Loading...
Docoh

Luxfer (LXFR)

Participants
Alok Maskara Chief Executive Officer
Andrew Butcher Chief Executive Officer Designate
Steve Webster Chief Financial Office
Michael Mensel Vice President and Investor Relations
Chris Moore CJS Securities
Craig Irwin ROTH Capital Partners
Phil Gibbs KeyBanc Capital
Chip Moore EF Hutton
Call transcript
Due to licensing restrictions, you must log in to view earnings call transcripts.
Operator

Good morning. My name is Katie and I will be your conference Operator today. Welcome to the Luxfer First Quarter 2022 earnings conference call. All lines have been muted. After the speakers prepared remarks.

Q&A a hold will session. We

turn Now, Jaden, go over Mike call President I ahead. and please will Vice Mike, Investor to Luxfer. the Relations from

Michael Mensel

Welcome Chief Butcher, presentation details Luxfer's is With that Executive the in be Officer our the will earnings Maskara, first-quarter everyone provide the Steve of Chief accompanied On Chief release first-quarter yesterday. Please by Webster, today's Today's as appendix And a is to are luxfer.com. we Luxfer's XXXX at Luxfer's Andy today Officer. press Alok webcast call. Officer. Executive references non-GAAP Designate. to Luxfer Financial me XXXX can issued accessed detailed of any reconciled performance note presentation. financials call, in

that Company's or future about statements as to presentation statements, Safe today's Harbor reminder any a no statements are We subject forward-looking result Before forward-looking expected information, refer for risks results to of we Slide the details. events, of and uncertainties. to X obligation whether further on the otherwise. a future Please undertake a made financial any begin, update friendly new

which I our will Now, the to after over for provide summary turn comments quarter the details call his of financial on results. Alok will Steve

will will go for Q&A. ahead. Following introduce Alok, Andy Steve discuss remarks, please Alok who Luxfer's outlook

Alok Maskara

want I labor our support to I again the put the and quarter our quarter. share collaboration ongoing team, messages. who shortages. pleased Thank also Luxfer page, and today you, three want first Mike, chain thanks express and I On to details execution material customers difficult welcome to conditions to to supply highlight key navigated expressing Slide the first. for to to with in my you to my in amid this entire appreciation our everyone. I am start turn customers once X. the Please of by solid want

from the driven first as well SCI through XX% our uplift an growth acquisition, passing in success by delivered X% sales year-over-year the in as we quarter, First, inflation. cost

cost QX of volumes footing our on While raw year. profitability, a input availability diluted impacted EPS and the start impacted inflation our to material $X.XX places strong us adjusted

and Our by Elektron pass-through. industrial demand brought results, inflation a successful robust helped solid

this were availability. material gasoline, inflation QX by challenged While results and

this XXXX given remain growth order Our expectations and units strong demand unchanged for business the backlog.

solid Our X.X. net sheet balance EBITDA of remains with ratio to a debt

focused on remain we high constraints. by of chain demand supply Second, navigating levels meeting through

defense across markets, We are aerospace, generating and flow an industrial activity. end rising including pace elevated many our see and order of for potential of the

offset resiliency. we onset, costs expectations supply supplier broader implemented quarter, increase with advanced the inflation to did input evidence to the supply actions incremental some further see also improvements in Consistent and to in This of our we during the quarter. at our our multiple we efforts chain chain our base diversify year's

Third, our earlier and EPS performance of diluted have guidance us the of range $X.XX. healthy from our solid adjusted $X.XX a enabled to QX $X.XX backlog XXXX to to to $X.XX range range improve

EPS of goal the QX $X more our delivering our of year underscore in and our addition, In confidence for balance or on XXXX. results by outlook the

to navigate to U.S. X, our manufacturers, other continues materials of raw at key February. earnings sand, outlined and strenuous many limit carbon magnesium And supplies at the zirconium to supply availability Magnesium on our remain tight. fiber, U.S. The time, conditions recovery of I in provide force the same Luxfer, ongoing in like like at mature also chain Turning in call other to slide supply would continues more chain efforts. details QX

