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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 25, 2022


OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-35370
Luxfer Holdings PLC
(Exact Name of Registrant as Specified in Its Charter)
England and Wales98-1024030
State or Other Jurisdiction of
 Incorporation or Organization
I.R.S. Employer Identification No.
8989 North Port Washington Road, Suite 211,
Milwaukee, WI, 53217
Address of principal executive offices
Registrant’s telephone number, including area code: +1 414-269-2419
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Ordinary Shares, nominal value £0.50 eachLXFRNew York Stock Exchange
Securities registered or to be registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    x No    o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    x No    o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See definition of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.:
Large accelerated filer 
oAccelerated Filerx
Non-accelerated filer 
o
Smaller reporting company 
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes     No    x
The number of shares outstanding of Registrant’s only class of ordinary stock on September 25, 2022, was 27,208,641.



TABLE OF CONTENTS
Page
PART I FINANCIAL INFORMATION
Item 1.Condensed Consolidated Financial Statements (unaudited)
Condensed Consolidated Statements of Income (unaudited)
Condensed Consolidated Statements of Comprehensive Income (unaudited)
Condensed Consolidated Balance Sheets (unaudited)
Condensed Consolidated Statements of Cash Flows (unaudited)
Condensed Consolidated Statements of Changes in Equity (unaudited)
Notes to Condensed Consolidated Financial Statements (unaudited)
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
PART II OTHER INFORMATION
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
Signatures



PART I - FINANCIAL INFORMATION

Item 1.        Condensed Consolidated Financial Statements (unaudited)

LUXFER HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Third QuarterYear-to-date
In millions, except share and per-share data2022202120222021
Net sales$100.2 $91.2 $306.7 $275.4 
Cost of goods sold(77.0)(70.1)(233.6)(203.2)
Gross profit23.2 21.1 73.1 72.2 
Selling, general and administrative expenses(10.3)(10.6)(32.5)(33.9)
Research and development(1.0)(1.3)(3.5)(2.9)
Restructuring charges(0.3)(0.5)(2.0)(2.1)
Acquisition and disposal related costs  (0.6)(0.3)(1.5)
Other charges   (1.1)
Operating income11.6 8.1 34.8 30.7 
Interest expense(1.0)(0.8)(2.7)(2.4)
Defined benefit pension credit 0.2 0.6 0.9 1.8 
Income before income taxes10.8 7.9 33.0 30.1 
Provision for income taxes(2.3)(1.9)(7.2)(3.6)
Net income from continuing operations8.5 6.0 25.8 26.5 
Net loss from discontinued operations, net of tax(0.5)(0.7)(0.9)(2.8)
(Loss) / gain on disposition of discontinued operations, net of tax (0.5) 6.6 
Net (loss) / income from discontinued operations$(0.5)$(1.2)$(0.9)$3.8 
Net income$8.0 $4.8 $24.9 $30.3 
Earnings / (loss) per share1
Basic from continuing operations$0.31 $0.22 $0.94 $0.96 
Basic from discontinued operations2
$(0.02)$(0.04)$(0.03)$0.14 
Basic$0.29 $0.17 $0.91 $1.09 
Diluted from continuing operations$0.31 $0.21 $0.93 $0.94 
Diluted from discontinued operations2$(0.02)$(0.04)$(0.03)$0.14 
Diluted$0.29 $0.17 $0.90 $1.08 
Weighted average ordinary shares outstanding
Basic27,295,862 27,722,472 27,403,844 27,718,874 
Diluted27,525,314 28,033,732 27,652,886 28,072,155 
See accompanying notes to condensed consolidated financial statements
1 The calculation of earnings per share is performed separately for continuing and discontinued operations. As a result, the sum of the two in any particular period may not equal the earnings-per-share amount in total.
2 The loss per share for discontinued operations in the Third Quarter of 2022 and 2021 and year-to-date of 2022 has not been diluted, since the incremental shares included in the weighted-average number of shares outstanding would have been anti-dilutive.
1


