LXFR - Earnings call transcript Q3 2018

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Operator

Good morning. My name is Lorry, and I will be your conference operator today. Welcome to Luxfer's 2018 Third Quarter Earnings Conference Call. [Operator Instructions] Now I will turn the conference over to Doug Fox, Luxfer's Director of Investor Relations. Doug, please go ahead.

Doug Fox

welcome. and Lori, you, Thank With me Harding, CEO; Heather Maskara, are CFO. Alok Luxfer's our and today

First, a Alok website. the will is be the for Alok found provide closing accompanied third review by some Investors presentation, quarter's of by Heather's in a financial which Today's the Luxfer's performance. remarks. will slide return brief then webcast overview, can followed of section

of remarks. reconciled refer will to appendix presentation. We in references are non-GAAP financials throughout prepared these to Any our the the slides

Before the results you and and answers. made to reserved we details. Slide me any that further our remind risks for to After begin, please have company's time let prepared X for forward-looking statements presentation we of uncertainties. future are questions about Please refer financial today's expected subject remarks,

turn the over call Alok, to ahead. please let Now me go Alok.

Alok Maskara

you Doug. to growth, our summary joining and conversion. for us everyone. today. for the stronger improved XXXX. performance is morning, the of Thanks, turn for quarter of cash of Slide another quarter strong Luxfer Good X Thank profitability to Please report third pleased

of quarter XXXX, increased $XXX.X million XX% third on the broad the For company. to strength across revenue

Cylinder quarterly improved increased quarter Segment to us enabled helped sales deliver to Segment $XX.X and $XX.X the XX% of increased for since recover and Gas the XX% revenues share products New XXXX. the execution Revenues Elektron highest revenue fourth us for and million. million, to

XXX volumes the ongoing basis continued margins from in Gas the pleased Elektron and lift Higher are We in ago. a with year XX.X% helped to quarterly productivity growth and growth the XX.X% the Segment really Cylinder points Segment. initiatives gross increased momentum

adjusted expect Based Net per Quarterly diluted full business $XX.X $XX over the cash XX% was flow from to ago. increased productivity $X.XX expectation XX% now million effective and some up year fundamentals, to lower the quarter for our year and underlying around in strength earnings in XX% strong adjusted and capital. earnings of on growth. of strong, remains acceleration XXXX. momentum and core simplification, per certain the Third increased $X.XX are our for business the the full potential. from year $X.XX we in the on accelerate our quarter control before the to in a more adjusted the business, EBITDA which financing have to The The and fully seasonality XXXX share million, results revised will per the opportunity accounts business long-term investments be pleased we investments, growth hurricane-related share boost share. shipments for

performance, growth, With turn please to with posted the trailing with Slide on for Now period. conversion, increased has our months of significantly emphasis third XX Luxfer's strengthened our now X actions, combined Sustained and revenue debt double-digit the the growth. revenue X. has adjusted income, quarter quarters productivity greater by company consecutive compared EBITDA to prior combined sheet Higher XX% balance cash has position.

CFO, Heather it. ahead. more tell Heather, go Harding, about please Our you will

Heather Harding

Thanks, and everyone. morning, good Alok,

while $XXX.X was for this growth. Consolidated segments to to quarter million third $X for $XX.X FX turn consolidated XX%. the million The impact $X.X the a recovery XX% $XXX.X drove of volume more negative EBITDA million increased million up from $XX.X XXXX. a of nearly of million, the our accounting price year Now has increased X please improvement. than Adjusted than growth, sales, higher summary million both for Slide less million for year-over-year from quarterly a of performance. revenue XX% Revenue $XX.X or ago. added for XX% quarter of third the on

results. added $X.X inflation. mix, Pricing volume to material million and higher offset In and addition to mostly reductions the the cost wage

for turn Elektron Segment X Slide performance. an of Now the to overview please

on the are zirconium double-digit confident share driven increased revenue that for Segment, including chemicals In $XX.X chemicals, magnesium growth alloys, and a achieved XX% strength consecutive Elektron gains having SoluMag. two we the of For of solid delivered million, zirconium to quarters.