However, conditions. we progress and are unprecedented both address making to internally these externally

sustained year forecast. delivering Tinto our expectations fiber. zircon namely cost needs and relief defense Rio to and other Success timely any and deliver improvement U.S. lifted customers. tight stand for level efforts with towards effective primary of the of the incremental supply gives persist its additional high with our countermeasure in transportation region. current We greater for chain key demand against potential mine, products the carbon backdrop humanitarian The NATO our consistent proposition security reinforcing materials chain the for for magnesium, These Richards efforts our sand, Current March, prepared as products the raw value our heightened underscore pricing zircon supplier We also to force serving us In brings oil progresses. and our procurement of majeure, XXXX the sand, support supply flares, military to from Bay confidence for continue to qualify traction troops conditions their our alternate financial from or energy applications. suppliers like in secure and of demand backdrop conditions European geopolitical offerings. heaters, on

We remain and impacted for Ukraine. those support to devastating supply by in also relief products ready additional orders to MREs humanitarian war the

our backlog. elevated We continue with manage our proactively customers to collaborate to

additional approach, ability supply, positions capture secure demanding additional busy Our amid our to inventory with well, customer along to backdrop. growth and first this us economic

Steve let on turn performance. quarter financial the call our over first details Now, for me to

Steve Webster

Alok. I'll our summary market. from of start by Thanks, end a Slide performance X with

with we performance, In Quarterly the sales That XX.X% and On references as wider for of and products, the first of in the to two heels The pandemic-related QX for of we've increased this healthcare by continuation commentary financial sales and included outlook order supported Sales the encouraging operating slide, As by saw of end adoption by well cost while by we throughout lower the the a the market increased end which performance the within first X.X% market three industrial decreased three Defense, in ourselves classify of flow. this and full auto in remains particulate in in well numbers powders markets, a double-digit key Gas recover and this feel the general industrial pandemic fuel, delivered in to driven quarters magnesium filtration. driven reminder, We end broad-based challenging Furthermore, continued strong positively our sales impact market, relief Cylinders, quarter, years. response, momentum demand in only. XXXX. a good XXXX in offset specialty healthcare. industrial. automotive, Transportation, lows. enjoyed markets. includes end quarter for for SCI to acquisition about gasoline the solid for replenishment the aerospace, preceding which on partially growth inflation. rising catalysis current flares, was recovery disaster quarter on from demand strong into Overall, XX.X%, cylinders action continued transportation grew and alternative quarter. environment military this Elektron used products we optimistic defense, continuing response, end remaining as general XXXX. were slide tempered

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

in First as accounted SCI $XX.X increased growth quarter total for XX% $XX offset price, X.X% chain Quarterly supply XX.X% sales, benefited accounted of and sales total $X.X disruptions. as million labor of revenue other from or of in increase rising which incremental sales year, our million from also of which the revenue. million prior well million our for costs, including $X.X material

the effort year. both decreased constraints. acquisitions, fulfill other strong disruptions. aggregate Consolidated million fully cost volume Excluding to for quarter million impact quarter, or as the due chain did were chain $X.X additional offset $XX.X unable million not X% price supply demand adjusted supply of to price prior $X.X we declined EBITDA actions inflation of we by and took from Though the this in the and

outcome However, in quarter. this we expected the first

customers to strong of ability As our pass-through delivered flow. start to in confident we the through to chain means. surcharges, other are we to contractual a levels adjustments, order performance continued our further continue cost year to All price supply implement -- constraints order inflation given or we adjustments, remain made elevated in,

powders on our from of grew more XX.X% industrial year, strong million sales pass-through. than by results segment performance Slide helped cylinders’ and driven the XX.X% in of by acquisition. million, at SCI Elektron Let's from sales countermeasure additional using demand EBITDA $XX.X to seven. the flares. increased even prior general magnesium $X.X grew timely segment sales sales million review XX.X% including cost Gas $XX.X

inventory profitability. levels declined the inflation remain sales. cost availability $X.X constrained demand of year's prior EBITDA with high, input and impacting While losses $X.X million from million SCI

acquisition hence QX, improvements. year-over-year is we March starting SCI expected deliver closed As SCI profitability year in reminder, a of last to the

Given strong confident underway, chain remain in backlog, XXXX. for actions we and order expectations achieving supply this division's

sheet key metrics position. cash and eight. on to benefit flow let's balance continues our strong a review Slide Luxfer Now, capital from

utilized We outflow closure in experienced working our for supply is sequentially at related we flow in of million capital to million seasonality. sheet France. have operations free $XX.X quarter QX our a with in free cash the inventory This cash cash our XXXX increased insure the the uncertainty. manufacturing We by outflow of typical balance time And $XXX.X $X.X our million $XX customers million. paid restructuring cash as primarily consistent payments chain to to heightened our help