LUXFER HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Third QuarterYear-to-date
In millions2022202120222021
Net income $8.0 $4.8 $24.9 $30.3 
Other comprehensive (loss) / income
Net change in foreign currency translation adjustment, net of tax(12.5)(2.1)(22.5)(0.1)
Pension and post-retirement actuarial gains, net of $0.1, $0.2, $0.3 and $0.5 tax, respectively
0.3 0.7 1.0 2.1 
Other comprehensive (loss) / income, net of tax(12.2)(1.4)(21.5)2.0 
Total comprehensive (loss) / income$(4.2)$3.4 $3.4 $32.3 
See accompanying notes to condensed consolidated financial statements
2


LUXFER HOLDINGS PLC
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 25,December 31,
In millions, except share and per-share data20222021
Current assets
Cash and cash equivalents$11.2 $6.2 
Restricted cash0.3 0.2 
Accounts and other receivables, net of allowances of $0.7 and $0.8, respectively
66.1 57.8 
Inventories111.6 90.5 
Current assets held-for-sale9.1 8.5 
Total current assets$198.3 $163.2 
Non-current assets
Property, plant and equipment, net$75.0 $87.5 
Right-of-use assets from operating leases22.9 12.6 
Goodwill62.5 69.7 
Intangibles, net12.4 13.7 
Deferred tax assets7.1 8.0 
Investments and loans to joint ventures and other affiliates0.3 0.4 
Pensions and other retirement benefits13.9 13.7 
Total assets$392.4 $368.8 
Current liabilities
Short-term debt$25.0 $ 
Accounts payable27.9 31.7 
Accrued liabilities32.6 28.2 
Taxes on income7.8 3.0 
Current liabilities held-for-sale4.9 1.4 
Other current liabilities12.6 19.6 
Total current liabilities$110.8 $83.9 
Non-current liabilities
Long-term debt$61.8 $59.6 
Pensions and other retirement benefits2.3 1.9 
Deferred tax liabilities2.7 2.7 
Other non-current liabilities19.5 11.6 
Total liabilities$197.1 $159.7 
Commitments and contingencies (Note 15)
Shareholders' equity
Ordinary shares of £0.50 par value; authorized 40,000,000 shares for 2022 and 2021; issued and outstanding 28,944,000 for 2022 and 2021
$26.5 $26.5 
Deferred shares of £0.0001 par value; authorized issued and outstanding 761,835,318,444 shares for 2021
 149.9 
Additional paid-in capital220.6 70.9 
Treasury shares(16.2)(9.6)
Own shares held by ESOP(0.9)(1.1)
Retained earnings121.8 107.5 
Accumulated other comprehensive loss(156.5)(135.0)
Total shareholders' equity$195.3 $209.1 
Total liabilities and shareholders' equity$392.4 $368.8 
See accompanying notes to condensed consolidated financial statements
3


LUXFER HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Year-to-date
In millions20222021
Operating activities
Net income $24.9 $30.3 
Net loss / (income) from discontinued operations0.9 (3.8)
Net income from continuing operations$25.8 $26.5 
Adjustments to reconcile net income to net cash (used) / provided by operating activities
   Depreciation9.8 10.5 
   Amortization of purchased intangible assets0.6 0.7 
   Amortization of debt issuance costs0.4 0.3 
   Share-based compensation charges1.8 2.2 
   Deferred income taxes0.5 (2.2)
   Gain on disposal of property, plant and equipment(0.2) 
   Defined benefit pension credit(0.9)(1.8)
   Defined benefit pension contributions (4.6)
Changes in assets and liabilities
   Accounts and other receivables(13.6)(10.2)
   Inventories(29.6)(5.4)
   Current assets held-for-sale(3.8)(1.6)
   Other current assets 0.4 
   Accounts payable3.5 9.6 
   Accrued liabilities5.5 8.6 
   Current liabilities held-for-sale3.5 (1.0)
   Other current liabilities(1.9)0.7 
   Other non-current assets and liabilities(4.6)1.4 
Net cash (used) / provided by operating activities - continuing(3.2)34.1 
Net cash provided by operating activities - discontinued  
Net cash (used) / provided by operating activities$(3.2)$34.1 
Investing activities
Capital expenditures$(5.2)$(5.6)
Proceeds from sale of property, plant and equipment3.7  
Proceeds from sale of businesses and other 23.7 
Acquisitions, net of cash acquired (19.3)
Net cash used by investing activities - continuing(1.5)(1.2)
Net cash used by investing activities - discontinued  
Net cash used by investing activities$(1.5)$(1.2)
Financing activities
Net drawdown / (repayment) of long-term borrowings$31.7 $(4.4)
Repurchase of deferred shares(0.1) 
Repurchase of own shares(6.9)(2.8)
Share-based compensation cash paid(1.4)(1.9)
Dividends paid(10.6)(10.2)
Net cash provided / (used) by financing activities$12.7 $(19.3)
Effect of exchange rate changes on cash and cash equivalents(2.9)0.1 
Net increase$5.1 $13.7 
Cash, cash equivalents and restricted cash; beginning of year6.4 1.5 
Cash, cash equivalents and restricted cash; end of the Third Quarter11.5 15.2 
Supplemental cash flow information:
Interest payments$2.8 $2.5 
Income tax payments, net2.2 5.2 
See accompanying notes to condensed consolidated financial statements
4


