- Fourth Quarter financial results were ahead of company
expectations on demand uptick in Gas Cylinders and improved cost
structure
- Net cash provided from continuing operations for the year was
$26.2 million, an increase of $10.4 million versus the prior year;
free cash flow from continuing operations was $16.8 million, an
increase of $9.3 million versus the prior year
- 2024 guidance, excluding Graphic Arts, is for adjusted sales to
be -3% to +1%, improving in the second half of the year, with
adjusted EBITDA of $42M to $46M, adjusted EPS of $0.70 to $0.85,
and free cash flow of $20M to $24M
- Initial results from strategic review process included the
initiation of a sale process for Graphic Arts as well as
identification of wider strategic optionality
Luxfer Holdings PLC (NYSE: LXFR) (“Luxfer” or the
“Company”), a global industrial company innovating niche
applications in materials engineering, today announced financial
results for the fourth quarter and full year, ended December 31,
2023.
“Luxfer’s performance was hampered in 2023 by challenging high
raw material prices in magnesium and carbon fiber, coupled with
continued weakness in global industrial demand which primarily
impacted the second half of the year,” commented Luxfer’s Chief
Executive Officer, Andy Butcher. “Even with these headwinds, the
Luxfer team executed effective cost mitigation and cash
conservation programs to deliver strong free cash flow in the
second half and achieved sequentially lower net debt. I was
encouraged that we were able to deliver fourth quarter revenue and
adjusted EPS significantly ahead of our previous expectations,
giving us good momentum as we enter the new year. In addition, we
finished the year and entered 2024 on several notable highs,
including signing new agreements with major SCBA customers,
confirming insurance coverage for our ongoing legal matter, and
anticipating benefit from improved magnesium supply.
“I am also pleased with the momentum and progress made in our
strategic review process, which we announced in October. We have
identified key actions, including the initiation of a sale process
for Graphic Arts, and I am excited to share these with the
investment community here and during our fourth quarter and full
year earnings conference call.”
Mr. Butcher closed by saying, “Looking ahead, we will continue
to proactively pursue opportunities to improve profitability and
liquidity while delivering a compelling customer value proposition
across our markets. While we do not believe the current demand
landscape will change immediately for our Elektron business, we
expect some gradual improvement, and we feel good about the outlook
of our key end markets as we are positioned to capture
opportunities linked to the demand for clean energy
applications.”
Fourth Quarter and Full Year 2023 Consolidated
Results
(Adjusted results exclude Graphic Arts)
GAAP Net Sales declined 17.8% to $95.9 million. Adjusted Net
Sales in the fourth quarter of 2023 decreased 17.4% to $87.8
million compared to a strong prior year quarter; the decline was
primarily driven by lower volume and mix of $26.9 million partially
offset by favorable pricing impact of $7.2 million and foreign
exchange of $1.2 million.
Fourth quarter GAAP gross profit declined $5.2 million to $16.7
million. Adjusted gross profit decreased $2.3 million to $16.7
million from $19.0 million, primarily driven by lower demand in key
end markets and input cost inflation. Adjusted gross profit margin
increased 110bps to 19.0% compared to 17.9% in the prior year
quarter.
Fourth quarter GAAP net loss from continuing operations was $6.5
million, or a loss of $0.24 per diluted share, impacted by a $12.7
million write down in Graphic Arts, compared to net income of $6.2
million, or $0.23 per diluted share, in the prior year quarter.
Adjusted Net Income was $3.6 million or adjusted diluted per share
of $0.13.
Excluding Graphic Arts, adjusted EBITDA of $8.1 million
decreased 27.7%, from $11.2 million in the prior year quarter.
Continued end market weakness negatively impacted by $9.4 million
along with foreign exchange impact of $1.1 million and higher
material inflation of $1.6 million. However improved pricing
strategy benefited the business by $7.2 million and cost
reduction/other was favorable by $1.8M
Full-year GAAP Net sales declined 4.3% to $405.0 million from
the prior year. Adjusted net sales decreased 2.9% to $373.5 million
from $384.7 million in the prior year, primarily driven from lower
volume and mix of $38.4 million and negative foreign exchange
impact of $0.6 million partially offset by favorable pricing impact
of $27.8 million.
