Despite uneven supply chains conditions, Andy Butcher, CEO of Luxfer Holdings, said the manufacturer maneuvered successfully to deliver for its customers in the second quarter (Q2) 2022.
The company on Tuesday (26th July) released its Q2 financials, which highlighted net sales of $109.5m, an increase of $105m from the prior year, including a $13m benefit from cost pass-through to cover rising material inflation and a $1.3m positive contribute from volume.
GAAP net income from continuing operations decreased to $9.6m, of $0.25 per diluted share, compared to $11.9m, or $0.42 per diluted share, in the prior year person.
Luxfer also reported adjusted net income of $10.1m, or $0.36 per diluted share, for the quarter and adjusted EBITDA of $16.9m, down 2.3% from the prior year. These figures reflect supply chain constraints and inflationary pressures that impacted costs.
Reflecting on the results, Butcher said, “We continued to maneuver successfully through uneven supply chain conditions to deliver for our customers in the second quarter, and I appreciate the dedication of our employees in rising to this challenge.”
“The Elektron segment again led our financial performance this quarter and, as expected, Gas Cylinders posted sequential increases in both sales and profitability.”
“While monitoring the ongoing evolution of the macroeconomy, we are encouraged by the broad-based demand seen across our portfolio as we prepare to execute on our long-term growth opportunities.”
Focusing on its Elektron segment, Luxfer reported net sales of $63.4m, an increase of $10.9m, or 20.8%, from the prior year
Adjusted EBITDA of $13.2m increased $1.2m, or 10%, from $12m.
Gas Cylinders Segment
Luxfer’s Gas Cylinders segment represented net sales of $46.1m, a $0.4m decrease from the prior year, with underlying favourable volume offset by foreign exchange headwinds of $2m.
Adjusted EBITDA of $3.7m decreased $1.6m, or 30.2%, from $5.3m.