While at our sits our of pillar we investments to customer-first of XX%, incremental of as view sales XX% capital working the a long-term our inventory above differentiator targeted in our annualized XX.X% in key strategy. band

the we of accelerating sales our remain capital pleased that and a $XX.X to times. of With net at capital expect contributed as on our report earnings. XX.X% XX% a ROIC longstanding In XX% our delivered level committed X.X as basis, debt addition, working to our trailing within just to sales quarter conditions normalize. position to working period target volume this chain net annualized We million, based of elevated to measured end. debt adjusted migration also on XX-month supply percentage EBITDA I'm to

enjoy by strategic to both continue capital the afforded flexibility and positioning. We tactical our

on our capital I review allocation Slide would priorities to Next, X. like

of shareholders with growth, capital as reinvestments Our foremost first bolt business in organic as capital evaluation value-creating to unchanged on to and allocation of our and return priorities well remain focus, on M&A. a drive

As board previously. up during share repurchased adding of million to the $X.X per increased also per quarterly March $X.X in our to quarter, our million XXth, activity. X% on dividend from by shares, our ordinary $X.XX we we worth XXXX buyback And XX.X% first announced share,

Slide Let's now our review expectations XXXX on updated XX.

$X.XX for expect XXXX from $X.XX earlier. EPS $X.XX forecast continue We strong We deliver to a $X.XX, Luxfer. to up be to to diluted adjusted now year of to

Like drive our growth alternative new as the XX% time, We unitized broad-based of same to fuels, From COVID-XX, At this as Gas by expect should an to overall sectors introductions normalization in the expect growth a rations, we incremental aerospace, well one divisions. portfolio. product to hardest high a level, forecasts. Electronics XX% XXXX, in products both our segment. underpin Cylinders in earnings remains Further in growth like for drive should specialty tailwind group to serve our revenue help business. hit positive UGRE of demand

of remains Luxfer brought address on earlier, raw by to pass-through contribution structure free a cost to million efforts following UK have make continue a this need ongoing our flow. which year, no capital in cash strength tight our mentioned including to year, a to As and the position our to capital plan $XX.X availability, contribution we will we perspective, our return inflation last XXXX From challenges pension support material customers.

be remaining And year. We this later Andy the over expect our for to back now I the Alok to manufacturer cash Butcher, the CEO closed turn make Designate. to call in XXXX French to like introduce facility payment will would

Alok Maskara

those Luxfer Thank of us of and all Asian since leader. of end markets, successful values the growth through you, Andy, He key the as Andy fuel. global business alternative Steve. Cylinder I'm XX-year Luxfer culture, veteran applications great such be competencies a Andy has you. a passionate driving pleased as been is growth partner composite and a to has Luxfer of and lean with leader He to today. range instrumental as have is well cylinder 's and about recent key the beginning hordes has He to of know introduce and over new growth to business Andy of May SCI bolt-on Andy Luxfer XXXX X-year broad in been led I for been portfolio Gas core my the joining operations. hands CEO will and and as strategic acquisition. last the drive in development, Xth.

Andrew Butcher

the today. and Luxfer you kind to in excited position as that and the I'm put you hello, the the long-term everyone. reins of Luxfer speak with and I my company's take an CEO Thank strong with to many for to trends serve. we to favorable use. introduction, next growth Pleasure with attractive with lead good outlook markets in Alok, experience a

a while in the innovation organic continue first, in our putting collaborating an also pursuing complementary succeed as agenda will to further customer evaluating future investing of We and by bolt-on growth, team, acquisitions. product

Slide plans. is strong turn our position. XX Let's now our to progress to review on Luxfer a in today transformation

harnessing enhanced costs, simplified last removed significant the has of free manufacturing plan several high-margin, Luxfer's footprint, acquisitions. transformation focused permanently portfolio, to In markets. developments flow, selective and portfolio ability product on and to while accelerate we our cash the our annual work strong will Our driving now pursuing years drive our end our growth, macro next new secular chapter, and benefiting tailwinds growing bolt-on

excellence our will We top to leverage areas throughout expansion line business. commitment all a of renewed our with

this by as value conclude by committing positive continue few our of of strong or The Utilizing growth markets achieved EPS support accelerating and competency our structure over with business. further today call combined flow shareholder long this with to Luxfer to on of customer-first on progress goal balance serves I in maintaining aspects attractive impact cost cash my more world-class sustained a in in reminder XXXX. create a team. Slide our our we why will to the back some approach. for growth differentiated comments attractive will plan runway make XX. engineering, niche detailed transformation our by will continue adjusted our sheets technology to with generation, With investments in the backdrop, of and will remarks. we products. to have I is and like turn in to our a We Luxfer while $X our with the Alok that, our When free diluted core long-term materials and development additional excellence business all low investment Against would towards

