LXFR - Earnings call transcript Q3 2021

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Operator

Good morning. My name is Emma, and I'll be your conference operator today. Welcome to Luxfer 2021 Third Quarter Earnings Call Conference. All lines have been placed on mute. After the speakers’ remarks, there will be a question-and-answer session.

call Heather the Luxfer. turn I’ll over from to Now Heather, ahead. please go

Heather Harding

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

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

turn Now, let the Alok. me to over call

Alok Maskara

Heather, everyone. welcome Thanks and

to the dive issues our secure who team, manufacturing disruptions. my our express to also chain gratitude unprecedented supply to global ongoing supply the diligently I their want customers to want chain. patience difficult as talent to during results, impacting Luxfer I Before to and needed to the material the output pandemic multiple the races work the during to continued overcome thank times for I these increase support and Luxfer team into

page. our highlight key I to to turn four third highlights Slide this quarter on please X, results. from Now, for messages want

was SCI by across the added third to acquisition, our sales. solid growth contributions First, we end as quarter in our delivered strong XX.X% which XX.X% from sales demand aided markets year-over-year

global though of FX to to were unable into chain even convert we and achieved constraints. Excluding growth, sales, the strong the due demand supply organic fully we volume X.X% acquisition, impact

debt-to-EBITDA a ratio good buyback. and returned We've share of this shareholders balance over cash quarter maintained to X.X $X.X dividends net strong and sheet Second, through we a million times. free generated with quarter this

thoughtful continuing automation will growth shareholder in disciplined approach our in increase projects invest returns. acquisitions to while We and remain and to to

to continue completion progress end milestone divestiture. Luxfer’s our attractive our an portfolio UK the is This as the portfolio of differentiated strategic Superform technology with important we we Third, reshaping markets. make align in towards and

term. Finally, Slide were lower we pressures face QX about margins inflationary the extra X QX inflation to disruptions. to confident medium and the remain EBITDA rapid a chain and chain was turn and flat summary manufacturing for the combat offsetting in Please our costs supply of challenges. incurred We the in as supply current

many we supply like other manufacturing are to our chain constraining satisfy customers. the from challenges our facing high are level Just ability demand of companies, that fully

declared and adjust The several our locations key critical to temporarily have shifts This raw force side, response, to availability. products resources. to certain In production and suppliers starting us labor raw while while accepting our many impact production. recruiting continues up for the others new On delayed have three months, materials. during stop has customers us orders supply past the the many material majeure delivery of of ramp doubled to and labor our suppliers alternate increased rates causing the wages manufacturing match reduce aggressively shortage we forced

many and are prices. rapidly to costs high with transportation working cases, availability remains freight freight demand manufacturing customers. recruiting as to and zirconium Freight output and increased carbon facing our team price we magnesium, and delays. such providers aggressively increase of cost challenging levels Our especially international for in transportation, we and reduce retention critical raw to our are ramping satisfy aluminum surcharges is of up from further The efforts freight materials have elevated fiber, fully goods and have implemented the record

are, is by remind confident Please application relationships good natural of us alternative of air future everyone hydrogen contracts of localized is remain cases, medium unprecedented growing fuel them for storing wanted peers Luxfer recent for on from growth for supply price China. maintaining suppliers and price better I to to offer initiative. an leading that are inflation. period Sales our have modules. line our three solutions an levels. compressed the In in to customers and transportation. one, therefore, Slide We this positioned gain more product systems; and is important hike would focus heavy duty to to I of line X highlight The temporary chain type two, margins output And product bus our are long-term fast our supply fuel we gas like update three many for chain high by solution vehicles; all transportation hydrogen our that gas composite to and bulk and the gas understand alternative working during cylinders jointly bulk offsetting share our we rapidly. secure and fuel and our caused Alternative supply for three, solutions are with global different appropriate and than growing disruptions. of with and transporting today, strategically cylinders, and gas cylinders. pressure is We changes a a turn of

is left the or point solar the the X, the for buses. such bulk wind farm to of hydrogen production required station electric as as hydrogen hydrogen of on point gas transportation a of use As move to schematic refueling shown public efficiently a such on from Page

chain lower user the gas hydrogen hydrogen technology Our using evolving Luxfer and solutions filling significant advantages, adoption supply such proprietary transportation bulk supports operator provides clean capacity with the customer of and as filling trailer. the higher End energy. solution temperature critical shows per a in time, gap higher hydrogen

in in enhance customers. investing better expansion to capacity We value our our and innovation to serve are proposition localized

remain zero-carbon hence the capturing transportation ahead towards growth the are hydrogen green We to lines. alternative leaders practical partner confident product fuel to we transition for industry in and excited accelerate opportunities with a proven solutions summary, In our other this for commercialize economy.

