Luxfer Holdings PLC (NYSE: LXFR) (“Luxfer” or the
“Company”), a global industrial company innovating niche
applications in materials engineering, today announced preliminary
results for its third quarter ended October 1, 2023.
“When reporting our second quarter 2023 results and providing
updated full year 2023 guidance in late July, we noted specific
areas where our businesses were facing challenges with either
waning demand or supply chain issues,” said Luxfer Chief Executive
Officer, Andy Butcher. “These challenges persisted during the third
quarter and our third quarter results fell well below our
expectations. As a result, our full year 2023 results are now
tracking meaningfully lower than the previously provided adjusted
earnings per share guidance.
“On the demand side, we saw lower customer order rates driven
primarily by increasing macroeconomic headwinds and uncertainty. In
our supply chain, previously described challenges caused by the
disruption in our domestic magnesium supply continued, and overall
competitive cost pressures persisted. These issues have been
particularly acute in our Graphic Arts business, where the ability
to pass through higher costs to our customers has proved to be
constrained. We are executing a turnaround plan in Graphic Arts to
reduce costs, including a headcount reduction program. We are also
pursuing further actions to improve margins and maintain strong
cash flow across the business. We have a solid balance sheet with
ample liquidity. Despite near-term challenges, we remain optimistic
regarding our long-term value creation prospects.”
The Company currently expects Q3 net sales of $97 million and
adjusted earnings per share of approximately $0.04. Management will
provide additional details on third quarter results and the fourth
quarter outlook on the Company’s third quarter earnings call
scheduled for Thursday, October 26, 2023.
Butcher concluded, “While the combination of macroeconomic
headwinds, customer inventory management, and competitive pressures
from low-cost sources has impacted our ability to achieve
previously anticipated results in 2023, we continue to take
proactive action. We are focused on delivering on our customers’
needs while controlling what we can to mitigate these factors,
achieve improved financial results, and keep our operations ready
for demand recovery. We have accelerated and expanded our annual
strategic review process to quicken our path towards outcome
trajectories that meet the high standards we expect of ourselves
and that our stakeholders deserve.”
The Company’s preliminary results for its third quarter ended
October 1, 2023 are an estimate, based on information available to
management as of the date of this release, and are subject to
further changes upon completion of the Company’s standard
quarter-end closing procedures.
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 2023 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, services, and strategic
planning; (iii) statements of future economic performance; and (iv)
statements of assumptions underlying such statements. Words such as
“believes,” “anticipates,” “expects,” “intends,” “forecasts,”
“goals,” “outlook,” 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: (a) lower than expected future sales,
including as a result of decreasing demand and customer inventory
management; (b) increasing competitive industry pressures; (c)
general economic conditions or conditions affecting demand for the
products and services it offers, both domestically and
internationally, including as a result of post-Brexit regulation,
being less favorable than expected; (d) worldwide economic and
business conditions and conditions in the industries in which the
Company operates, including impacts on its supply chain; (e)
fluctuations in the cost of raw materials, utilities, and other
inputs; (f) currency fluctuations and hedging risks; (g) the
Company’s ability to protect its intellectual property; (h) 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 (i) continuing
risks related to the impact of the global COVID-19 pandemic, such
as the scope and duration of the outbreak, government actions, and
restrictive measures implemented in response thereto, supply chain
disruptions and other impacts to the business, and the Company’s
ability to execute business continuity plans, as a result of the
COVID-19 pandemic or otherwise. 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, 2022, which was
filed with the U.S. Securities and Exchange Commission on March 1,
2023. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231011802020/en/
Steve Webster Chief Financial Officer
Investor.Relations@luxfer.com
Luxfer (NYSE:LXFR)
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