Luxfer PLC(US:LXFR)2024-05-01 14:42Financial Performance - Sales for Q1 2024 were $83.1 million, a decrease of 11.5% compared to Q1 2023[11] - Adjusted EBITDA for Q1 2024 was $10.5 million, a decrease of 12.5% compared to Q1 2023[11] - Adjusted EPS for Q1 2024 was $0.20, a decrease of 16.7% compared to Q1 2023[11] - Free Cash Flow for Q1 2024 was $2.2 million, an increase of $18.6 million compared to Q1 2023[11] - Net Debt was $71.6 million[11] - The company received $1.3 million in April from legal fee recovery[10] Segment Results - Gas Cylinders segment sales were $45.4 million, an increase of 9.4% compared to Q1 2023[49] - Gas Cylinders segment Adjusted EBITDA was $4.1 million, an increase of 64.0% compared to Q1 2023[49] - Elektron segment sales were $37.7 million, a decrease of 28.1% compared to Q1 2023[45] - Elektron segment Adjusted EBITDA was $6.4 million, a decrease of 32.6% compared to Q1 2023[45] Strategic Initiatives - The company is undertaking a strategic review, including a sale process for the Graphic Arts business, expected to close by year-end[9] - The company is focusing on cost optimization and investment in profitable growth areas such as Gas Cylinders and Elektron[9] Outlook - The company expects Net Debt to EBITDA to fall to 1.5x by the end of the year[28] - Capex is projected to be between $11 million and $14 million[26] - The tax rate is expected to be around 23%[26]