financials. Now let for me the third to our quarter of over turn call Heather details

Heather Harding

on I'll market. current Slide the review summary performance the of our quarter start end with Thanks Alok. user by X

Now, increased three as third key sales which the is defense, third response the combination alternative positively be with markets, of which XX.X% aerospace grew Sales industrial. and lower transportation, first X.X% sales acquisition versus into reminder, by a market, user first defense, performance relief for impacted and SCI disaster and saw strong fuel and end end in SCBA our military partially healthcare The of transportation recent market. increased sales of products, In magnesium year. a healthcare, products. tempered last classified quarter were the and and can automotive this quarter demand powders same We quarter. in for the general response replenishment

industrial In Sales growth gasoline solid general in this of product we to market the X% adoption quarter particulate with auto relative end-market market addition, strong in our catalyst in growing year. recovery the products, generated wider the within the driven categories filtration. and increased by driven recovery end-user most industry by prior

a please P&L Now summary to for turn results. Slide of our quarter third X

acquisition year, million quarter growth. of from in transportation largely XX.X% growth X.X%. with The $X.X EBITDA $XX.X were rising of fully Third inflationary quarter to favorable third increased despite acquisition and million sales XX.X% X.X% the increased of strong FX SCI by industrial added was driven of prior SCI inflation. impacts products. from offset Organic short-term, of for the year pressures. the unable sales $XX.X our the and contribution the prior Consolidated slightly of adjusted we In quarter million or

business mix confident We a remain the our and XXXX quarter, delivered macro as cost with stronger we as impacted Luxfer. performance business expected cylinder expected by in recover in prioritize we over solid in our segment were However, unprofitable. the Margins the gas in our margins capturing remains but anticipate still ability flat electron than revenues Overall, and recently margins sales. SCI The between serving long-term. environment, and also customers. making achieve anticipated acquired beyond tough negatively accretive we synergies to the to business cost base

earlier. million increased over a we million Electron Volumes unable fully the product EBITDA the industrial military magnesium from to productivity million due we from improvements. supply XX% essentially sales with and sales in volume to sales chain $XX.X at acquisition. in recovered of offset as mentioned look including $XX.X for auto satisfy constraints net and $X.X year flat let’s on sales. million, results lower by were sales catalyst some prior Slide segment the Gas on price product to grew impacts lines FX offset flat demand segment customer mix to $X.X by and products X. decline XX.X% SCI were Now Cylinder the to due

from declined SCI. and demand for due strong In products. $X.X addition, primarily industrial we prior EBITDA SCBA cylinders million of specialty to year saw the

the metrics sheet position of our Now on net our maintained strong Slide X. sheet million flow ratio X.Xx. let’s balance We review $XX.X EBITDA in net debt improved our quarter, a leading to to key to debt cash and balance

Third an quarter is improvement XX.X%. over or of year’s which operating finished the capital $XX.X working sales, million XX.X% at prior

we adjusted we an in million We half capital based the range flow free of And the cash free delivered a trailing third million. year-to-date to our focus quarter, continued $X.X also operating on to of earnings. sales. ROIC of the continue basis, first XX% in year, After flow strong month working to total on target $XX.X of bringing cash XX generation cash XX% flow XX% a our generating

of We’re arrangement positive new to million and liquidity the flow. more also facilities placement $XXX our $XX strength with a also private finalizing ample will facility million revolving sheet. with the will long-term along continue accordion. The opportunities our accurately better shelf with fund cash we new credit five-year growth generate a conditions of balance as provide include that arrangement $XX agreement our million terms These reflect to renewal free a

allocation priority review XX. Slide on let’s capital our Now

priorities allocation capital Our remain unchanged.

create to pursuing returning $X.X to total supplement maintained we our shares of In while strategic expect totalling and quarterly shareholders. $X.X million value quarter, acquisition of $X.X growth. organic third our repurchased dividend internal bolt-on million, execution, million a the We through to

