Luxfer Holdings PLC (NYSE:LXFR) Q2 2023 Earnings Conference Call July 26, 2023 8:30 AM ET

Company Participants

Michael Gaiden - VP, IR

Andy Butcher - CEO & Executive Director

Stephen Webster - CFO

Conference Call Participants

Operator

Good morning. My name is Chelsea, and I will be your conference operator today. Welcome to Luxfer's Second Quarter 2023 Earnings Conference Call. [Operator Instructions]. Now I will turn the call over to Mike Gaiden, Vice President of Investor Relations and Business Development from Luxfer. Mike, please go ahead.

Michael Gaiden

Thank you, Chelsea. Welcome, everyone, to Luxfer's Second Quarter 2023 Earnings Call. With me today is Andy Butcher, Luxfer's Chief Executive Officer; and Steve Webster, Luxfer's Chief Financial Officer.

On today's call, we will provide details of our second quarter performance as reported in the press release issued yesterday. Today's webcast is accompanied by a presentation that can be accessed at luxfer.com. Please note, any references to non-GAAP financials are reconciled in the appendix of the presentation.

Before we begin, a friendly reminder that any forward-looking statements made about the company's expected financial results are subject to future risks and uncertainties. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Please refer to the safe harbor statement on Slide 2 of today's presentation for further details.

Now I will turn the call over to Andy for a summary comments on the quarter and our outlook, after which Steve will provide details of our financial results and updated 2023 guidance. Andy will then offer some additional comments before Q&A. Andy, please go ahead.

Andy Butcher

Thank you, Mike, and welcome, everyone. Please turn to Slide 3. I'm pleased to share with you details of our second quarter performance that included sequential gains in both adjusted EPS and cash flow. Our team at Luxfer again, worked successfully to deliver for our customers in a dynamic environment and to take actions to improve our bottom line results. Combined, these efforts enabled us to deliver quarterly adjusted EPS of $0.27, ahead of the expectations outlined in our Q1 call.

Total sales increased to $110 million, led by Gas Cylinders, which increased sales by 5%, with success in alternative fuel and medical markets. Gas Cylinders adjusted EBITDA measured the highest since Q4 2021, underscoring our ongoing efforts to both further recover inflation over the last few years and to manage our costs in that business segment.