Luxfer PLC(US:LXFR)2024-07-31 15:35Financial Performance - Q2 2024 sales were $918 million, a 96% year-over-year decrease, but a 105% increase compared to Q1 2024[21] - Adjusted EBITDA for Q2 2024 was $173 million, a 201% increase year-over-year and a 648% increase compared to Q1 2024[21] - Adjusted EPS for Q2 2024 was $039, a 345% increase year-over-year and a 950% increase compared to Q1 2024[21] - Free cash flow for Q2 2024 was $62 million, a decrease of $40 million year-over-year, but an increase of $40 million compared to Q1 2024[21] - Net debt was $699 million in Q2 2024, a decrease of $146 million year-over-year and a decrease of $17 million compared to Q1 2024[21] - The company recognized $51 million in legal expense recovery, boosting Adjusted EBITDA margin by more than 1000 bps[18, 25] Segment Results - Gas Cylinders segment sales for Q2 2024 were $498 million, a 27% increase year-over-year and a 97% increase compared to Q1 2024[48] - Gas Cylinders adjusted EBITDA for Q2 2024 was $49 million, flat year-over-year, but a 195% increase compared to Q1 2024[48] - Elektron segment sales for Q2 2024 were $420 million, a 208% decrease year-over-year and an 114% increase compared to Q1 2024[44] - Elektron segment adjusted EBITDA for Q2 2024 was $124 million, a 305% increase year-over-year and a 938% increase compared to Q1 2024[44] Strategic Initiatives and Outlook - The company is on track to meet 2024 expectations and is setting up supportive conditions for 2025[5, 18] - The sale of the Graphic Arts business is progressing as expected, with a competitive process approaching final stages and expected net cash sale proceeds to pay down debt[18, 19] - Full year 2024 guidance includes adjusted EBITDA of $47 million to $50 million and free cash flow of $24 million to $27 million[51] - The company expects net debt to EBITDA to fall to 14x by the end of the year[30, 31]