XXXX Slide XX. to like review I’d updated Now our on guidance

range performance, communicated our our we of full year range $X.XX. guidance year-to-date compared $X.XX to to the $X.XX previously to have Given $X.XX narrowed to

confident our material positioned for navigate disruptions year, the labor initiatives conversion We we’ll targeting shortages to and this full While year successfully ability and cash rate given ongoing be management supply cautious XXX% book cash on capture through previously the the remain as excluding our recovery healthy, continue execution our challenges, order remains flow restructuring. remain in discussed, free growth. to well we

a I’ll the turn wrap-up. Alok for call over Now to back

Alok Maskara

Heather. Thanks,

up, Luxfer year summary of for XX. Before wrap I wanted in Slide provide the opportunity on the coming I to a

supply increasing As and and a and we concern of do it chain the look rising XXXX, we enter onto constraints. uncertainty forward fourth sense of XXXX, cost regarding with quarter growing pressures

more our we and time recent However, any history. in other than are stronger at resilient today

with new operations our technology Our to and and are in growth we aligned products. growth drivers in continue are secular innovation investing sustainable

us We customer a these first focus to guide through challenging have times.

XXXX, growth. prices, the into and are level macro which support of will Going our the including we robust demand by level encouraged environment, energy

We a pursue shareholders, enhance differentiated be user continue XXXX any to strong growth in accelerate is growth maturities, a strategy ongoing acquisition fuel us as enabling cash we’ll expected new is debt alternative capital to near-term working value. in as addition, opportunities. defense also balance inorganic end will product have our which and organic bolt-on that In sheet, investing growth to and we shareholder will from and synergistic built while by to have segment. driven flexible And UGRE, and deployment return investment such our don’t the in

of While beginning the XXXX heading in are direction. the I be that confident challenging, am right will likely we

recap Now, of Luxfer a value please XX proposition. turn to Slide for

strong a foundation built for success. have We long-term

structure bringing We our lowering line. our have footprint, quantifiable transformed savings business the by operational the to cost bottom and optimizing

add value. our We markets technologies have our focusing portfolio, reshaped proprietary where on the greatest

thank culture, winning of you to and the pandemic we world Thank all our continuing activities, acquisition In during us operating ahead during guide establishing excel bolt-on days have us. the to employees daily in and short, the in global for current our a that business customers organization. first, to around creating our especially again, part the disruptions. put the every our facilities processes are Once our our are flexibility best opportunities. want listening. for pursue of And to reinvest supply We I enabling safely chain financial

will now take questions. We

Operator

our first of CJS Moore We’ll from take Instructions] Chris [Operator Securities. question

Chris Moore

Hey, good of couple taking, Thanks for morning. a questions.

Alok Maskara

Good morning, Chris.

Chris Moore

morning. Good

Heather Harding

Good morning, Chris.

Chris Moore

morning. Good

like waters for what a kind ramp new of and for accepting looks your halted landscape you often that mentioned had You the there. new certain customers those and competitive that suppliers little more you Could really specific be while products? bit on products, products maybe

Alok Maskara

So everybody being and the let competitive shortages landscape. me start with I in mean, by a are landscape. these competitive felt constraints

going situations. that start-ups not are into broadly one to we the talked So facing material are be These about. the only I raw core these

has about zirconium-based fiber few magnesium we are our the also short majeure materials supplier magnesium a of in has force articles had quite very magnesium highlighted these of declared that the mines. one carbon So majeure Since about supplier – our QX, there’s force supply. in then in Chris, with shortage a and been then starting China. in And province been the one

in cases have we So all relationship. good

time, We to products just new we disappoint customers, don’t are but same so customers get are that current specific we take and unable new anybody. managing satisfy to at to the orders

serving So our we current customers. and have systems had to more prioritize allocation-based

Chris Moore

Hydrogen. plus you talked players million the by There’s appreciate in this I hydrogen it. potentially few a that. $XXX opportunity, bulk space. XXXX. slide, Got gas only the reaching about market transportation in The teamed market Could more know in market that expectation a it in share of be up I a you’ve that? XXXX? with third terms be What’s Could reasonable than of Octopus yours?

