LXFR - Earnings call transcript Q3 2019

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Operator

Good morning, my name is Dorothy, and I will be your conference operator today. Welcome to Luxfer's 2019 Third Quarter Earnings Conference Call. All lines have been placed on mute. After the speaker's remarks there will be a question-and-answer session.

Now I will turn the call over to Cassandra Stanford, Luxfer's Communication Specialist. begin. may you Cassandra,

Cassandra Stanford

Maskara, that Welcome at details we our to third us have third and Officer. is is Cassandra Dorothy. in Harding, and Please call. we Chief release press Today's our references on today. XXXX We're financials Stanford, Financial quarter Alok today me webcast happy you outlined today's to accessed this with Executive provide are the to issued you, by accompanied can Officer quarter note any Heather call, Luxfer's On presentation earnings reconciled I'm Chief will a the Thank all luxfer.com. appendix XXXX performance be presentation. yesterday. non-GAAP as of in with

statements Before to we X details. made are financial risks company's future of further begin refer subject results expected today's a the friendly to forward-looking uncertainties. any about Please and for Slide presentation reminder that

to the Now over let turn Alok. me call

Alok Maskara

Thank everyone. you, Cassandra. Welcome

third overview today call outlook remainder our During Please progress, of of and X a our the transformation turn for summary our I an performance. an the for year. provide an update on Slide planned to of quarter will performance,

financial U.S. segment our industrial of a were conditions in typically used our macro product SoluMag notably the Third reflection sales. was XXXX and quarter lower. impacted results which for Europe weak industrial Demand fracking in

record in this third the sales quarter had creating SoluMag quarter. for reminder tough XXXX we comps As a of

the as sales. unable impact $XX.X we were were lower gross lower lower XX.X%. Total rate one the excluding an storm-related weaker, unable of Currency our unprecedented the with also quickly the In Operating addition cash declined Because X.X% facilities. Czech headwind. XX% million created disruption caused flooding sales in sales sales to exchange we divestiture of our additional inventory non-core of temporary match Midwest graphic art to declined reductions. to cost margin a to at impact lower EBITDA was of as offset

We quarter implemented in aggressive the fourth have cash improve generation beyond. and plans to

to remains Our of in balance X.X times. sheet great debt with a EBITDA ratio net shape

capital to Our year-on-year points invested return on increased basis XXX XX.X%.

the we used During $X million our operating million $X.X cash fund restructuring was in expenses. outflow quarter, to as cash

cash working continue in be as response we expect to capital stronger QX our adjust lower to to generation sales. We

We to progress plan make to position transformation success. good for better continue long-term our on Luxfer

streamline As one footprint. to a strategic is our reminder, initiatives our of global

which the quarter, Riverside United our the the to and completed of second facilities transferring Nottingham, our United we cylinder successfully facilities of During States consolidation all this quarter in remaining was Kingdom, closed [ph] factory, year. from our France production

cost net at was other $X.X Our reduction in water Granite flooding graphic related and art inefficiencies for negatively the million, storm by our facility disruption quarter City, Illinois. was which impacted manufacturing

the these by end We fully and this our expect to efforts continuing overcome inefficiencies are of year. restoration

excellence transformation, we organic the expanded U.S. of is for growth $X which lean a Magtech decontamination creating recently form in our facility XXXX our undergo On will front, this operational order government a capacity also product, to for manufactured the in million for be That first growth. one secured from Cincinnati. required facility the the MIT

roll to out continue our well. as other We lean in facilities

to perspective environment on our I macro provide and Now, please the business. its X turn Slide on our will impact where

transportation, classified defense, be healthcare, Our current and equal industrial. response sales and can into approximately end markets; first three

from defense, first XX% end and QX, For of came market. response, healthcare our sales

short-term long-term with value end by this proposition customer revenue market activities. Both market driven remains outlook cycle, the that the in strong and a is growth, favorable. this for and consumables have replacement We macro stream

favorable replenishment conditions of XXXX. macro the a large XXXX, As market growth strong release because reminder, disaster of first had in this in to sales end half and due

this result XX.X%. sales XXXX a market declined year-to-date in As

have certification as sales, SCBA Protection Association customers. key impacted We have in declines seen in SCBA delays Fire National

we have In market consist came fire to auto. the XX% quarter our exit of buses, sales which and in transportation segment. Lastly, from margin extinguisher products trucks this started of end aerospace, this lower passenger fuel and alternative

recycling second auto end Czech that impact quarter was the reminder presented the this exclude a passenger serving the in divested was numbers here of divestiture. business market. As the The

performance auto challenging, catalyst, alternative the growth driven and passenger in While auto share Superformed remains macro outlook for and favorable. by and buses large is trucks OEM alternative fuel, environment Aerospace the gain fuel contract. largely XXXX a was

