and Kevin, everyone. joining you, for you welcome morning, Luxfer team. Thank us. to Good the Thank
have to cover on today's We a call. lot
First, quarter financial our I'll of third a provide performance. high-level overview
guidance. results drove and On are today. preliminary XX, announced the conditions full review address we business are the initiatives that we accelerated facing will QX we against shortfall year shortfall October and ongoing I what and the executing to
release. for our we on yesterday's will fourth in the Steve provide review we expanded detail I'll outlook and strategic which are referenced the quarter end then discuss providing accelerated the quarter. and undertaking, by in color more
share our line We the million July. chain on issues of quarter and preliminary quarter, results call third in supply demand, we specific adjusted either weakening continued of of second noted with diluted business areas that sales which the announced. late our For are challenges per with or earnings shared we reported have in $X.XX, facing earnings $XX.X we
challenges, QX year grew it reflect full quarter, disappointing headwinds XXXX was not guidance the our The these results. persisted and to enough. a during lowered we While in resulting
will we are facing call, detail are today's the we actions and discuss we taking. issues more On in the
on what navigate the macro improved Luxfer we tightly results shareholders. increasingly we controlling can for are deliver to We focused landscape challenging as
year-over-year Healthcare, Elektron Beginning revenue. offset saw industrial last was market, the segments. significant growth reductions. compared to sales end X.X% Cylinders across The was than a result along drop segment the grew Transportation, By in decrease with general Defense, in revenues with net that the in by our Response while Gas more and First business year, of
cash the as tough some adverse from $X EBITDA was down quarter exchange to flow, strong pressures free Graphic Arts prior in $X.X of year. Adjusted period million the prior unfavorable last year competitive and by as higher $XX.X did deliver and volume generating comparisons $X.X and million rates, legal in from well costs, cash in million year, up million We on costs. pricing rising of reflecting same especially mix, the
million, debt debt-to-EBITDA to X.Xx. reduced net We resulting of ratio $XX.X in $X.X net by million a
additional programs as drive forward initiatives to well already pressing commenced improvement. are We margin cost-cutting as with
Let's turn X into in faced challenges categories. into deeper for At to QX. main specific dive high we fell the Slide a the X challenges level, we a encountered
not category exclusively, sourcing chain The primarily, is issues, first although supply related magnesium. to
higher-priced North force find America alternative exploration, were magnesium. of majeure With forced originating to we others U.S. our the and magnesium disruption from supply in
certain prices inputs. through where Graphic end in use concluded, on sources we American competitive sustainable. North particularly this identified already sales have we have incur some Until markets, adverse and we proved volumes cycling for are higher-priced are more that higher Arts, an is this At approving impact time, products, we not in in
the deliver by work products alleviate we greatest to focusing on we where so value. this And
leading is conditions to are The markets. behaviors second that rising interest demand, and category tight slowdown customer in impacting higher uncertainty geopolitical lower macroeconomic some weighing a on markets, in these with rates, pay of for Economic buying primarily labor products. along our demand general end is industrial and volatility and a environment our
most commercial markets in such of This pressures in $XX as represented general also evident market materials. are markets applications, magnesium is those XX% end zirconium and million X susceptible product powders arts, industrial decline categories year-over-year the graphic approximately to lower-cost sales. Asian-based from which or these industrial Together,
chain are supply walk cash to been as through and we've these will address flow to Throughout accelerated as Slide Turning the driving cost we XXXX, well challenges. undertaking X, improvements. programs I actions reduction
on we we cost And where see of importantly, invest opportunities, alternative growth so sustainable. in new continue profitable to we cost ongoing the Elektron parts new savings, structural business long-term our Regarding just are focused in and products for fuels. applications reductions, benefits are the
reducing costs have our align continued example, Gas XX% We includes and reduce In from reduced the headcount Luxfer the Graphic up XX% over employees of similar to quarter for number with to by this Europe. Arts year-to-date, Cylinders, reported the with last environment. in and Magtech, our reductions demand
returns headcount Graphic alone, further anticipate savings, benefits normal we any identified Arts year, have to accruing we $XXX,XXX business changes, reductions magnesium in operations. even addition and before In productivity once U.S. sourcing costs to in of annualized magnesium next
savings delivering X track fourth run vacant quarter the manufacturing our to from X facilities XXXX. us annualized allowing of on Elektron of consolidation conclude is to $XXX,XXX in and rate property The sell the in to powders
simplifying capacity are we This site plan production the to ongoing the by cost fixed measures business, from customers important preserving already in we Cylinders last annual productivity with while improving and to fiber In our delivering alternative reductions. transferring $X.X collaboration Calgary. Riverside our to existing portion a We costs. Gas our take in of footprint in of million as is XXXX. high to sublet proactive carbon Within Pomona fuel, address quarter, continuing are we shared Pomona
$X now infrastructure investments that administration's hydrogen regional billion long U.S. have fuel by Our sites. outlook for clean receive the announcement the job market X alternative hubs bolstered remains from to selected and positive, recent term the been
Finally, in capital, primarily expenses, are we receivables. managing addition inventory to reducing working and
cash expect higher-cost good made as have progress work magnesium We flow we driving in initial here through inventory. continue our to and
At I'll over detail our on which time, turn updated year strategic details greater Steve? and outlook, Steve this I'll call full provide review. to QX after our to in results XXXX discuss the