Alok Maskara

in to mean, new the about range. be we But faster. to better say right fast XX% Chris, I value a market where and are They companies to take a is especially period been other excited a time, is XX% have filled I a focusing we good proposition, of market given XX% it’s mean, are – learned range, to maybe can I a can on value be background. we to XX% also lot market, overall a provide it. our proposition the evolving P&G numbers temperature can cylinders unique long you customers. are But share lot that our I probably our higher looking would think from this is here, like, say our What the proven. be in for very at there’s but in There it’s shares would our assumption. perspective, right market I a very but

Chris Moore

Last me. from it, Got appreciate. one

Just maybe natural in and a crisis oil much SoluMag outlook steep for how improving. between lag there gas a sure is the increase little bit not on more the given prices, I’m of demand and

there. Just to kind of updated any us

Alok Maskara

is for million spike activity range now, the pretty are and of is prices it long going maybe SoluMag question $XX looking But good well. clearly kind as good is for mean, and product over Sure. zirconium are oil of oil is of and oil given and – And it to about I up. doing how a our $XX feeling it’s our better these SoluMag. good $XX recent for like including lines, that the many and the than in it’s picking of line over year’s are be definitely we high-end that range, million price $XX from year higher at have to expected going range, say the $X what But $X still to a we least last this million million sustain? would definitely it we communicated than Yes, perspective. be to little be might previously yeah, to it’s including

Chris Moore

in Got line. back you. I’ll it. Thank jump

Alok Maskara

Thanks, Chris.

Operator

Craig Capital Partners. next comes from ROTH question Irwin Our with

Craig Irwin

difficult strong in Hi. say I Alok, Good environment. morning congratulations and a macro should quarter on a

Alok Maskara

Craig. Thanks,

Craig Irwin

The biggest thoroughly, chain around it of looks question the to supply well this you’re The success addressed magnesium. quarter. positioned issues, right? you particularly like continue And

strong ideas new question companies talked look to increases the with second the ability have question we to big that as costs, for when for they So is portfolios for price. this investors environment, pass-through their a

you that a really about of you’re last customers to What that environment? pass-through level the any costs of having maybe market. level have should will consistent for I costs? that the over there little you your through consistently necessity and Luxfer years. of increased gives pricing maintain comfort price pricing focused portfolio positive So increased profitability about your bit be pass-through that is on this with appropriately know you’ve you able the to on of conversations positioning concerns well Are Can points couple talk that had Luxfer the any in sort fairly maybe a things of confidence been And execute or actions?

Alok Maskara

us, lot to always versus within that a we topic that attention a investors. offset we XX day timeframe. about a clearly got customers, inflation mean, cost I our able have of Craig, talked Historically, on our are

were quarter do we to you notice will that. unable This

freight magnesium a cost the in Xx of or a Xx Some short of increases of and were in time. factor period

days, material, some pass-through I or which think still to facing cost XXX back us. cases by extent within to riders based base, is confidence not and also of inflation inflationary are but going raw our which whether magnesium, on cases directions, quite we’ll pressures offsetting have we a be all fiber and I or able that mean, original might to customer just that’s driven philosophy And from in pressure and contracts from very days or confident carbon prices. that our true. holds XX it aluminum few is

So we are confident. very

it, that like how was, This we of quarter in on do delay especially steep some increases the couldn’t magnesium. places based but

Craig Irwin

question next Understood, SCI. about understood. is My

million $X.X original gain So, working it’s fantastic really in about to bit of what’s product product market? offer I this expectations mean, tracking would Obviously is little Is Any a versus continues strength. with Can it contribution. can there? well end you the and great. production? a very maybe availability be is others given are color this you the the issues having Is talk that portfolio?

Alok Maskara

Sure.

I I in here valuable. it’s been expertise. the and mentioned think lean you very lean clearly customers our brought And comments. mean, Heather in and discipline it. that in has focused. better from customer with Support more brought than excited our better availability her are is expected. right. the about We We are

rapidly work setup some some first customers we integration got have it’s done, here have like also And focus we even SAP good with has of product. There on clearly market gas. established natural know, is yes, you been helped. set, has a payments product our base. them and system as of good terms the business, well. In putting some very it the hydrogen our putting the In growing as That’s along

are So different you our options I to mentioned, the of technology. we factors it’s those out capabilities giving different customer about more the all production and think excited spread with between

Craig Irwin

we you’ve adoption? the product little now you I your on still your we automotive question, growth will bit uptake innings the have that new it product, the And if that for quarters. it? space. Can revenue the there? customers your catalysts sit And Then in talked calls, sort are us update technology it’s very customers? On selected the of in the Or that may. you. the filtration use about previous Thank customers where early and last with implementing drives for with next Are the few a those

Alok Maskara

filtration gasoline product that is last Craig, Yes. launched quite year the well. particulate doing we

innings in called We are as still early it. the you

what’s Some very than A happening from of adoption the is call in the are early it lot and we what did reason the overall volume lower stages. order perspective this in have perspective, penetration not given customers of would and pleased we we in anticipated. are facing chip are automotive their call our out earnings shortages But is market. hence and we

the five internal that confident go are for to Luxfer offset content years. in decline for three next the up than vehicle and per combustion more any the engine We will

Craig Irwin

again congratulations back the Well, queue. I’ll Excellent. in the quarter. on hop Thanks.