X.X%, grew sales European offset than sales decline year-to-date more XXXX, fuels passenger the for in alternative as Superformed For auto. strong

continue and provide negatively Finally, Europe. sales end impacted in market, XX% to the U.S. slowdown to based the both proposition our value industrial of the customers broad sales quarter by came strong where but been from in we industrial have

XXXX, year-to-date decline XX.X% an SoluMag decline industrial declined includes in and XX% industrial comps. faced which a sales in which For sales general total very sales, XX% tough

alloy X SoluMag will slide SoluMag strength to fracking magnesium turn in overview and is gas and developed dissolve for and oil making for tools after please specifically high Now, downhole soluble outlook. safely a proprietary that quickly Launched XXXX, use.

providers is value operations is frac operators. to for in our used delivers SoluMag and by frac and used fracking dissolvable service technical proposition significant differentiation and plugs a for premium used very in exhibits customers. applications. independent and balls to primarily perf product solution plug It strong This sleeve sliding

XXXX of product sales every year As more from doubled XXXX. a to result, the than the

versions for were in works we especially products also Basin. our fresh for that brackish suitable XXXX the in water fracking wells new Permian the a water, more Earlier version of launched and

working some lower XXXX, inventory inventory significant customer our customers in During sales. substantially key through product, resulted excess excess are of year-to-date has

penetration. in product are customers further investments difficult this many restricting impacting environment Additionally, cash

product. We proposition and confident be XXXX. by superiority technical of We of to destocking in the expect our remain the end complete value the

optimistic to are strategically success water of SoluMag on our coverage based will feedback. early the continuing new to increase achieve our We the that in product invest are penetration business product and customer and fresh commercial

remain we assumptions for our However, cautious planning with XXXX.

launched update We executing ago. enhancement X transformation productivity and and have completed strides in an simplification, Luxfer's our substantially on X progress. two Overall, for transformation years delivered have Phase focused to Slide culture on which Phase specifically Now please great II we turn was initiatives. made plan on

Phase have moved We and III, improvement. continuous growth which is also on focused into

Regarding cost deliver we on $X additional delivered in of the and million transformation in million savings benefits in are $X in $X to track million XXXX to plan, the savings XXXX.

further million forward million $XX expect costs to Going by XXXX. achieve million and we XXXX goal $X to reduction reduce our costs in of total by $X

of outflow On occurred side, our associated largest the is in in investment consolidation facility the the with and XXXX France. of cash

Overall, an attractive million continues plan to transformation have two-year million by We followed investment XXXX, expect $X to million another payback. to $X in $XX in $X XXXX. million the

Slide million a to Luxfer's savings strong SoluMag year a as turn for record but excess cost let's our we to drive deliver grew review in a occurred We sharp through line Now by demand $XX reversal inventory. exceptionally was saw long-term an X EBITDA top sales. XXXX, efforts through Luxfer. for work XXXX and of performance. In XXXX for customers

cost FX are significantly financial EBITDA, conditions, a past multi-phase investment go-to-market based enhancement organic XXXX commitment growth of in we net today a adjusted been growth headwind we all shareholders achievement two deliver Despite and we EPS, ROIC, to see than Given is are higher SoluMag SoluMag level. our metrics; for to sales sit current improved our earnings market This approach. of transformation from through will to where sales focus XXXX that is continue plan. on we over the though and lower innovation on to revenue, years. nurturing unrelenting expect due our has of Post our that expectations our adjusted lower XXXX key as pleased even the in and be XXXX benefits

to turn X in Slide a please we review investing of Now are future our for growth. how

talent. to seeds The transformation to three focus sustainable excellence, accelerate part that advantage. we meet our Luxfer driving areas innovative products end Delivering need commercial new continue are excellence, the increasing of of plant main our growth. Luxfer's part and building users As and innovation, long-term competitive is of business plan organic growth

disciplined have larger we business while of to fewer customers process focus excellence, that product deliver we that unmet new allows that introduction introduced ensuring by Luxfer's projects our driven a faster on more needs. new part are products As us

the changes at from to now introduced aim XXXX. above this approximately As by XXXX. in XX% to our a We is in increase years five number to of these compared XX% result revenues past XX% product new