growth Adjusted the Elektron the on alloys wage magnesium not increased and XX% segment. on zirconium did higher FX EBITDA for raw price volumes, quarter As XX% from expected, price partially and the shipments effects relief the partially for higher material lower of of segment. have offset products this in quarter this material and chemicals. and reductions, cost benefit offset by quarterly in exceeded disaster costs. for the sales Adjusted EBITDA

had Now Slide Cylinder segment growth All of growth units Segment the X XX%. cylinder contributed in too, on high performance. alternative segment, impact largest increased revenue in growth, was by to the to overview fuel systems only this revenue the to FX followed please a price. Gas for business quarter. negative the and with volume segment turn for Superform. $XXX,XXX Quarterly contributor the an In for

than cylinders for $X.X with XX% XX%. more Third $X.X gas increased from margin offset wage quarter and than material adjusted EBITDA inflation. Price million reaching better to million

of the we this surcharges second higher to quarter During cost offset year, aluminum. of the implemented

their EBITDA We also are Volume at had made growth. with mix they pleased that pricing. favorable parity effect meaningful, now are and we and intended impact on

X, please statement cover key income Now Slide where metrics. we to turn

reduction in result UK of adjusted businesses. the performance rate per quarter a the in effective of third second While rate third improving the NOLs want to for year. as of XX.X% The is quarter, These XX.X% we this result quarter of our tax to from the of have year's quarter use I and this $X.XX contributed last for UK already the our XX.X% underlying NOLs third most earnings. more to for point covered the the adjusted approximately ability down share primarily out tax low information, the

at balance the to sheet million XX.X we areas. XX balance end and reduction performance. are ago, the looking which turn debt our Slide the decreased a our pleased by second $XX where at of sheet million, million year-over-year In flow From we a X, improved please most performance, in cash highlight Now results net to year from is at quarter.

at stood X.X the quarter. ratio modest adjusted year-over-year capital of third Our by EBITDA the also million. debt net Working $X.X was end down to at a leverage

XX%. XXX points nearly our net X.X to from of million annualized to basis less working reflecting before and Our the doubled $XX.X financing improved flow a revenue, the as than Also cash million, capital. working capital, performance strong control percentage during by quarter, operating of

we expectations. to second in pleased XXXX. UK the are was at of that million the Finally, discount million at from pension further and declined million, rate increase deficit down the and XX.X XX.X reduction in long-term inflation the end end This due an UK XX.X of change to the quarter

Luxfer's strong cash to profitability with leverage, and conversion. improving noting continued debt Let that improve. the quarter by me financial condition finish We conservative ended

the Let Alok. turn back to call me over now

Alok Maskara

Thank you, an our the five update to key turn Please Heather. Slide of transformation for plan. elements ongoing XX on

the end the complete. year, is our simplification to move plan nearly we As of

publish third to domestic comprehensive We become our these issuer. quarter will U.S. financial published with Hence, a year, more results of yesterday, we To under GAAP. year we foreign first the will with of an X-K that information IFRS. we full be reported results historical become financial and included under ready have are reporting transition set the when we numbers. to last After a under private the SEC issuer GAAP. XXXX our UK the exit XXXX, facilitate domestic issuer, be fourth ones expect supplementary U.S. release the we SEC the and are X, status, January quarter Beginning on will

will to XXXX provide greater Annual compliant our and XXXX. In corporate with the addition, X, also on in filed April executive we to SEC's X governance, XX shareholders for proxy appropriate will in and Forms XXXX. and transparency compensation Section become file X, be

pleased our for plan, the On the cultural gaining performance that delivering through operational am driving results. aspect of results traction of transformation I transformation and is pay

is there do, While at work stronger is value a Luxfer. more accountability to becoming

to the solve to line for remains for wider and shipping enable which stage-gate line Adoption ideas up new and products. process ensure a that cornerstone high-pressure of a composite will our In our X% we this to process than now range launch comparable need we As are lighter new develop of cylinder, growth, faster begin optimizing is products lighter products our cylinders funnel. ECLIPSE XX% composite of than us our innovation will XXXX, customers. a aluminum implementing

demand we see in bloodstream. with which adults be ingredient XXXX, to an used is X,XXX first new we AstraZeneca's LXX can unique with as will revenues growing used in of In the from Elektron, compound addition, begin our drug. In now see to to psi. U.S. high-pressure zirconium-based that cylinder, hope is levels aluminum Lokelma DOT up filled drug the in alloy, treatment approval, for This our elevated for potassium

our On are cost-reduction we the very in by our progress productivity pleased XXXX. million side, with goal $XX meeting