Full-year GAAP net loss from continuing operations declined to
$2.6 million, or a loss of $0.10 per diluted share, compared to net
income of $32.0 million, or $1.16 per diluted share.
Excluding Graphic Arts, adjusted net income for the full year
was $21.6 million, or $0.80 per diluted share, compared to $32.8
million, or $1.19 per diluted share. Adjusted EBITDA of $43.3
million decreased $12.0 million from $55.3 million. End market
weakness negatively impacted by $15.8 million along with foreign
impact of $1.6 million, higher material inflation of $16.7 and cost
reduction / other of $5.7 million. However, an improved pricing
strategy more than offset material inflation, and benefited the
business by $27.8 million.
Strategic Review
In October, the Company announced an acceleration and expansion
of its annual strategic review process, with the goal of driving
improved financial performance and identifying opportunities to
maximize value. For this comprehensive review process the Board of
Directors engaged Deutsche Bank.
This review reached three notable initial decisions:
- Firstly, Graphic Arts no longer aligns with Luxfer’s value
proposition, hence we are initiating a sale process with the
intention of divesting this business in 2024.
- Secondly, we determined that both Gas Cylinders and Elektron
can deliver attractive long-term profitable growth driven by
increasing end market demand, lower costs, and further improved
competitive positioning. We are committed to executing our plan for
these businesses and delivering improved operating
performance.
- Thirdly, at an overall Luxfer level, the review concluded that
there are no material strategic synergies between Gas Cylinders and
Elektron. Although the current market environment may limit
separation alternatives to deliver appropriate value commensurate
with the expected improved operating performance in both
businesses, we will continue to monitor market conditions and
evaluate alternatives to drive shareholder value.
Fourth Quarter 2023 Segment Results *
Elektron Segment
- Net sales decreased $18.4 million to $36.1 million from $54.5
million, driven primarily by lower volume/mix of $19.9 million
partially offset by improved pricing of $1.3 million and foreign
exchange of $0.2 million
- Gross Profit declined 50% to $7.3 million; Gross Margins of
20.2%
- Adjusted EBITDA decreased to $1.6 million from $8.2
million
Gas Cylinders Segment
- Net sales of $51.7 million were relatively flat in the prior
quarter, lower volume demand of $7.0 million offset by improved
pricing of $5.9 and foreign exchange of $1.0 million
- Gross Profit increased 113.6% to $9.4 from $4.4 million; Gross
Margins of 18.2%
- Adjusted EBITDA of $6.5 million increased $3.5 million from
$3.0 million due to improved pricing of $5.9 million offset
partially by $1.2 raw material inflation; $1.1 million of lower
volume and $0.2 foreign exchange
*Comparative information is relative to prior-year fourth
quarter and excludes Graphic Arts segment
Capital Resources and Liquidity
- Net cash provided from continuing operations for the year ended
December 31, 2023, was $26.2 million, an increase of $10.4 million
versus the prior year
- Free cash flow from continuing operations excluding Graphic
Arts was $16.8 million, an increase of $9.3 million versus the
prior year (defined as cash provided by operating activities less
capital expenditures and comprised of continuing operations)
- During the year ended December 31, 2023, we deployed $2.7
million toward share repurchases, including $0.5 million in the
current quarter, and paid $14.0 million in cash dividends,
including $3.5 million in the current quarter
- On December 31, 2023, net debt totaled $69.9 million, resulting
in a net debt to adjusted EBITDA ratio excluding Graphic Arts of
1.6x
2024 Outlook
Further details and assumptions regarding the 2024 guidance will
be discussed on the fourth quarter and full-year earnings
teleconference at 8:30 a.m. ET on Wednesday February 28, 2024.