As using make and and process part sales understand better of This driving Salesforce.com. global for our needs commercial have allowing sales standardized pricing. excellence, and digitized is to end user us we database our targeting decisions

to organic customer increase net In drive growth. and have retention started we score promoter addition, process using

Our current point improvement XX expect we this net XXXX. and XX% to by drive promoter to a score is score

sufficient to Building growth accelerate our growth is to important momentum planning. us very and for talent

improve To customer also which one operational new, the mindset core have de-layering have we We the growth appointing unit customers, steps, always including who first, service taken focused hired our more business leaders. the organization values. of put many to have to new talent lean is and our

me details let Luxfer's call over results. Officer our to the Now for Chief on Harding, Financial Heather turn financial

Heather Harding

Thank morning you Alok good and everyone.

for results. review financial of to a turn let's Slide our X Now

Third million quarter reported sales XX%. $XXX.X of declined

executing Despite substantial of divestiture total to sales the million adjusted transformation the fracking on year-to-date impact Superformed. SoluMag. was Consolidated lower XX.X%, was to from of at year. plans oil reductions. FX of the portion impacting delivered X.X% declined down recycling million for million. Czech the a continued $X.X lower quarter reductions the and decline, $X.X EBITDA versus gas impact A including the the $XX.X of Excluding sales cost our from X.X% activity company due volume brings million This impact or cost sales core negative $X.X of and the decline XX.X% and prior

net the in pricing For decreased basis cost by inflation, the due volume decline total SoluMag. XXX quarter, primarily higher to reductions FX, offset slightly and to mix. gross partially was Favorable XX.X% profit points unfavorable margin offset sales

declined results review In on XX. the let's segment, Elektron Now $XX.X million our XX.X%. segment sales Slide of Elektron

in XX.X%. recycling or and divested kits. the core million to Czech sales sales SoluMag The due chemical partial $XX.X offset is response $X.X XX.X%. growth eat declined meals $X.X Segment for decline with accounts primarily electron unfavorable ready decreased million, million from to declined Excluding FX, business of in and EBITDA which

associated as to $X was the maintenance. volume unprecedented decline at with higher For impact on Granite facility flooding sales City, impacted cost had from of lower Illinois, inefficiencies as products. reductions the SoluMag have downtime estimated lost was by margin the arts a million and by and offset well significantly repairs the quarter, graphic on which productivity, leverage storm-related our Unfortunately, net we in progress the

including on execution aluminum results in by lower cylinders cost the reduction Now is X.X% and on year-over-year to quarter Despite segment due million remained the sales fuel alternative the The continued Net Cylinder let's for FX. sales offset review decline at growth million. segment $XX.X by EBITDA declined decline cylinders. the a third unfavorable Slide team sales adjusted industrial volume cylinders Superform Cylinders Gas offset volume Strong delivered stable to XX.X% gas initiatives XX. impact impact. lower FX unfavorable partially the $X.X decline, and Gas

let's third end of year Slide sheet balance Net Now for go ago. review at debt to a million totaled the from an a of cash $XX.X $XX.X metrics. flow our million XX, key and the increased quarter,

As cash expected, quarter. during million our the of $X restructuring consumed activities approximately

year As the approximately restructuring of a reminder, million. costs half $XX first for the were

We expect cash. forecasting million quarter in the are spend to costs lower much of restructuring approximately full-year a amount $XX and fourth in

cost million. to are million $X savings be expected As XXXX Alok $X to mentioned,

activities Resulting net financing cash $X.X outflow million. was before

decline. quickly unable as line as spending restructuring working substantially the our were the expectations, with we While to was volume capital in quarterly manage

can You in was the XXXX. that end same our up at period quarter of working million see $X.X from capital the the

have in quarter. fourth put initiatives generation in to place improve deliver We and cash capital the already working

XX we $XX range, Despite to to a expect the earnings impacting challenges finish timing million capitals, ROIC prior net strong delivered represents to year a from net XX.X%. a X.X% of level with million This debt equating basis our a we the X.X trailing year. from on times. such EBITDA working $XX improvement debt As of to adjusted the in month the

guidance. an Slide annual And for XX now on update our to on

and This expectation of We are we $X.XX $X.XX range dynamic gas versus to and XXXX a $X.XX. markets. remain the projecting oil of given has macro within year $X.XX the adjusted cautious been prior to demand industrial challenging a on EPS speed For now environment of in change.