XXXX. approximately we $X already $X.X achieved million year-to-date, annual to the full for the year cost have savings, expect in savings million recognize For we and in

portfolio. comment me let Finally, on our

Luxfer's stronger, deliver the value Over for returns. the engineered focus a In opportunities any will meanwhile, shareholder on We our to capital M&A return strategy these advanced those company. maximizing highly play in shareholders. of its number next further strategic fit, evaluate of that opportunities role and company to returns. years, few risk-adjusted for in screen time, our the given a At a areas capital materials of M&A on becoming we continue invested the remains the expected deploying highest

occurring, as is notably were cost products both turn Results increasing better SoluMag, than quarter fuel reductions to and XX. cylinders. as Slide were please in zirconium good share innovative demand chemicals recovery alternative growth Customer and the Now such is for very expected. and for

In improved addition, benefited Superform. trends third in quarter from operating results

favorable updating our guidance for approximately $X.XX. fourth ongoing contemplates per result, by that share business full This factors As affect we are seasonal forecast activity, tempered a to year earnings our adjusted quarter.

support hurricane to strength of not does future on to incorporate are outlook Our programs the we same certain planning spending growth At accelerate activity. to and advantage current time, any the take productivity. further

next XX% With we delivering our each in years. are our of to X% targets the adjusted of in growth X confirming the performance, strong earnings XXXX

ahead a Slide best days to Luxfer of turn please us. Now of XX are wrap-up. for The

attractive building are in highly XXXX serving of towards company engineered significant on market. progress our goal advanced materials, a We making stronger ends focused

delivering strides more cost-reduction cost-reduction XXXX. confident goal efforts, there we have do. by made $XX While in million our to remain We is great in the

you we improved enhance opportunities better disciplined portfolio are allocation. our now our Thank to of the take to balance listening. for while approach that positioned With sheet, capital advantage maintaining

take will questions. We now

Operator

comes first Moore Your line of CJS of question Instructions] the Securities. [Operator Chris from

Chris Moore

any there end level? but term, has might Are been of continue specific Maybe the maybe with strong that end -- of could some near at especially demand kind not where markets markets. same start

Alok Maskara

and the of you industrial know, with current I market, and there be largest many that and Index pleased continue as is our product the to our favorable. -- think lines, and general trends to we are ISM applies quite all end demand the

So we are pleased with that.

at us cyclical oil goes a gas $XX, other so, area of down fuel at alternate for been side, an that's still $XX But and about and because good shape. think, has product we a to us our shape. big down the has is that $XX past. cylinders. I or see oil in in line But good below, are On drops in in the can includes driver that slowing if the industrial, majority And we is a to bit which places, that for quite been that substantially

Chris Moore

to Is know chemicals the overall higher-value I that focus has be element of margins there? important that said, an might the transition the to That in side, there applications applications. more On here where from competition? the the volume still you get lower-end zirconium still been is kind

Alok Maskara

typically margin in [Indiscernible] margin we that is. recovery well and drops it and getting perspective. a the recovery good the still segment, mean, it's auto-catalysis for in healthy us it's side. think I And some are us. I from volume it I margin business gross still quite through Yes, volume is a mean, which for

And higher-value that get So longer are important. product sometimes to new the making customers new it and area. products progress is cycles and they good is just in

Chris Moore

revenue, do break next product months maybe it. the to I'm of maybe give you SoluMag? just you just kind can but XX over as you the strength, a how I relative don't SoluMag much have sorry, Got know on of out visibility and X sense importantly, specific

Alok Maskara

in never product have they this have XX a they oil had I good think XX have much business. too model, and days sometimes, only in they variable service companies, visibility business to We a enough. pretty fairly inventory; for The sometimes,

last So say fair product we long-term This think line. into doubled it's a -- that, year, that. doubled. million was it I more so than this far, or mean, visibility have don't to sub-$XX I year, But

our which entitlement lower U.S. a is slow, much have based a what and We than to expect on service be is. are that QX factors when holidays on line other today share just And feel you on like very in normal this we comfortable gas we the product

to growth. So we see continue

become bullish but We to challenge. are the putting in we more And starting product. on remain a capacity, that's

Chris Moore

me. Last question for Got it.

I segments are for. few about margins So and looking cylinders obviously, of certainly good. the the that Can were talk on in The next bit incremental the more a both what's very quarters? driving than little was over that kind better margins sustainability you

Alok Maskara

Sure.

good I think, made progress. first, Superform has

have new leadership We good there.