Alok Maskara

Craig. Thanks,

Operator

go Riley with Sarkis B. Sherbetchyan Securities. We’ll to next

Sarkis Sherbetchyan

taking for question you here. thank and morning Good Hi. my

Alok Maskara

Sarkis. morning, Good

Sarkis Sherbetchyan

here increasing of press mentioned working maintain read-through capital release to essentially – Is mentioned Are inventory you to secure can? levels. the kind kind there? supplies wherever that of service you the you adjusting temporarily Alok,

Alok Maskara

that? you to want take do Heather,

Heather Harding

these with yes, Alok our key some But we and customers capital, range the working well certainly a within our Yes. Good have set performance the mentioned, we ourselves still lot raw of we’re Certainly level happy XX% morning, XX%. increased this that in cases on that first it’s in we’ve to input of for have material Sarkis. area. prioritized

to applications. the where And availability sure some and raw increases critical that have so we in we inventory been instances implementing in make materials there have are key conserve these customers level,

Sarkis Sherbetchyan

capital some I are chain sense. my you would in the thoughts periods? unrelated would some key makes your on that? That the forward, Yes. this What to continue think sheet materials around allocation question that deserve that future of balance guess event going a in of these larger broader supply these be hiccups

Alok Maskara

sources to Sure, majority I’ll be a local. raw tend – We Canada, would one, Sarkis, I be not U.S. take aluminum structural magnesium to a say there's in going for no, buy that of in change from Sarkis. U.S. our material

XX% the So most extended cases, operating working we availability. driven be temporary earlier and half time spike delays in and freight the XX% to second next long-term But things a normal Heather's back a I inventory by do the And percentage of stick capital of year. to in there'll to just by sale. of to affordable we comment, do think just because lead as returning

Sarkis Sherbetchyan

very speak helpful. the I offsetting medium the was long-term. pricing That And inflation to in actions to you noticed,

what I can also think would helpful put you timeline a maybe be well, if is for that.

think XXX it's up I days. typically day typically defend to able might you this be earn? you're to at least, starts you're do think current catch a pricing what to in able experiencing that guess to cycle I extend inflation environment, to mentioned you the when XX

Alok Maskara

Sure.

a I already now, we So right quite few practicing changes. done think have

materials some is to to don't If expectation of LME, like do allows it's I is, spiking, end In aluminum, reached continue in catch stable based it changes. think should at going early, recently. of for And some Even do have inflation. down, environment implement our it changes we cases by in and late. be of right caught pricing up, cases, seemed what hope more some we QX, freight, versus end Sarkis. the cases QX which significant on by QX. have We So on we magnesium to on to we up done the price example, surcharges contract end to have

Sarkis Sherbetchyan

one digitization. you And in helpful. investments and call out final I Very had, that automation the I accelerating think

Obviously, of digitization of spend the on any automation, around anticipate What any in or I I've there question kind the few manufacturing and how labor tried accelerating think like quickly more levels the would the floor. thoughts shortage you area, kind incrementals helpful. be would be different this improving that to ask color is very calls. this in might a be

Alok Maskara

Sure.

that's delayed, incrementals, we orders little about of so look So the and the we we shortage were year CapEx. Sarkis, In are those is range even low our a at, million think be many the still perspective, would I it the think this have baked. from a talked will CapEx two running same $XX being supply to given But automation million because bit I chip with and issues. stick $XX in a chain

On I the years. we are about take overall goal we the years five over is to R&D spend, three right higher a of X%. that will at now. to mean, from And called our next number five two, be

So in but growing projects to that are on see growth small our big A lot towards redeploying and of not that are not businesses no you be increase going are and Luxfer, incremental delivering working our and resources, with businesses about can this numbers. are longer is automation more from a good way these value. that, that

couldn't XX would equipment CapEx to sales we than remain the because many lower XX, ordered. So higher of going to the artificially as about we just the this that get be year

Sarkis Sherbetchyan

That's me. you. That's very helpful. Thank for all

Alok Maskara

Thanks Sarkis.