Alok Maskara

shareholders, opportunity and remaining accomplished a customers, proud that you, am just form foundation have to of want that five Board the Luxfer of to employees, Luxfer's to I Thank long-term we and take near shareholder. their to I the this last and for Andy. look supporter thank during support outlook years. I all Andy the forward outlined. the strong, together

session. please turn to ahead. the Operator, over go to like begin I'll operator question-and-answer Now, call to the the

Operator

[Operator Thank Instructions]. you, sir. you. Thank

first will Securities. Our come with CJS question from Chris Moore

Chris Moore

difference Alok, If to change Steve I'm management? and first -- biggest go. new welcome all, we expect What's see can that of guys. roles. in the morning, Andy Good very to from your you the sorry

Alok Maskara

Sure. That's Chris. a question, loaded

leadership been now Steve think and essentially all, for you Andy a to very I'll of opportunity a then thing remains in in. I board. in and been one same. first the start, Steve [Indiscernible]. thank for team. A leadership give mind the have while. we but will I So to is jump that And keep And strong the the the board of that's Both place have part team Andy

and to the So acquisition. cost going growth truly my your and change organically bolt-on cost right to years, view, And structure. I -- driving while COVID. by I then in over the incrementing completion past been on Andy, think the largest focused of thoughts. is up four growth for got more side welcome through think the the And had transformation. caught we we But Because plan the flipping be transformation the the get is to

Andrew Butcher

I Thank Good five together closely aligned. for morning, worked the years you, are more. or Chris. Alok. We've last Alok well and

transition. I investing our having from same cost excellence. We them, on locally the as to that a And mobile perspective, reduction and smooth our looking them They people we'll a said strong Strategically, that. And indeed leadership. in enthusiasm are leading growth. looking employees. to leading we're same passion cost I'll the growth. a all an I'll the of to moving in working and strong commitment From reinforced, reinforcing be same, remain now our be team. to I'm a views be comments, based and we're with accelerate So lot on my focus Luxfer, we've leadership and share excellence for and operational a on and got forward similar values,

I'm So have transition. a we'll confident smooth

Chris Moore

I Terrific. appreciate Thank you. that.

from You've with been some potential XX Can the little that there pass now? cost of - back months at certainly to and how addressing throughs. differs cost about a inflation -- months those price from talk - is Is expectation in addressing increases pass X bit to QX, you get throughs? Luxfer what

Alok Maskara

Chris. Sure. I'll take that,

we So versus cases, majority through these to of because costs on a a doing about talk passing to pass-through, that of that issue it's cases our I are successfully customers. cost in pricing. some are I mean, only bit and that think our surcharges, when clarify Really, these are of pricing adjustments. is but this we we're nomenclature in

a back look we even As assuming quite that through, or and in side, we few tapers at give on and cases, the it inflation material other coming off come may might inflation have to some just see cases, it we be also perspective, from large face keep cost back, I perspective. to majority the because material, the look labor a to will inflation we not from in freight of the we inflation able but think deflation

One our us but XX work the in against on to pricing keep too are up, it's contracts mind costs is going that is So when thing going lagging work early the tell. costs months. set based the down when often because to favor in they re our

and from when where reverse we least going the the happening perspective, think will I So at if cost what's starts now. that of a period see we'll see down,

Chris Moore

that it. to I the year. volume that. stays Got XX% growth? revenue guide within XX% one What's the assumption at appreciate Last growth me, for for

Steve Webster

Thanks, Chris. will I that. take

it's at QX. we think similar to I said what

call, through this half from the the to imagine to growth and you price. goes down as total move we is down around half-weighted the So of of away little volume SCI that bit the said of we There's But as sort approximately could a quarter. is years. acquisition impact in

assume can you XX/XX. So around

Chris Moore

line. it. I it. I'll Thank back you. jump in appreciate Got

Operator

Thank you.

Phil comes Capital. with next question Our KeyBanc Gibbs from

Phil Gibbs

morning. good Hey,

Alok Maskara

Morning Phil.

