Luxfer reported 2Q:25 EPS of $0.30, up from the year-earlier $0.24 and well ahead of our $0.23 forecast, on a strong sequential rebound for Gas Cylinders and continued solid Elektron revenue and margins. Management raised the lower end of full year EPS guidance from $0.97 to $1.05 (previously $0.95 to $1.05) as strong results are partially offset by potential macro headwinds, including some softening of automotive demand. Luxfer benefited in 2Q:25 from ongoing replenishment of MREs (meals ready-to-eat), including UGR-Es (unitized group rations), and flares, as well as increasing space exploration and aerospace demand, offsetting continued weakness in alternative fuel markets. We hold a positive view of the recently completed sale of the company's Graphic Arts business, enabling increased focus on higher margin, faster growth product lines. The company also announced the relocation of its remaining gas cylinder lines at its Pomona facility to Riverside, which it expects to reduce annual costs by about $4 million. The balance sheet remains strong and provides options. Net leverage was under 1x at the end of 2Q:25 compared to nearly 2x at the end of the year-earlier quarter.