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Sep 27, 2020
Luxfer Q3 2020 Earnings Report
Net sales and earnings decreased due to the impact of the COVID-19 pandemic, but free cash flow increased significantly.
Key Takeaways
Luxfer Holdings PLC reported a decrease in net sales and earnings for the third quarter of 2020 due to the COVID-19 pandemic. However, the company's free cash flow increased significantly, and it remains on track to reach total transformation plan savings of $24 million by year-end 2021.
Net sales decreased by 15.6% to $90.4 million.
GAAP net income decreased to $2.6 million, or $0.09 per diluted share.
Adjusted EBITDA decreased by 15.0% to $14.2 million.
Free cash flow increased to $25.6 million.
Forward Guidance
Luxfer is not providing financial guidance for the remainder of the year due to continued market uncertainty and volatility.
Positive Outlook
- Focus on controllable business measures
- Cost reductions
- Cash conversion
- Investing in future growth
- Strong balance sheet and undrawn credit facility
Challenges Ahead
- Continued market uncertainty
- Continued market volatility
- Current economic conditions to continue to have a near-term impact
- Demand levels remain below normal
- Most locations are operating at reduced capacity
Historical Earnings Impact
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Avg. Return Before/After Earnings
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