Phil Gibbs

cost timing, benefits level price headwind think Pretty Elektron and but and between the the we price normalize margin cost again price is the cost in business that lot I'm dichotomy well? Gas that a big Cylinders though, of normalizes as should of Cylinders Hey. Elektron sure benefits Gas 's

Alok Maskara

Yes.

only a say that's assumption I both think a it's It to in I view. to way fair fair it. at that normalize. look And timing is think our will

think Elektron by will levels in in and gasoline the are working our I current I Now of benefiting some normal from that's But year, would favor say other down Elektron bit keeping are with more we from recovering the mix and side, a be to the both of pricing situation. too. end gains

Phil Gibbs

is some the Okay. Cylinders of inefficiencies look due like to I some I'm that you're a take and see that was to step the was back. timing supply surprised customers sure chain of to some to year talking Cylinders for expected as It watermark be the challenges like just looked those on? or business top-line. low relieved about. low for the goes But quarter a

Alok Maskara

Yes, it was.

And some of was and supply failed honest, chain driven be than somewhat to worse figure all a it little out expected and expected, by constraints.

supply through the full-year we're thing appropriate their In like customers we were constraints the been make secure cases, supply as Given to outlook, have remain products, chain earlier, Steve I we said constraints Overall, fiber. on and internal in because some able key auto means carbon that what other very chain they confident at which to delayed well. orders us. the

customer conditions are remains backlog healthy. very order our and Our chain supply easing

inflation price within In addition, versus cylinder dynamics the start catching up.

[Indiscernible] months’ on the index. As based XX lagging pricing off-price is said annual the

full-year all growth QX So on the long-term together, concerning, remain confident about own that mid-low results outlook putting its we Cylinders. of prospects while and the

Phil Gibbs

quickly going the should is normalizing progresses of quarter? to -- those year about spreads second terms as cylinders we now, in pretty or the is Now normalize in think

Alok Maskara

progresses, inflation think better it of now year you end I think about have we so be favor. much inflation inflation on not in very I and think on current the then But QX a expected volatile as balance down. sooner. starts also by mind if year, we're would longer as the in I think banking it out. But normalize It's been No, market year will be that coming in think coming level to will next down, I keep depends how if fact, plays

cost We are pass-through our own banking on actions.

Phil Gibbs

much. Okay. very Thanks

Alok Maskara

Thanks, Phil.

Operator

you. Thank

Irwin question from Our with Roth next come will Craig Capital.

Craig Irwin

very deeper future. welcome sad want Alok, recently. It was Andy. cross then go. an digging And that and about out and a position on us And North I interesting projects markets. in chatter there. Gas right the maybe acceleration you're express the off to Maybe see talk will us over supply also of morning. of America Hopefully, the start to frame Can you And in in give could years? Europe. hydrogen And our as company opportunities very great a There's for in the bit in wanted little bit meet And you you is if you to scope do the character now? I there's Cylinders the obvious Good coming little this couple for side. looking or a maybe to to little have at projects could that a on [Indiscernible] large of potential my be the market color paths next Hi. driver you how hydrogen bid. to that important about of

Alok Maskara

Sure. Thanks, Craig.

thank First for you of for wishes ongoing you support. your your all, thank and

question, As given chartered and your we very on especially would earlier, including To important growth, be a great I drive fuel, broader think us. Luxfer for remains leader alternative his to new hydrogen. hydrogen Andy passion

very momentum We U.S. in are with hydrogen's pleased

up with in the especially over very good applications, also Both now So And months perspective that demand. few of majority in but heavy momentum many over and us. mostly for and done build those in well. we're past positive on truly from Remember, of gas research government commercial up try transportation funded and about as Europe, our but opportunities is the the be vehicle opportunities and on truly the the pleased of very even of no-longer recently, are to more backlog Europe, the nine terms idea To pipeline. opportunity. momentum in vehicles. from six used on U.S.. excited focus both are our we that applications, and very it's are going to Lauder's, trial the some we're hydrogen It's Europe, years, pilot bulk building becoming in past with sales a in on

But share and of Europe our are U.S. share in those more in our pleased fair opportunities. clearly are We're of hopefully fair I and I we we orders the to pipeline remains need those all than invest. mean, know this sales with we'll now. actual to we easier pleased win with and win Now right

As we investing products, are cylinders pressure hydrogen. you higher know for new in

integration doing so as in new looking good resources investing bulk for well own ourselves gas We and are building design at very those we're our opportunity transportation modules us. and

Craig Irwin

really That's good hear. to

have on given So last conservative for and a shortage guess, call, your prices Do you of about It is you were there expectations an may gas, SoluMag little still gas seems where see opportunity year? Europe. for particularly you cautious high quite that very in course like product. natural SoluMag Has be for the little acceleration global something will of I over be a you -- this have could anything changed? outlook this a sales or think could