We in a alignment working negative-margin driving and and to and sales. with progress have our added value been good diligently customers rate products made better some have offload on lower scrap customers

So I think part big Superform been of increase. margin a has that

to be aluminum materials of product get to increased In now have work we earlier a our spiked to Cylinder line the raw addition, to up, pricing we caught core and little able aluminum were up issues offset to all Gas short cost. sort through this when surcharges and catch contractual year managed

those think two there. I drivers big are

Operator

the of of from Phil Gibbs comes Capital question KeyBanc next line Your Markets.

Phil Gibbs

cost just First the question was reduction. on

you about in script. the $X talked think million I

Now from in that may that Or you be nonqualified any before restructuring of a is fourth the is spending quarter? net that doing number? standpoint

Alok Maskara

on Yes, now We any U.S. of two as because consolidating a we that that some plants going look even Phil. at we in spending clean net have of are as

net are any not spendings. So these incremental of numbers

Phil Gibbs

you've savings got us target restructuring left we $XX there? how -- in restructuring it next million if is much that behind So or there left look in at given nonqualified Should in the more cost you've is 'XX? qualified $XX of years, some go, that of to ago few terms as of for million got that your

Alok Maskara

bandwidth So look XXXX. -- may projects, nonqualified got -- of of at given would till years. look million a think at the beyond at because we execute couple we as are at ability for XXXX. more it and stage, $XX would I next And to as projects. we I because are I numbers number and the restructuring, some $XX are to of I And that by it clearly other mean, looking on opportunities the go the go good now those the between those continue to million this limited But XXXX.

Phil Gibbs

Okay.

expectations quarter. bit year to do I $XX of $XX think reasonably this little CapEx catch-up that expectations a million we the full for Should healthy for I you've next got and still our And think light was range, in some million the being think third about year. the year, in QX?

Alok Maskara

that's large are going we yes, some that projects productivity year, drive coming For and like next growth up mostly driven us. and to by have for

I -- still done it. discipline think some honestly. put we process. more putting that's controls what over has the good you really are job and learning I Heather really this on nice year, we have mean, a

delayed the year So but productivity normal more don't we project. projects. a appropriate more our run yes, This be do any I think light But we in and fund than had all have it's I past. what next needs growth rate may capital expect to

Phil Gibbs

a next year? little Alok, you maybe with So for XX of is bit good number million year, a this think growth

Alok Maskara

Yes.

then million year, would I to fueling be like this we XX probably right for And and million we projects. XX is start year. next about funneling as productivity closer think

Phil Gibbs

for is And that. I another three you're, standing by to of so earnings. 'XX, couple thing XX% next that then growth you 'XX, the around rate mentioned questions 'XX, A had in X% years, think you're

rate that? And Now are in M&A secondly, tax what's exemption? you your including

Alok Maskara

losses that's, net hovering different current rate, And mean, me, of that. little the for are in The to any different are discussion a bucket operating we just a on I are we unpredictable range $XX not at tax including around So M&A. a million. looking us. completely our

of operating going losses. not in any bake net So benefits the we're to

around just we'll tax rate. hover on the XX million So

Operator

line Riley comes Sherbetchyan the FBR. from of B. Sarkis question of [Operator Instructions] Your next

Sarkis Sherbetchyan

like lines? business your we expect? seems any particular long-term some investments boost opportunities momentum give what some you the to are to accelerating you still us new more the is did maybe and growth geared on And they potential. numbers product ISM markets. it end Can color certainly seem strong Are specifically? those Any the Alok, investments support industrial you're to mention should

Alok Maskara

And I like to to a into forward to that productivity and are shovel we is 'XX. 'XX us ready think now and that pull able steel some. there's in both accelerate for these looking are growth project from

side, better at services look lot consolidate of good infrastructure things, our a where area we going And in running there. to trying and around some of the looking just bigger opportunities investment small finally on G&A, continue SoluMag, with growth like to incremental which that type fewer in to put capacity the then We we right capacity so within so consolidation, footprint something are now. essentially investments more be we is shared locations. obviously innovation, There's meaningful serve customers we'll think in continue to is can out getting I that besides are the

some need put capital capacity and up to where for get to we expenses next So to need we year.

big So three consolidation. shared and expenses finally and looking growth associated footprint be that, services establishing then buckets, those ongoing capacity those will with truly at

Sarkis Sherbetchyan

around And of the change in type or spend? level thought any R&D

Alok Maskara

insight We out many more that near what Not new I lean our coming new innovation in process, team trap think too the and we are that and focused very of products. starting fixing No, and really job don't products want fall we roll up in first customer good with future. on to has which done old the the getting to nobody onto are wants. a