• Sales Growth
-3% to +1%
• Adjusted EBITDA
$42M to $46M
• Adjusted EPS
$0.70 to $0.85
• Free Cash Flow
$20M to $24M
* The 2024 Full Year outlook assumes divestiture of Graphic Arts
business, with potential net upside from recovery of insurance
legal costs
2024 Upcoming Events
Conferences and NDR Schedule for Q1 2024
- 36th Annual ROTH MKM Conference, Dana Point, CA, March 18th -
19th
Conference Call Information
Luxfer will conduct an investor teleconference at 8:30 a.m. ET
Wednesday February 28, 2024. Investors can access this conference
via any of the following:
- Webcast can be accessed by clicking on the Investors link at
the top of Luxfer’s website.
- Live Telephone: Call 800-343-4136 within the U.S. or +1
203-518-9814 outside the U.S. Please join the call at least 15
minutes before the start time (Conference ID:LXFRQ423).
- Webcast Replay: Available on Luxfer’s website beginning at
approximately 4:30 p.m. Eastern Time on February 28, 2024.
- Telephone Replay: Call 888-269-5322 within the U.S. or +1
402-220-7324 outside the U.S. (for both U.S. and outside the U.S.
access code is 6639).
- Presentation Material and Podcast: Earnings presentation
material and podcasts can be accessed through the Investors portion
of the Company’s website at luxfer.com under Quarterly Reports and
Presentations.
Non-GAAP Financial Measures
Luxfer Holdings PLC prepares its financial statements using U.S.
Generally Accepted Accounting Principles (GAAP). When a company
discloses material information containing non-GAAP financial
measures, SEC regulations require that the disclosure include a
presentation of the most directly comparable GAAP measure and a
reconciliation of the GAAP and non-GAAP financial measures.
Management’s inclusion of non-GAAP financial measures in this
release is intended to supplement, not replace, the presentation of
the financial results in accordance with GAAP. Luxfer management
believes that these non-GAAP financial measures, when considered
together with the GAAP financial measures, provide information that
is useful to investors in understanding period-over-period
operating results separate and apart from items that may, or could,
have a disproportionately positive or negative impact on results in
any period. Management also believes that these non-GAAP financial
measures enhance the ability of investors to analyze the Company’s
business trends and understand the Company’s performance. In
addition, management may utilize non-GAAP financial measures as a
guide in the Company’s forecasting, budgeting, and long-term
planning process. Non-GAAP financial measures should be considered
in addition to, and not as a substitute for, or superior to,
financial measures presented in accordance with GAAP.
With respect to the Company’s 2024 adjusted earnings per share
guidance, the Company is not able to provide a reconciliation of
the non-GAAP financial measure to GAAP because it does not provide
specific guidance for the various extraordinary, nonrecurring, or
unusual charges and other certain items. These items have not yet
occurred, are out of the Company’s control, and/or cannot be
reasonably predicted. As a result, reconciliation of the non-GAAP
guidance measure to GAAP is not available without unreasonable
effort, and the Company is unable to address the probable
significance of the unavailable information.
Forward-Looking Statements
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 Company’s results
of operations and financial condition; (ii) statements of plans,
objectives or goals of the Company 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 Company cautions that several 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) lower than expected future sales; (ii) increasing
competitive industry pressures; (iii) general economic conditions
or conditions affecting demand for the products and services it
offers, both domestically and internationally; (iv) worldwide
economic and business conditions and conditions in the industries
in which the Company operates; (v) geopolitcal issues (vi)
fluctuations in the cost of raw materials, utilities, and other
inputs; (vii) currency fluctuations and hedging risks; (viii) the
Company’s ability to protect its intellectual property; (ix) the
significant amount of indebtedness the Company has incurred and may
incur and the obligations to service such indebtedness and to
comply with the covenants contained therein; and (x) risks related
to the impact of COVID-19. The Company cautions that the foregoing
list of important factors is not exhaustive. These factors are more
fully discussed in the sections entitled “Forward-Looking
Statements” and “Risk Factors” in its Annual Report on Form 10-K
for the year ended December 31, 2023, which was filed with the U.S.