LUXFER HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
In millions, Ordinary
shares
Deferred
shares
Additional paid-in capitalTreasury shares NumberTreasury shares AmountOwn shares held by ESOP NumberOwn shares held by ESOP AmountRetained
earnings
Accumulated other comprehensive lossTotal
equity
At January 1, 2022$26.5 $149.9 $70.9 (0.6)$(9.6)(0.8)$(1.1)$107.5 $(135.0)$209.1 
Net income— — — — — — — 7.6 — 7.6 
Other comprehensive loss, net of tax— — — — — — — — (1.4)(1.4)
Dividends declared— — — — — — — (7.0)— (7.0)
Share-based compensation
— — 0.2 — — — — — — 0.2 
Share buyback— — — (0.1)(1.5)— — — — (1.5)
Utilization of shares from ESOP to satisfy share based compensation— — (0.4)— — — — — — (0.4)
At March 27, 2022$26.5 $149.9 $70.7 (0.7)$(11.1)(0.8)$(1.1)$108.1 $(136.4)$206.6 
Net income— — — — — — — 9.3 — 9.3 
Other comprehensive loss, net of tax— — — — — — — — (7.9)(7.9)
Share based compensation— — 0.7 — — — — — — 0.7 
Share buyback— — — (0.1)(2.2)— — — — (2.2)
Utilization of treasury shares to satisfy share based compensation— — 0.1 — 0.3 — — — — 0.4 
Utilization of shares from ESOP to satisfy share based compensation— — (1.5)— — — 0.1 — — (1.4)
At June 26, 2022$26.5 $149.9 $70.0 (0.8)$(13.0)(0.8)$(1.0)$117.4 $(144.3)$205.5 
Net income       8.0  8.0 
Other comprehensive loss, net of tax        (12.2)(12.2)
Dividends declared       (3.6) (3.6)
Share based compensation  0.9       0.9 
Share buy back   (0.2)(3.2)    (3.2)
Utilization of shares from ESOP to satisfy share based compensation  (0.1)  0.1 0.1    
Cancellation of deferred share capital (149.9)149.8       (0.1)
At September 25, 2022$26.5 $ $220.6 (1.0)$(16.2)(0.7)$(0.9)$121.8 $(156.5)$195.3 


