Luxfer Holdings PLC (NYSE:LXFR) Q2 2020 Earnings Conference Call - Final Transcript

Jul 28, 2020 • 08:30 am ET


Luxfer Holdings PLC (NYSE:LXFR) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning. My name is Laurie, and I will be your conference operator today. Welcome to Luxfer's 2020 Second Quarter Earnings Conference Call. [Operator Instructions] Now I will turn the call over to Mary Reed from Luxfer to begin. Mary, please go ahead.

Mary Reed

Thank you, Laurie. Welcome to Luxfer's second quarter 2020 earnings call. We're happy to have you all with us today. I'm Mary Reed from Luxfer. And with me today is Alok Maskara, Chief Executive Officer; and Heather Harding, our Chief Financial Officer.

On today's call, we will provide details on our second quarter 2020 performance as outlined in the press release issued yesterday. Today's webcast is accompanied by a presentation that can be accessed at Please note, any references to non-GAAP financials are reconciled in the appendix of this presentation. Before we begin, a friendly reminder that any forward-looking statements made about the Company's expected financial results are subject to future risks and uncertainties. Please refer to Slide 2 of today's presentation for further details.

Now, let me turn the call over to Alok.

Alok Maskara

Thanks, Mary, and welcome everyone. I hope you and your families are staying safe and enjoying the summer months as much as possible.

We are operating in unprecedented times, and I want to start by expressing my gratitude to our customers, employees, and supply partners who continue to support Luxfer's operations. The safety of our employees, our customers, and the communities in which we work and live remains our number one priority. With appropriate safeguards, we continue to operate all our facilities to serve the current and evolving needs of our customers.

I am proud of our team's relentless adherence to operating procedures and commitment to being a part of building a high-performance culture during this time of unprecedented change and uncertainty. This is enabling us to safely operate our facilities, while also aligning our cost structure to demand levels as we content with the impact of COVID-19 on various end markets. I want to thank our 1,500 employees around the world for their dedication and hard work as we navigate the current landscape.

In today's call, I want to highlight three key messages that sum up our quarterly performance and strategic focus. One, while the COVID pandemic created significant challenges during the second quarter, we were able to deliver strong cash flows and further strengthen our balance sheet. Two, we have taken several proactive and aggressive actions to mitigate the impacts of COVID-19, including rigorous expense management at every level. And three, while we remain vigilant on maintain an appropriate cost structure for the current environment, we are making targeted strategic investment in our business to ensure that Luxfer is well-positioned to capture growth in certain markets today and in the future as other harder hit markets recover.

I will address these themes in more detail, and then, our CFO, Heather Harding, will review our financial performance in greater depth and share guidepost for the remainder of 2020.

Now, please turn to