Shares of Luxfer Holdings PLC (LXFR) are falling more than 15% Wednesday morning after the materials technology company said its third-quarter results are to be much below its expectations.
The company said challenges like decreasing demand and supply chain issues continued during the third quarter. As a result, full-year earnings are also expected to be lower than its expectations.
"On the demand side, we saw lower customer order rates driven primarily by increasing macroeconomic headwinds and uncertainty. In our supply chain, challenges caused by the disruption in our domestic magnesium supply continued, and overall competitive cost pressures persisted," said Luxfer chief executive officer, Andy Butcher.
The company currently expects sales of 97 million for the third quarter, down from $100.2 million reported in the year-ago quarter.
Adjusted earnings per share for the quarter to be about $0.04, compared with $0.27 per share reported last year.
LXFR is at $11.48 currently. It has traded in the range of $11.26 - $17.83 in the last 1 year.
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