So to very we're I be going focused. think

increasing next to months, or will remains insight, innovation the But customer the term, years innovation right establishing getting so. in focus Over the next in at then the on long process, spend the right six three we'll double the our I think three our look spend. and to

Sarkis Sherbetchyan

then that have maybe points. some some the back improvements you like you price Is Seems in think kind customer Just maybe it? Superform. right way the for of you're renegotiating did maybe in opportunity products going mention and outline to offloading Superform. about there And the and

Alok Maskara

Yes.

told is that, you automotive. you welding true. and or that where mention the complex aviation cases, also proposition we applications, then can bring flow can truly value we transportation mentioned we us stay on better customer the I think our review to high bending part would do a really scrap really about back, whether aluminum on which do our who there's our in plastic in what's for your of or unique to it's I any at shapes make and done like of a should running strategic focused and consider we the competency, both packaging that and And and what maybe internal core is customer some try and has different and we Having been technology core make that. that, vendor than that. own went other which cases, looked rates, were get Superform

were hoping get are So a a than longer us but long solid at least we probably go with and it's back to, been value. took And and fair we the some cases, in to It sustainable. journey. little yes, customers improvements had

So for out. non-sustainable shipping not we every party. either That's we're just bill that GBP are to XX are keeping product

Operator

Your next question comes from of Capital. the line of Rich Glass Glass

Rich Glass

my I continue went their the what us there you pace which in in what at different. liability? answered run nicely on if came the questions pension Or know that should decrease quarter. were is accounting the So continue? liability, through little on one should and but that already, down Can

Heather Harding

the in deals factors part, that rate, U.K. there around can and main that's in discount control. the bond -- is, tied so not the something to which So we are large

do and of a upon, planning to we've So year, the from level the as at over million. if we'll we're next go now nice and into pension payments that decent down this next committed certainly, we I back million the to fund, agreed that the to you've Also, to $XX continue continue make, beginning $XX period. seen year reduction a period,

we've it's to deficit perspective. a difficult with payment. guidance conditions make committed on to from to rate the So market will continuing give discount what of But happen because

Rich Glass

but quickly? else less So all and payments though, come equal down you'll make it'll

Alok Maskara

Yes.

forward, probably I million the million. think be in $X on million pension historic think range it's $X million of $X going to range. been we I the to $X in payments going the forward, has our to going And fund

there we those so will we payment in making, And X payments X continue but is make will reduction be that years. to next for the to the annual

just control depends it U.K. is because, deficit and of the we Heather said, funny returns, of those. cannot expectancy, some on And yield, bond money unfortunately, as any life market

Rich Glass

or The Alok, bit. clarify other everyone's a question, my help to understanding understanding just maybe little and

the On to next, should there products more of the of sort R&D innovation X spending, that's X I to to getting just new R&D does what double the as years, which devoted you component said research now? or will in spent guess, and it's mean that new double opposed

Alok Maskara

R&D on new a core and think new that small that's definitely to universities component Not portion because others us. of the it's product. some kind I preach that's dedicated we of of to to research newly and rely

a So new it's product. around mostly

kind very Now realized we future revenue right probably new which cases, products going portion Strategic our is long what's it are the from term, pipeline. getting in in to less bit personnel, the it's in other lingering And so cleared the double in it's fact, it's we needs. just is about strategic -- of the mean, is doubling more be And been small stopping the cases, double to around the X%. around us going and it 'XX, to that finding the expertise. goal need of it's customer right of Those today, products. We to understanding a and 'XX keep double in to that. we that's yes, from our some better goal spend today. to as than the because that of down compared our From not many in revenue. I a have

Richard Glass

Okay.

R&D talking about? not you're it's spend of a of it's doubling doubling partial a Okay. the overall, So that

Alok Maskara

right. That's

Operator

from (ph). question Capital] McIsaac of of comes next [Stephen Gracelane the Your line

Unidentified Analyst

which on cost-saving going going seems expand it's $XX doing. to like how opportunity? business I first improve I off, Or into it million Is to the of had but that well to it's efficiency. couple. sounds is make going given also to lot accelerate growth, this just the guess, spending that the a year, sense you're a accelerating

larger So do $XX about? make opportunity XXXX number you think part that of of is kind a that talked or this you have you million longer the term potential to beyond

