Luxfer Group Lags Earnings Est.GRACO INC (GGG): Free Stock Analysis ReportLUXFER HOLDINGS (LXFR): Free Stock Analysis
ReportMIDDLEBY CORP (MIDD): Free Stock Analysis
ReportTRI-TECH HOLDNG (TRIT): Free Stock Analysis
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Luxfer Group ( LXFR ) reported its
first quarter 2013 financial results on May 7, 2013. Adjusted net
income in the quarter plummeted 15.3% year over year and came in at
$9.4 million. Earnings per ADS in the quarter were 34 cents,
missing the Zacks Consensus Estimate of 43 cents.
Revenues for Luxfer Group were down 13.4% to $122.4 million.
Results were negatively impacted by negative foreign currency
translation to the tune of $1.5 million.
Gas Cylinders Division generated roughly $68.4 million in
revenues, up 11.9% year over year while the Elektron Division's
revenues amounted to $54.0 million, down 32.8% year over
Cost of sales in the first quarter went down 12.6% year over year
and represented 76.9% of total revenue; up slightly from 76.2% in
the year-ago quarter. Distribution and administrative costs, as a
percentage of total revenue, stood at 1.3% and 9.6%, respectively.
Operating margin in the quarter was 11.8%, down 110 basis points
year over year.
Exiting the first quarter 2013, cash and short-term deposits
balance of Luxfer Group stood at $37.0 million, down 8.0% from
$40.2 million in the previous quarter. Bank and other loans at the
end of the quarter stood at $63.5 million.
Net cash flow from operating activities in the quarter was $9.6
million, flat year over year while capital expenditure was at $3.9
million versus $3.1 million in the year-ago quarter.
Management at Luxfer Group anticipates trading profit to be
$1.5-$2.5 million, higher sequentially in the second quarter of
2013 while roughly $2.0-$5.0 million higher year over year in
Luxfer Group currently has a market capitalization of $506 million
and carries a Zacks Rank #2 (Buy). Other stocks to watch out for
are Graco Inc. ( GGG ), Middleby
Corp. ( MIDD ) and
Tri-Tech Holding, Inc. ( TRIT ), each with a
Zacks Rank #1 (Strong Buy).