyst estimate of $0.24. Revenue for the quarter came in at $85.2 million versus the consensus estimate of $83.27 million.

First Quarter 2021 Summary (all comparisons year-over-year unless otherwise noted; results exclude aluminum products discontinued operations)

• Net sales of $85.2 million decreased 3.6%, including a 3.4% benefit from currency
• GAAP net income of $8.6 million, including $2.7 million in restructuring and other expenses, increased from $7.2 million; adjusted net income of $10.9 million increased 16.0%
• GAAP EPS of $0.31 increased from $0.26; adjusted EPS of $0.39 increased 14.7%
• Adjusted EBITDA of $17.7 million increased 12.0%; adjusted EBITDA margin of 20.8% increased 290 basis points

“We are pleased to have started the year with strong first quarter results driven by solid execution and an improving global economy,” said Alok Maskara, Luxfer’s Chief Executive Officer. “During the quarter, we achieved our Transformation Plan cost reduction goal, which has yielded $26 million in annualized savings ahead of our original targeted completion of year end. In addition, we completed several strategic initiatives that positioned our product portfolio for accelerated growth. We also continued our lean working capital initiatives which delivered free cash flow of $13.8 million. Given the strength of our free cash flow and low debt levels, we have the financial flexibility to strategically invest in future growth opportunities while returning cash to shareholders in the form of dividends and share repurchases.”

GUIDANCE:

Luxfer Holdings plc sees FY2021 EPS of $1.10-$1.30, versus the consensus of $1.15.

2021 Guidance

“While market uncertainty remains, we have gained more visibility into customer demand patterns and are providing updated financial guidance for 2021. We now expect Adjusted EPS to be in the range of $1.10 to $1.30, an increase from our prior range of $1.05 to $1.25, despite the $0.15 dilutive impact of the SCI acquisition. We retain a strong balance sheet and undrawn credit facility, which provides us the financial flexibility to continue investing in growth and exploring acquisition opportunities to build an even stronger Company,” added Maskara.

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

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