Operator

Gibbs go next to KeyBanc Capital. with We'll Phil

Alok Maskara

Good morning, Phil.

Phil Gibbs

Hey, good morning.

Heather Harding

Phil. Good morning,

Phil Gibbs

suppliers you well. on regions versus pricing magnesium challenges more but look a both of the will price as have magnesium force that spot the things Do your certainly is spot recent mentioned price or majeure material? source China and in spiked raw subdue nature magnesium that temper for potential contracts, side, weeks. fixed contracts the cap that momentum there you I with mean, I So you increases? in are locally have you Do in

Alok Maskara

We do, Phil.

sure customers and magnesium, now think is right So focus biggest I think I if serve we our that can availability making demand. about

defense previously large As do disclosed back to contracts for pricing. with typically have we back

the are terms right like take in inflation facing that price So now. of risk from away we

landed So we for that's doing. contracts, defense large up what

magnesium, least are but contracts a not long, long as typically that’s commercial year more For at our type contract. still

a price it's then. defense large commercial contracts. be be type year through went contracts like come The peak big So since would three down one and will

We are optimistic will continue. trend that

can sure inventory early China QX. have but We think are with in through When of is impact more as U.S. on actively suppliers, so to be probably We stable, severe will we we material in both than This a we there's in materials. known they working one And our before. make the the like until materials bit I long managing this to always not have probably order. has this. we appropriate the this full in these on a material will and disruptions business, are more things past. had happened little And what be used faced know

Phil Gibbs

for your supply say, your the So you or assume And just months, book of stays lasts. maybe long few let's months, assuming, constrained with however said, tempering some reasonably a it customers, months, particularly three order four space. five you're in magnesium

of do normal, So until is is there XX% about normal? How a we XX% cap on how these much of things alleviate, business volume in it that you could that? ship think in,

Alok Maskara

through. The give to of customers’ only until now I because Phil, options January, orders XX% think And XX%, not a magnesium we Hard are the to the Yes. end need and year, clearly buy working at that satisfy usually right number, we February. now least enough in days advance have right XX, we taking and in customers is new for working probably through range. the – XXX clearly like

well. XXXX Phil, user. and a broader the small now, ensure So number, suppliers good XX% XX%, yes, appropriate current around. Right which customers high going still when market, we all to pretty of there's working magnesium as probably user change into end more lot QX aggressively is a supply our unnerving, is number we the we are comes serving are and maybe uncertainty, the but right In with are very

magnesium of are confident supply some aluminum we'll the supply able than secure to and for who would. compared we So other faster folks be others, they to use

Phil Gibbs

are I but mean, the chain those the think improving? little in like And what supply felt the a you said, zirconium in supply fourth, Alok. were there for impacts mend. quarter I issues side, sounds like from sounds on Thanks the bit it the – maybe on what third it's

Alok Maskara

RTZ XXX%, to We're some restarted alternate supplier, have right as QX. use our core it now not we the have the and what was The well, back is muted processes Definitely to has but compared to reformulated more mine, improving. much intermediary. qualified of end concern the we suppliers at Phil,

Phil Gibbs

my restructuring. Okay. one for for What's said the much. so And costs. Thanks for on then them had cash QX just you anticipate last cash because I And pushed what XXXX you should we is restructuring out. know outlook

Heather Harding

take Yes. one. that I'll

you needs, restructuring timeline based XXXX. it related certainly, pace and through planned most last could we the that into basically as the that at we may think look $XX resolving, with into on been that at it get costs status next the on into that guidance primarily So Philip's French restructuring are pushed that for our XXXX. I case. based to looked I believe million and we and and have that's the had We'll cycle to had now situation, and as past was pushed we've $XX which said where see our recall, we million cash is phasing primarily be, we as slow

Phil Gibbs

in total $XX for So million $XX XXXX? to million

Heather Harding

don't likely at that again, It pushed this the have we we'll that I that that was reoccur amount Yes. better just not settled. Yes, of specific year. have And year. next it's look this the I now that quarterly likely when clarity be to out know to phasing year, because would but get was of left. on might have

Phil Gibbs

much. Okay. Thanks so

Alok Maskara

Thanks Phil.

Operator

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

Luxfer (LXFR) 26 Oct 212021 Q3 Earnings call transcript