See accompanying notes to condensed consolidated financial statements





5


LUXFER HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
In millions,Ordinary sharesDeferred sharesAdditional paid-in capitalTreasury shares NumberTreasury shares AmountOwn shares held by ESOP NumberOwn shares held by ESOP AmountRetained earningsAccumulated other comprehensive lossTotal equity
At January 1, 2021$26.6 $149.9 $70.6 (0.4)$(4.0)(1.0)$(1.4)$91.2 $(165.8)$167.1 
Net income— — — — — — — 14.5 — 14.5 
Other comprehensive income, net of tax— — — — — — — — 1.5 1.5 
Dividends declared— — — — — — — (3.4)— (3.4)
Share-based compensation— — 0.5 — — — — — — 0.5 
Utilization of treasury shares to satisfy share based compensation— — (1.4)— — 0.1 0.1 — — (1.3)
At March 28, 2021$26.6 $149.9 $69.7 (0.4)$(4.0)(0.9)$(1.3)$102.3 $(164.3)$178.9 
Net income— — — — — — — 11.0 — 11.0 
Other comprehensive income, net of tax— — — — — — — — 1.9 1.9 
Dividends declared— — — — — — — (3.4)— (3.4)
Share based compensation— — 0.9 — — — — — — 0.9 
Utilization of shares from ESOP to satisfy share based compensation— — (0.3)— — 0.1 0.1 — — (0.2)
Cancellation of ordinary share capital(0.1)— (0.8)— — — — — — (0.9)
At June 27, 2021$26.5 $149.9 $69.5 (0.4)$(4.0)(0.8)$(1.2)$109.9 $(162.4)$188.2 
Net income— — — — — — — 4.8 — 4.8 
Shares sold from ESOP— — (0.1)— — — — (0.1)
Other comprehensive loss, net of tax— — — — — — — — (1.4)(1.4)
Dividends declared— — — — — — — (3.4)— (3.4)
Share based compensation— — 0.8 — — — — — — 0.8 
Utilization of shares from ESOP to satisfy share based compensation— — (0.3)— — — — — — (0.3)
Purchase of own shares— — — (0.1)(1.5)— — — — (1.5)
Cancellation of ordinary share capital— — (0.4)— — — — — — (0.4)
At September 26, 2021$26.5 $149.9 $69.5 (0.5)$(5.5)(0.8)$(1.2)$111.3 $(163.8)$186.7 

See accompanying notes to condensed consolidated financial statements
6


LUXFER HOLDINGS PLC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1.    Basis of Presentation and Responsibility for interim Financial Statements
We prepared the accompanying unaudited condensed consolidated financial statements of Luxfer Holdings PLC and all wholly-owned, majority owned or otherwise controlled subsidiaries on the same basis as our annual audited financial statements. We condensed or omitted certain information and footnote disclosures normally included in our annual audited financial statements, which we prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP).
Our quarterly financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021. As used in this report, the terms "we," "us," "our," "Luxfer" and "the Company" mean Luxfer Holdings PLC and its subsidiaries, unless the context indicates another meaning.
In the opinion of management, our financial statements reflect all adjustments, which are only of a normal recurring nature, necessary for the fair statement of financial statements for interim periods in accordance with U.S. GAAP and with the instructions to Form 10-Q in Article 10 of Securities and Exchange Commission (SEC) Regulation S-X.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of our financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates, and any such differences may be material to our financial statements.
Our fiscal year ends on December 31. We report our interim quarterly periods on a 13-week quarter basis, ending on a Sunday. The Third Quarter 2022, ended on September 25, 2022, and the Third Quarter 2021, ended on September 26, 2021.
Accounting standards issued but not yet effective
None that will be material to the Company.

7


2.    Earnings per share

Basic earnings per share are computed by dividing net income or loss for the period by the weighted-average number of ordinary shares outstanding, net of treasury shares and shares held in ESOP. Diluted earnings per share are computed by dividing net income or loss for the period by the weighted average number of ordinary shares outstanding and the dilutive ordinary shares equivalents.
Basic and diluted earnings per share were calculated as follows:
Third QuarterYear-to-date
In millions except share and per-share data2022202120222021
Basic earnings:
Net income from continuing operations$8.5 $6.0 $25.8 $26.5 
Net (loss) / income from discontinued operations(0.5)(1.2)(0.9)3.8 
Net income$8.0 $4.8 $24.9 $30.3 
Weighted average number of £0.50 ordinary shares:
For basic earnings per share27,295,862 27,722,472 27,403,844 27,718,874 
Dilutive effect of potential common stock229,452 311,260 249,042 353,281 
For diluted earnings per share27,525,314 28,033,732 27,652,886 28,072,155 
Earnings / (loss) per share using weighted average number of ordinary shares outstanding(1):
Basic earnings per ordinary share for continuing operations$0.31 $0.22 $0.94 $0.96