Securities and Exchange Commission on February 27, 2024. When
relying on forward-looking statements to make decisions with
respect to the Company, investors and others should carefully
consider the foregoing factors and other uncertainties and events.
Forward-looking statements speak only as of the date on which they
are made, and the Company does not undertake any obligation to
update or revise any such statement, whether because of new
information, future events, or otherwise.
About Luxfer Holdings PLC
Luxfer is a global industrial company innovating niche
applications in materials engineering. Using its broad array of
proprietary technologies, Luxfer focuses on value creation,
customer satisfaction, and demanding applications where technical
know-how and manufacturing expertise combine to deliver a superior
product. Luxfer’s high-performance materials, components, and
high-pressure gas containment devices are used in defense and
emergency response, clean energy, healthcare, transportation, and
general industrial applications. For more information, please visit
www.luxfer.com.
Luxfer is listed on the New York Stock Exchange and its ordinary
shares trade under the symbol LXFR.
LUXFER HOLDINGS PLC
CONSOLIDATED STATEMENTS OF
INCOME (UNAUDITED)
Fourth Quarter
Years ended
In millions, except share and
per-share data
2023
2022
2023
2022
Net sales
$
95.9
$
116.7
$
405.0
$
423.4
Cost of sales
(79.2
)
(94.8
)
(328.4
)
(328.4
)
Gross profit
16.7
21.9
76.6
95.0
Selling, general and administrative
expenses
(12.1
)
(10.6
)
(48.7
)
(43.1
)
Research and development
(1.2
)
(1.4
)
(4.6
)
(4.9
)
Restructuring charges
(2.0
)
0.1
(6.4
)
(1.9
)
Impairment charges
(12.7
)
—
(12.7
)
—
Acquisitions and disposals costs
—
—
—
(0.3
)
Operating (loss) / income
(11.3
)
10.0
4.2
44.8
Net interest expense
(1.6
)
(1.2
)
(6.3
)
(3.9
)
Defined benefit pension credit /
(charge)
0.4
(0.8
)
(7.6
)
0.1
(Loss) / income before income
taxes
(12.5
)
8.0
(9.7
)
41.0
Credit / (provision) for income taxes
6.0
(1.8
)
7.1
(9.0
)
Net (loss) / income from continuing
operations
(6.5
)
6.2
(2.6
)
32.0
Income / (loss) from discontinued
operations, net of tax
0.7
(4.2
)
0.7
(5.1
)
Net (loss) / income
$
(5.8
)
$
2.0
$
(1.9
)
$
26.9
(Loss) / earnings per share(1)
Basic from continuing operations
(0.24
)
0.23
(0.10
)
1.17
Basic from discontinued operations
0.03
(0.16
)
0.03
(0.19
)
Basic
$
(0.22
)
$
0.07
$
(0.07
)
$
0.99
Diluted from continuing operations
(0.24
)
0.23
(0.10
)
1.16
Diluted from discontinued operations
0.03
(0.15
)
0.03
(0.19
)
Diluted
$
(0.22
)
$
0.07
$
(0.07
)
$
0.98
Weighted average ordinary shares
outstanding
Basic
26,848,665
27,030,516
26,897,556
27,304,847
Diluted
26,888,034
27,482,347
27,020,959
27,541,202
(1) The calculation of earnings per share
is performed separately for continuing and discontinued operations.
As a result, the sum of the two in any particular period may not
equal the earnings-per-share amount in total.