industrial destocking noticing broadly, many the to our SoluMag of through are more of experiencing weaker large the week -- trends. many customers expect pointing of to as order the softness and continue We of we're our year sentiment end

secular into and performance. continued in strong remains the sales solid Defense we expect should applications support growth transportation, aerospace resilient remain continued trend so Superform Within softness sales.

our to Wrightbus European expect impact we sale recent alternative negative addition, and on In short-term customer fuel cylinder the have of bankruptcy a our sales.

Now Alok. turn to call the let back over me

Alok Maskara

Lisa past Board we Elliott, have Chief driving members public brought experience Chair corporate added Officer, Deloitte Technologies. CEO of Along added All slide transformation meaningful Board have Lisa of Directors, Board Allisha current partner Trimberger, complete. Thank September, XX talent. the our is Independent to has new and you, Sensata company to since as Heather. months completion Please Dick additional I'm simplification a report the CEO. now the in the took from addition retired experience. vision turn growth Board marked long-term and to have been over of changes includes and that Improving I happy with our Human The Luxfer & mine focus rejuvenation XXXX, governance to Trimberger, relevant These our adding significant Touche support Materion Retired also process. in XX. Hipple, of which two U.S. of Resources

new have updated best our also or policies meets to practices have our but and for company. talent, instituted only listed and Not ensure we exceeds we governance added Luxfer NYSE Board current

Finally, compared has modified vote management XXXX interest. Meeting XXXX. in in General XX.X% to management compensation to shareholder positive changes in align resulted the These securing with approval XX.X% a been Annual shareholder

Now opportunity turn a slide for XX summary long-term the to Luxfer. let us of at

management opportunity While has that choppy to at the remains navigate impacted environment our challenging long-term Luxfer. performance, and team our we our XXXX continue macro and confident Board the in

end While longer market now may to comfort market comps no uncertain the and fact the and less fracking of to U.S. relief our industrial market is sales. stable the disaster difficult, we revenues. end difficult fracking than exposure we remains outlook defense and take end the our X% XXXX that remain in The related remains face XXXX

the with pleased contracts MIT-product. also award government of are decontamination the for We recent U.S. the

next transformation savings $XX be to less. savings. to years have is of majority mind cash expenses and as the spend an pay the delivered two we restructuring to additional XXXX total efforts Our cost the our cost in $XX Keep relatively cash future continue our of is off in in savings still million in and and part cost over that achieve million

our conversion sheet to future deliver additional balance and flexibility value remains shareholders. us to providing Our capabilities cash strong

up. Now please turn wrap slide to XX for a

me Let that we niche and recapping up technology. wrap serve proprietary markets with end products attractive by

I the hard plenty generate tool for continuous around kit creation we complete, few will to After impact transformation to plan drive improvement employees Our our in putting growth by first. our deploying has meaningful to Luxfer plan thank of for next delivered the standard the runway Thank always for more value for business positive the plan and and customer work making our productivities. transformation results continue want years. is the on you shareholder listening. still transformation world and in all have progress Excellence

We will now take questions.

Operator

[Operator Instructions].

comes question with first of line Moore Your from Chris the CJS Securities.

Chris Moore

morning good Hey, guys.

Heather Harding

morning Chris. Good

Alok Maskara

Chris. morning Good

Chris Moore

just SoluMag moment. stay maybe a morning. Yeah, Good with for

XXXX for be addressable fiscal in So what potential could SoluMag? can the you be estimate may market

Alok Maskara

And past the range small market that. high. a share number have have in years, small you is hold $XXX about the and estimated to we be In $XXX penetration know, addressable I to Chris, that addressable pretty the to market approximately going still and true. as we think million million remains

I I'm As I not and we increasing products. the we soluble of majority market products sure looking but what are covered penetration at think... of by question, the answered is look at your is the non-soluble that

Chris Moore

Yeah Alok, that's helpful.

allowing those talked product to them? You independent you new in of new and with the about it customers, the presentation, and operators is availability you partners opportunity kind similar are that's

Alok Maskara

Yeah.

