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Luxfer Gas Cylinders, a division of Luxfer Holdings PLC, has been awarded a clean technology grant from Alberta Innovates Hydrogen Centre of Excellence to develop a new Type 4 700 bar hydrogen cylinder. This innovative cylinder will reduce manufacturing time and components while storing gaseous pressure up to 700 bar, catering to growth markets like fuel cell transit buses and heavy-duty trucks.
Luxfer Holdings PLC (NYSE: LXFR) reported improved profitability in the first quarter of 2024, with GAAP net sales of $89.4 million meeting expectations. The company saw significant sequential improvement in profitability due to operational efficiencies and product mix. Net cash provided from continuing operations improved by $18.0 million compared to the first quarter of 2023. Luxfer raised its guidance for Adjusted EBITDA to $44-$48 million, Adjusted EPS to $0.75-$0.90, and Free Cash Flow to $21-$25 million.