LUXFER HOLDINGS PLC
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
December 31,
In millions, except share and per-share
data
2023
2022
Current assets
Cash and cash equivalents
$
2.3
$
12.6
Restricted cash
0.3
0.3
Accounts and other receivables, net of
allowances of $0.7 and $0.4, respectively
59.9
67.8
Inventories
95.9
111.1
Current assets held-for-sale
8.9
9.3
Other current assets
1.5
—
Total current assets
168.8
201.1
Non-current assets
Property, plant and equipment, net
63.8
77.7
Right-of-use assets from operating
leases
15.4
19.8
Goodwill
67.5
65.6
Intangibles, net
12.0
12.5
Deferred tax assets
3.9
3.0
Pensions and other retirement benefits
40.3
27.0
Investments and loans to joint ventures
and other affiliates
0.4
0.4
Total assets
$
372.1
$
407.1
Current liabilities
Current maturities of long-term debt and
short-term borrowings
$
4.6
$
25.0
Accounts payable
26.5
37.8
Accrued liabilities
20.9
29.4
Taxes on income
—
1.8
Current liabilities held-for-sale
3.9
5.0
Other current liabilities
8.9
11.2
Total current liabilities
64.8
110.2
Non-current liabilities
Long-term debt
67.6
56.2
Pensions and other retirement benefits
0.1
4.5
Deferred tax liabilities
10.2
9.9
Other non-current liabilities
16.8
19.0
Total liabilities
$
159.5
$
199.8
Commitments and contingencies
Shareholders' equity
Ordinary shares of £0.50 par value;
authorized 40,000,000 shares for 2023 and 2022; issued and
outstanding 28,944,000 shares for 2023 and 2022
$
26.5
$
26.5
Deferred shares of £0.0001 par value;
authorized, issued and outstanding 0 shares for 2022
—
—
Additional paid-in capital
223.5
221.4
Treasury shares
(22.9
)
(20.4
)
Company shares held by ESOP
(0.9
)
(1.0
)
Retained earnings
104.3
120.2
Accumulated other comprehensive loss
(117.9
)
(139.4
)
Total shareholders' equity
$
212.6
$
207.3
Total liabilities and shareholders'
equity
$
372.1
$
407.1
LUXFER HOLDINGS PLC
CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED)
Years Ended December
31,
In millions
2023
2022
Operating activities
Net (loss) / income
$
(1.9
)
$
26.9
Net (income) / loss from discontinued
operations
(0.7
)
5.1
Net (loss) / income from continuing
operations
(2.6
)
32.0
Adjustments to reconcile net loss from
continuing operations to net cash provided by operating
activities
Equity in loss of affiliates
—
Depreciation
11.9
12.9
Amortization of purchased intangible
assets
0.8
0.7
Amortization of debt issuance costs
0.4
0.5
Share-based compensation charge
2.8
2.5
Deferred income taxes
(0.6
)
8.7
Loss on disposal of business
—
1.0
Asset impairment charges and non-cash
restructuring charges
15.9
—
Defined benefit pension expense
7.9
0.1
Defined benefit pension contributions
(2.3
)
(0.4
)
Changes in assets and liabilities, net of
effects of business acquisitions
Accounts and notes receivable
16.6
(27.2
)
Inventories
16.6
(25.0
)
Current assets held-for-sale
1.0
(3.3
)
Other current assets
(1.5
)
—
Accounts payable
(19.0
)
21.3
Accrued liabilities
(9.2
)
2.4
Current liabilities held-for-sale
0.5
0.9