ones -- of activity and more the usage products, kind thing water allows as player conversations focused is. to providers. our taken year. But are are this current the it with sales is it kind having But which of versus product and generation customers more the pieces. as independent new So a remain cash the cash who larger we customers, which they given smaller Balkans big was Permian more situation in the the smaller crunch have or you older where the market are faced remained similar the brackish state of is where the Basin, lot in well about used independent one better of current of our are and the time ones is to be same know, were they have the situation They difficult at

Chris Moore

it. Got

In of can specific you any examples the terms new that fewer focus better Is you can fit. or are give larger that areas product it like sounds a there is development, about? on that talk products

Alok Maskara

Sure.

which is type and into we In put new together system capability count the a to of we addition a which cylinder new do essentially fuel to it of new earlier, which highlighted part the as alternative is also product. bus

because in is we as then well. talked optimistic have as about course, and for And would more opportunity innovation. we've a newer the regulations catalyst that as rejuvenated on one been continued the would has Particularly also that exciting the that automotive get our on and we used year particulate industrial secured, like zirconium Magtech as environment product second filtration tighter. I new lastly, The side, products zirconium essentially coating decontamination in a have would well. The line us new are next about for that I emission order the highlight that about zirconium with opportunity gas that side and in and MIT the talked growth of we on also be exciting highlight macro side. that's side I remains orders that's which growth another and favored us are growth

Chris Moore

next to X% helpful. XX% had of historically, in it, Last growth question, about EPS just of the over years. Got we couple talked terms

the in or little catch-up some SoluMag is going The is difficult a be that there a could not question is terms of of in it's fiscal there other that? to are happen. happen, in So that what mix things could bit a on do what's resurgence obviously to that XXXX, would the have possibility XXXX dependent year, in

Alok Maskara

situation. depends than You individual I macro more on the think any know, probably on

do of value phasing X% we less As to new we expanding revenues XXXX trade uncertainty macro external said, because overall Internally, looking the the mentioned today's and our does the ISM and we outlook. honestly cost as where But as able lead mind proposition it's where SoluMag just deliver as beyond the deliver be answer in any can SoluMag now. my there. would than environment capability The on remain products, in you to all to its savings, in confident to concrete we situation to. us go, need as the wars is of imagine, to our confident But remain well. geographically in continue hard give a financial to you

Chris Moore

jump it line. appreciate I'll back I Understood, guys. in

Operator

Your of Capital. next comes Michael question from the with Leshock KeyBanc line

Michael Leshock

Alok good Hey, morning. and Heather,

Alok Maskara

Good morning, Michael.

Heather Harding

Good morning.

Michael Leshock

to an order the being in wanted they the were just on will be update XQ pushed of business into first into deferrals. pushed How seen So back given and -- I get the versus XXXX? with much timing orders SCBA those

Alok Maskara

look and, two you there's take mean, some back. of own delays so quarters definitely customers earnings think at orders to I next come those to Michael, their three if our and we call core the

are any they think lost don't I standard. So by

But and good some quite in QX very probably would orders a mean is it's standards approval far. in going XXXX. this be, the of some to delayed business Some are and

Michael Leshock

magnitude talk seen Europe? compares at impact about GM the broader you've the the recent that the just and China then your slowdown of the from the of impact this on looking business. more and that impact you've seen how Could in from strike auto to and from you Okay,

Alok Maskara

the again the declined us. that's auto The not and impact been of have slowdown European is have Superform the are made That's us. the to is China share that's given huge area, from there have also in has the European pricing larger and of impact been GM for we where sales bit market we we gaining is negligible a But Yeah, slowdown of there only so catalyst. minimal the strong in moves since we've And that slowdown impact. reflective strike a of some less impact that very there. had an

back auto from significantly has probably the as sales us softened which for you for past would I the environment few So, come impact largest quarters. European and know say the macro is luxury

Michael Leshock

acute, just XQ impact then the quarter-over-quarter thing be think And is it. results at the you most? as will one expect implied there guidance, downside look that the you where I Got do to most

Alok Maskara

always remain we quarters exceptionals one results seasonality kind any weak of for on thing kind the we I there that's is that. of QX bit our look call. Wrightbus of we at of us, where we is of a additional the forward, been mentioned out the bankruptcy expect those from should guess one is strip Well, of kind diffused But for alternate point if some SoluMag, is probably years out many decline. around one which QX portion and as impacted of factors going QX what because our customers would conference the sale Where is impact be that of of Heather her same, of Industrial/ISM which some in think in I