Alok Maskara

want keep substantially confidence at to do But work number that us higher that $XX opportunity to don't look I I our to confidence maybe move in going is sooner. bit us million would going and sure stage. level we a little we bit through the and million. large increase get is We're the a projects headline get have we line to sooner. it to to a in in that from What complex internally, at of it allow them. mean, maybe each little and these $XX what's the higher try Anyway, are sand and need to in that's this of for at a number great can we make

cost this Just we in savings. we told will guys of you we be like even had year, what are ahead

Heather Harding

pull really think as a kind is earlier. of this Alok I forward, said had

a it about more timing. shift So in think just as

Unidentified Analyst

then, you've And growth then going driving looks I to is leverage. if first growth the Elektron of nice and in both of backed of business margin benefit pretty guess, we the year-to-date, high like the and single-digit half to is and revenue double-digit revenue on even -- growth probably that the be some that those hurricane are guidance segments the Elektron leads me which $X.XX driving out into I well second the given question, for mean, the it the is results based that

it that business is So XX% least your the looking your you strong the that reconcile of X% that, at to near well are $XX at for of business Because and saves, us do another EPS that, the and we indicators million running got telling then goal like cost still ahead to term. we for growth? seems how in

Alok Maskara

Yes.

I X think aspects are to. there

QX to greater me this address of go year, it when short mean, be oil more as you sequentially And And right. QX, On highly significantly, gas. revenue QX. is last from saw year seasonal seasonal a so we to and is very term because I probably QX for us. them have separately, dropped to Let going exposure sort

to the are higher the at barriers the so to And go things think questions basis, and X-year a on perfectly, XX% wars. the long-term given based at same everything the as look that we being we'll that X% on, all our are like we within we On clearly a and time, to of deliver trade best XX cost plans, make range are a our reach in of of all economic also don't looking to and trade modest forward. kind assumptions abilities. our we X% we'll be But that's XX% but around I the pulling reduction going to than QX. of optimistic on based Listen, going We at commitment want miss. on cycle, even if year growth

Unidentified Analyst

trade Okay. I wars that. like up guess, things the you brought lastly, and

successful price have expect that input what think the tariffs or any You've offset increases do of impact kind good getting And to the the getting very to from -- trouble tariffs? costs. passing at at you'll -- you been Did along? just do

Alok Maskara

of we aluminum U.S. buy aluminum I got most impact we the because our was Canada. in the think from the on largest do side

that trade in So China. manufacturers like and from been coming might since it's sometimes And a in largest because was against earlier then, some are or in and often war we that stable happened U.S. compete favor -- in cases, our it year. in situation. our actually pretty neutral the may with or, products compete be work The it China, core

for us negative but it's somewhat aluminum the we So sure, are on be not to pieces, us. broader the while it side, of some on out for positive may turn

and to materials all sanction the ins noise that list time really there given outs the and of the published, on every be just So those, tell. is uncertainties are trade to subject the and net-net, to hard fact going are that

the don't expect would changes impact of be us. fringes for more Any but monitor, either I major we So continuously the on way.

Operator

Your next the Capital question line KeyBanc Gibbs is a Markets. of follow-up from of Phil

Philip Gibbs

some shipments in drug, you AstraZeneca Look, that in the mentioned, Lokelma, there likely be 'XX I mentioned your revenue zirconium had script the business. in is and to you about think, going

about some you just feeling all the looking are for So behind and how timing it. context

Alok Maskara

good question. Yes. Phil,

we deliver much excited. because example business zirconium technology is our are that. our an to First, very does higher This value of add moving

sample about we that's excited at would for double-digit quite in are it. million a So The us, revenue probably away. I years expect long Where term, this is today look we but opportunity three half stage. as pre-production shipments second now, would right next this We're start quantities of second starting next of we expect year. doing but year to quantities half small at shipments type the and

Operator

comments. Doug the closing I Fox to will now return for call

Doug Fox

for Thank us morning. this joining you, everybody,

be Our earnings to will report we then, day quarter which have XXXX great call Thank fourth discuss you we Until GAAP. our will next and earnings, in U.S. soon. we'll in March, a where talk you. regularly scheduled will in

Operator

An call on will about Luxfer call. hours. fourth of ends numbers This access the Thank results. recording when conference Telephone us be two today. call quarter in regularly XXXX will company financial to for you will its this www.luxfer.com. discusses be joining the conference the website recording available be March available encore scheduled The next Luxfer at the in

Luxfer (LXFR) 4 Nov 182018 Q3 Earnings call transcript