Other current liabilities
(4.3
)
(8.8
)
Other non-current assets and
liabilities
(8.7
)
(2.5
)
Net cash provided by operating activities
- continuing
26.2
15.8
Net cash provided by operating activities
- discontinued
0.1
0.1
Net cash provided by operating
activities
26.3
15.9
Investing activities
Capital expenditures
(9.4
)
(8.3
)
Proceeds from sale of property, plant and
equipment
—
3.7
Settlements from sale of businesses
—
(1.0
)
Net cash used for investing activities -
continuing
(9.4
)
(5.6
)
Net cash used for investing activities -
discontinued
(0.1
)
(0.1
)
Net cash used for investing
activities
(9.5
)
(5.7
)
Financing activities
Repayment of loan notes
(25.0
)
—
Net drawdown of long-term borrowings
10.2
24.8
Debt issuance costs
(0.2
)
—
Dividends paid
(14.0
)
(14.2
)
Share-based compensation cash paid
(0.4
)
(1.4
)
Repurchase of deferred shares
—
(0.1
)
Repurchase of ordinary shares
(2.7
)
(11.1
)
Net cash used for financing
activities
(27.5
)
(2.0
)
Effect of exchange rate changes on cash
and cash equivalents
0.4
(1.7
)
Net (decrease) / increase
(10.3
)
6.5
Cash, cash equivalents and restricted
cash; beginning of year
12.9
6.4
Cash, cash equivalents and restricted
cash; end of year
$
2.6
$
12.9
Supplemental cash flow
information:
Interest payments
$
6.1
$
4.0
Income tax payments
3.3
0.6
LUXFER HOLDINGS PLC
SUPPLEMENTAL
INFORMATION
SEGMENT INFORMATION
(UNAUDITED)
Net sales
Adjusted EBITDA
Fourth Quarter
Year-to-date
Fourth Quarter
Year-to-date
In millions
2023
2022
2023
2022
2023
2022
2023
2022
Gas Cylinders segment
$
51.7
$
51.8
$
186.4
$
183.7
$
6.5
$
3.0
$
16.7
$
12.8
Elektron segment
36.1
54.5
187.1
201.0
1.6
8.2
26.6
42.5
Excluding Graphic Arts segment
87.8
106.3
373.5
384.7
8.1
11.2
43.3
55.3
Graphic Arts segment
8.1
10.4
31.5
38.7
(1.0
)
2.8
(4.5
)
7.8
Consolidated
$
95.9
$
116.7
$
405.0
$
423.4
$
7.1
$
14.0
$
38.8
$
63.1
Depreciation and
amortization
Restructuring charges
Fourth Quarter
Year-to-date
Fourth Quarter
Year-to-date
In millions
2023
2022
2023
2022
2023
2022
2023
2022
Gas Cylinders segment
$
0.9
$
1.0
$
4.1
$
4.8
$
1.8
$
(0.1
)
$
5.9
$
1.7
Elektron segment
1.5
1.6
6.6
6.6
0.2
—
0.5
0.2
Excluding Graphic Arts segment
2.4
2.6
10.7
11.4
2.0
(0.1
)
6.4
1.9
Graphic Arts segment
0.5
0.6
2.0
2.2
—
—
—
—
Consolidated
$
2.9
$
3.2
$
12.7
$
13.6
$
2.0
$
(0.1
)
$
6.4
$
1.9
Gross Profit
Fourth Quarter
Year-to-date
In millions
2023
2022
2023
2022
Gas Cylinders segment
$
9.4
$
4.4
$
27.5
$
21.1
Elektron segment
7.3
14.6
49.8
63.1
Excluding Graphic Arts segment
16.7
19.0
77.3
84.2
Graphic Arts segment
—
2.9
(0.7
)
10.8
Consolidated
$
16.7
$
21.9
$
76.6
$
95.0
LUXFER HOLDINGS PLC
ADJUSTED NET INCOME AND
ADJUSTED EARNINGS PER SHARE (UNAUDITED)
Fourth Quarter
In millions except per share data
2023
2022
Continuing operations
Graphic Arts
Adjusted Total
Continuing operations
Graphic Arts
Adjusted Total
Net (loss) / income
$
(6.5
)
$
(10.8
)
$
4.3
$
6.2
1.7
$
4.5
Accounting charges relating to
acquisitions and disposals of businesses:
Amortization on acquired intangibles
0.2
—
0.2
0.1
—
0.1
Defined benefit pension (credit) /
charge
(0.4
)
—
(0.4
)
0.8
—
0.8
Restructuring charge / (credit)
2.0
—
2.0
(0.1
)
—
(0.1
)
Impairment charge
12.7
12.7
—
—
—
—
Share-based compensation charge
0.8
—
0.8
0.7
—
0.7
Income tax on adjusted items
(6.3
)
(3.0
)
(3.3
)
0.8
—
0.8
Adjusted net income / (loss)
$
2.5
$
(1.1
)
$
3.6
$
8.5
$
1.7
$
6.8
Adjusted earnings per ordinary share
(1)
Diluted (loss) / earnings per ordinary
share
$
(0.24
)
$
(0.40
)
$
0.16
$
0.23
$
0.06
$
0.16
Impact of adjusted items
0.33
0.36
(0.03
)
0.08
—
0.09
Adjusted diluted earnings / (loss) per
ordinary share
$
0.09
$
(0.04
)
$
0.13
$
0.31
$
0.06
$
0.25
Year-to-date
In millions except per share data
2023
2022
Continuing operations
Graphic Arts
Adjusted Total
Continuing operations
Graphic Arts
Adjusted Total
Net (loss) / income
$
(2.6
)
$
(14.9
)
$
12.3
$
32.0
4.6
$
27.4
Accounting charges relating to
acquisitions and disposals of businesses:
Amortization on acquired intangibles
0.8
—
0.8
0.7
—
0.7
Acquisition and disposal related
charge
—
—
—
0.3
—
0.3
Defined benefit pension charge /
(credit)
7.6
—
7.6
(0.1
)
—
(0.1
)
Restructuring charge
6.4
—
6.4
1.9
—
1.9
Impairment charge
12.7
12.7
—
—
—
—
Share-based compensation charge
2.8
—
2.8
2.5
—
2.5
Tax impact of defined benefit
settlement
(4.9
)
—
(4.9
)
—
—
—
Income tax on adjusted items
(6.4
)
(3.0
)
(3.4
)
0.1
—
0.1
Adjusted net income / (loss)
$
16.4
$
(5.2
)
$
21.6
$
37.4
$
4.6
$
32.8
Adjusted earnings per ordinary share
(1)
Diluted (loss) / earnings per ordinary
share
$
(0.10
)
$
(0.55
)
$
0.46
$
1.16
$
0.17
$
0.99
Impact of adjusted items
0.71
0.36
0.34
0.20
—
0.20
Adjusted diluted earnings / (loss) per
ordinary share
$
0.61
$
(0.19
)
$
0.80
$
1.36
$
0.17
$
1.19
(1) For the purpose of calculating diluted
earnings per share, the weighted average number of ordinary shares
outstanding during the financial year has been adjusted for the
dilutive effects of all potential ordinary shares and share options
granted to employees.
LUXFER HOLDINGS PLC
ADJUSTED EBITDA
(UNAUDITED)
Fourth Quarter
In millions except per share data
2023
2022
Continuing operations
Graphic Arts
Adjusted Total
Continuing operations
Graphic Arts
Adjusted Total
Adjusted net income from continuing
operations
$
2.5
$
(1.1
)
$
3.6
$
8.5
$
1.7
$
6.8
Add back:
Income tax on adjusted items
6.3
3.0
3.3
(0.8
)
—
(0.8
)
Income tax expense
(6.0
)
(3.3
)
(2.7
)
1.8
0.3
1.5
Tax impact of defined benefit pension
settlement
—
—
—
—
—
—
Net finance costs
1.6
(0.1
)
1.7
1.2
—
1.2
Adjusted EBITA
4.4
(1.5
)
5.9
10.7
2.0
8.7
Loss on disposal of property, plant and
equipment
—
—
—
0.2
0.2
—
Depreciation
2.7
0.5
2.2
3.1
0.6
2.5
Adjusted EBITDA
7.1
(1.0
)
8.1
14.0
2.8
11.2
Year-to-date
In millions except per share data
2023
2022
Continuing operations
Graphic Arts
Adjusted Total
Continuing operations
Graphic Arts
Adjusted Total
Adjusted net income from continuing
operations
$
16.4
$
(5.2
)
$
21.6
$
37.4
$
4.6
$
32.8
Add back:
Income tax on adjusted items