Michael Leshock

then lastly flooding. the and Granite just City facility Okay on

you not, think you expect and you to back? the order end pushed backlog you flooding of have late by reduce far recover year. to how this been you facility the at has able if that the I said Have

Alok Maskara

made progress did where consolidated This we which and in The QX had from is had reported is that happened of we early push reminder production in we a us flooding Ohio. all facticius back. and true. Findlay, And that good QX

gone continue back about freight, QX in inefficiencies, QX. our it that serving including labor including down air feel while good but backlog order scrap. the hours, customers, causing late the We higher including in some So to up do is higher went ability

our the right order year end customers late the backlog it's expect I to go would the maintain order continue of levels. to by down So normal not able those and inefficiencies. the We're are to now. but good normal

Michael Leshock

thanks. Alright,

Operator

Instructions]. [Operator

of line Your next the from comes Sherbetchyan question FBR. with Sarkis B. Riley

Sarkis Sherbetchyan

Heather morning, and Alok. my Thanks Good for taking question.

Alok Maskara

Hi, Sarkis.

Heather Harding

Good morning.

Sarkis Sherbetchyan

drivers the kind level, from any regards help the of by impact it's whether SoluMag to off to it bulk wanted just sounds of like the in kind was margin So of other level, of the can other on understand? start business, components gross the driven you margin first me

Heather Harding

impact was gross to so margin was significant. our single it largest Right, I as and SoluMag mentioned, the

may for quarter in XXXX, QX that recall SoluMag You largest last was sales. year the

the other and we've year impact quarter some largest some normal hit -- challenges margin the that is mentioned large so all largest at that there the was this prior wasn't perspective, by just had So is basis. the we were that the a products had impacted quarter-over-quarter year is -- SoluMag versus deterioration But from volume would item. There of a that -- as this the single margin. largest item that gross single

Sarkis Sherbetchyan

Understood and changed margin correct? so, regards is the else of profile to in kind that mix nothing product really

Heather Harding

of than little call really note, Not of that divest Czech the perspective. But so -- bit business an of changed nothing substantial that Republic we product have impact. out, a would and any did magnesium from obviously mix a recycling had we other else

Sarkis Sherbetchyan

tremendous I quarter? kind think look both just Okay, there the level is and understood kind improvement. about is sequentially SG&A line, this unusual basis here, I year-on-year I think anything to on right if guess, at go-forward a of And or it. the that

Heather Harding

Certainly, pulling forward our environment and as faced, some the cost been the cost efforts have we at current we reduction working programs light challenges any accelerating of talked so fixed on in about sizing we've of right and been looking that we macro base. have

we're that deliver all to isn't to that levers consider to to, say there this So where can we I the profitability. could something forward, enhanced of nothing is pulling that point going note

Alok Maskara

SG&A year to be. management, given in keep And the one is bonuses going year that, could see where performance if the for on the to I was of this good the things add not is and management that mind is Sarkis, to bonuses. Last you

So continued that's difference part value. when you align at shareholder of our with year-over-year. management That's one look to effort compensation

Sarkis Sherbetchyan

kind to R&D mentioned a R&D that. previous kind had of more guys And what that level regards you of us think in the in -- see and today? and give for it, can sense about you'd line, strategic or to you we for I like obviously increase the comments to perhaps to increase kind R&D of be magnitude relative Thanks

Alok Maskara

I as revenue Sure, R&D. so a of our where right are we we And look huge don't in it'd to make difference or about at line and, Sarkis, financials. think total we bottom X% are,

to about to you necessary us would products. our talked have drive like roughly XX% new next cycle I year years, that X% We that's X% to to X%. from up revenue can take closer it roughly four -- go like, it the from of mean, over five or investment think five and of that's we to for to as

Sarkis Sherbetchyan

yeah, relative spend that attempting. it, that's efficient in back to it effort pretty certainly so the you're seems queue. Got from in the Good, hop I'll all me,

Operator

And the further to Stanfield, back questions no call there Stanford, Cassandra will I'm I are over time, for at sorry, this turn closing remarks.

Cassandra Stanford

Luxfer. joining Thank you continued in for us today, and interest for your

Operator

for you you lines. and and today's call. that your please thank disconnect participation conference your conclude We ask ladies gentlemen. you does Thank That

Luxfer (LXFR) 1 Nov 192019 Q3 Earnings call transcript