Andy Butcher, CEO of Luxfer Holdings, says the company’s second quarter (Q2) 2023 results highlight a strong and broad-based uplift from its defence, first response and healthcare offerings, as well an increase in gas cylinder sales.
Net sales of $110.4m increased $0.9m from $109.5m in the prior year. This included a $6.5m benefit from cost pass-through to cover rising material inflation, partially offset by a negative impact from volume/mix of $5.8m.
GAAP net income from continuing operations decreased to $4.9m, or $0.18 per diluted share, compared to $9.6m, or $0.35 per diluted share, in the prior year period.
Q2 GAAP net income includes $2.3m in asset impairment charges tied to rationalisation of Luxfer’s North American Gas Cylinders businesses to reduce the fixed cost base.
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