Luxfer Holdings PLC (NYSE:LXFR) Q1 2024 Earnings Conference Call May 1, 2024 8:30 AM ET

Company Participants

Kevin Grant - Vice President, Investor Relations & Business Development
Andy Butcher - Chief Executive Officer
Steve Webster - Chief Financial Officer

Conference Call Participants

Steve Ferazani - Sidoti

Operator

Good morning. My name is Shelby and I will be your conference operator today. Welcome to Luxfer's First Quarter 2024 Earnings Conference Call. [Operator Instructions]

Now, I will turn the call over to Kevin Grant, Vice President of Investor Relations and Business Development at Luxfer. Kevin, please go ahead.

Kevin Grant

Thank you, Shelby, and good morning, everyone. Welcome to Luxfer's first quarter 2024 earnings conference call. This morning, we'll be reviewing Luxfer's financial results for the first quarter ended March 31, 2024. I'm pleased to be joined today by Andy Butcher, our Chief Executive Officer; and Steve Webster, Chief Financial Officer.

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.

During today's call, we'll be providing an adjusted first quarter 2024 financial results that exclude Graphic Arts based on our strategic review decision to divest that business.

Now, let me introduce Luxfer's CEO, Andy Butcher. Please turn to slide 3. Andy, please go ahead.

Andy Butcher

Thank you, Kevin, and good morning, everyone. Thank you for joining us. I'm pleased to report that Luxfer made good progress in the first quarter of 2024, increasing profitability and generating solid cash flow, despite variable demand in certain end markets.

The first quarter was slightly ahead of our internal expectations and reinforced our outlook for the remainder of 2024. I want to take a moment to commend and thank our dedicated team for their efforts that underpinned this result.

Sales came in at $83.1 million, reflecting some ongoing softness. However, we saw encouraging signs of recovery in some important areas, most notably for flameless ration heaters. In the quarter, we achieved an adjusted EBITDA of $10.5 million and reached adjusted earnings per share of $0.20.