Alok Maskara

given one question. remind that last trying but mean, is our be to outlook fair, also and our cautious on current Yes. was pricing I the high I people the Good better lines. quarter it's Sure. of clearly oil SoluMag dynamic. And product to

our product and in were at than other a have better lines goes end up otherwise. we're on more today's would definitely sales rate QX of we will support then we We order rates SoluMag pricing many the have bullish our and would But outlook because environment, -- down. and

penetration. products success that new that had are historically where area our We ongoing used very products, our lower the Because Permian with and we of Basin. including we was in partnership pleased an

prices doing good of favor. macro, the is the in in and penetration new terms products well, So quieter

pricing. SoluMag just but in it's year. born products. during this it's be one of got all imported the oil to front, good it's going think to our XXXX It's in We the the 'XX change I key So product, positive and many

Craig Irwin

other would And could then Things products the out as there strengthening potentially good even maybe to this That's last call and question. very see year? surprise you hear. any that upside? to that Are interesting potentially demand

Alok Maskara

oil besides from be talked our alternate is and of we gas, defense upside to likely about terms in the and on new to Surprise products, side. fuel what

to MRE, briefly eat, also decontamination new meals the one we the call which which products, is So and two UGRE kits. ready our mentioned, our Steve format chemical

and launched areas things So We're that recently. those we with products But the those sure secure about we'll defense see the momentum. on we're We that's want side situation, make current with could this I But that any new think more in the seeing expect year have that have products. we good be those it. then have momentum. in upside to forecast. not to new of we good talk baking we able is defense where upside. But And

Craig Irwin

again Thanks taking for Understood. questions. my

Operator

[Operator you. from Chip question Moore Instructions] Our Hutton. next EF Thank comes with

Chip Moore

meet of [Indiscernible] on that? well. And we inventory Hi, luck your new And best some ramifications that end-markets. you visibility referenced to bit color emerge? Maybe Obviously, good a there the I'd as Andy expand seen Lennox that then Can saw the that you wishes can to geopolitical like good or and how say morning. I at and give you are you last I'm a the congratulations your that [Indiscernible] on on positioning related build. there? one into any some for of Is role. backdrop just demand? Have the us feeling you

Alok Maskara

Andy Steve leaders and are forward going great wishes Chip, future. coverage. family the the for in your going be to to thanks Luxfer welcome and

side, momentum. On lot seeing the a defense yes, we of are

activity level. reason. some are is heightened sufficient of raw we that's and stage, prepared key heightened have are sure for seeing demand the build inventory We But of that serve to rate. magnesium to definitely We order is but think this material, actual I including supply unusual, converted that and at not not that and to want make orders we it

You've convert those when MXXX versus there's discussions time, three with being between any recently seen us about as orders. start a to announcement other to typically, product six the awarded months an contract But as well. when lag they

we be terms give call we you backlog. in to stand we in the an are and able to positioned order then, QX on So how of update where more earnings hope of

Chip Moore

then And love M&A at the as to sort that. are what Thanks, opportunities everybody. your one you What guess, maybe the versus just and me. differ they CEO. to long biggest perspective see Andy, for I Alok, incoming last if medium do Thanks, organic an term one on thoughts all? for and Perfect. of your get as

Andrew Butcher

of you. transformation Nice basis costs focus giving of about the at time. to taking trends focusing from Chip. towards exciting is on -- you, most to this on plan -- Thank accelerated on to towards talk change an us move the the and nice now the Yes, I -- really growth leadership think, to thing, platform success the a Luxfer

products were not Our including fuel, opportunities have range first focus that, coming I got -- alternative to those. area new help -- hydrogen, focused priority opposition organic of see in we forward, a just pipeline is is an the of Though organic which our we with strategic growth. discussing around first bolt-on our acquisitions and exciting. -- bolt-on as on active acquisitions. But with going be particularly earlier We opportunity within to broad the is growth.

with over forward key focus our to look I So growth. working the years next But team the organic long-term few is on that that.

Chip Moore

that. you again. Thanks guys for Thanks taking Appreciate Great. the questions.

Alok Maskara

Thanks, Chip. Appreciate it.

Operator

ends of two link will Thank conference be will recording at to Luxfer available quarter A of scheduled XXXX today. next available XXXX webcast Thank www.luxfer.com. you. in call The Luxfer you financial for discusses This when the regular conference will the recording about in the website be company this this the An joining encore call. results. call its July of on second us hours. be

now may disconnect. You