6.4
3.0
3.4
(0.1
)
—
(0.1
)
Income tax expense
(7.1
)
(4.1
)
(3.0
)
9.0
1.2
7.8
Tax impact of defined benefit pension
settlement
4.9
—
4.9
—
—
—
Net finance costs
6.3
(0.2
)
6.5
3.9
(0.2
)
4.1
Adjusted EBITA
26.9
(6.5
)
33.4
50.2
5.6
44.6
Loss on disposal of property, plant and
equipment
—
—
—
—
—
—
Depreciation
11.9
2.0
9.9
12.9
2.2
10.7
Adjusted EBITDA
38.8
(4.5
)
43.3
63.1
7.8
55.3
LUXFER HOLDINGS PLC
ADJUSTED EFFECTIVE TAX RATE
FROM CONTINUING OPERATIONS (UNAUDITED)
Fourth Quarter
In millions except per share data
2023
2022
Continuing operations
Graphic Arts
Adjusted Total
Continuing operations
Graphic Arts
Adjusted Total
Adjusted net income from continuing
operations
$
2.5
$
(1.1
)
$
3.6
$
8.5
$
1.7
$
6.8
Add back:
Income tax on adjusted items
6.3
3.0
3.3
(0.8
)
—
(0.8
)
Tax impact of defined benefit pension
settlement
—
Provision for income taxes
(6.0
)
(3.3
)
(2.7
)
1.8
0.3
1.5
Adjusted income from continuing operations
before income taxes
2.8
(1.4
)
4.2
9.5
2.0
7.5
Adjusted provision for income taxes
0.3
(0.3
)
0.6
1.0
0.3
0.7
Adjusted effective tax rate from
continuing operations
10.7
%
21.4
%
14.3
%
10.5
%
15.0
%
9.3
%
Year-to-date
In millions except per share data
2023
2022
Continuing operations
Graphic Arts
Adjusted Total
Continuing operations
Graphic Arts
Adjusted Total
Adjusted net income from continuing
operations
$
16.4
$
(5.2
)
$
21.6
$
37.4
$
4.6
$
32.8
Add back:
Income tax on adjusted items
6.4
3.0
3.4
(0.1
)
—
(0.1
)
Tax impact of defined benefit pension
settlement
4.9
—
4.9
—
Provision for income taxes
(7.1
)
(4.1
)
(3.0
)
9.0
1.2
7.8
Adjusted income from continuing operations
before income taxes
20.6
(6.3
)
26.9
46.3
5.8
40.5
Adjusted provision for income taxes
4.2
(1.1
)
5.3
8.9
1.2
7.7
Adjusted effective tax rate from
continuing operations
20.4
%
17.5
%
19.7
%
19.2
%
20.7
%
19.0
%
NET DEBT RATIO
(UNAUDITED)
Fourth Quarter
In millions
2023
Cash and cash equivalents
$
2.3
Total debt
(72.2
)
Net debt
(69.9
)
Adjusted EBITDA
38.8
Net debt to EBITDA ratio
1.8
Adjusted EBITDA excluding Graphic Arts
segment
43.3
Net debt to EBITDA ratio excluding Graphic
Arts segment
1.6
LUXFER HOLDINGS PLC
FREE CASH FLOW
(UNAUDITED)
Fourth Quarter
Year-to-date
In millions
2023
2022
2023
2022
Net cash provided by continuing operating
activities
$
16.0
$
19.0
$
26.2
$
15.8
Net cash provided by Graphic Arts
operating activities
0.4
0.2
1.0
0.7
Net cash provided by continuing operating
activities excluding Graphic Arts
15.6
18.8
25.2
15.1
Capital expenditures
(1.9
)
(3.1
)
(9.4
)
(8.3
)
Graphic Arts capital expenditures
(0.4
)
(0.2
)
(1.0
)
(0.7
)
Capital expenditures excluding Graphic
Arts
(1.5
)
(2.9
)
(8.4
)
(7.6
)
Free cash flow
$
14.1
$
15.9
$
16.8
$
7.5
Free cash flow excluding Graphic Arts
$
14.1
$
15.9
$
16.8
$
7.5
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240227584968/en/
Kevin Cornelius Grant Vice President of Investor Relations and
Business Development Kevin.Grant@luxfer.com
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