Represents incremental depreciation expense resulting from truncated useful lives of the assets impacted by our manufacturing footprint assessments, which we do not consider indicative of our ongoing operating performance. Axalta was able to reduce operating costs during the quarter by approximately $75 million, exceeding earlier expectations, and we now expect to beat our prior target for the full year and to generate at least $130 million in total cost savings. Axalta ended the quarter with approximately $1.5 billion in available liquidity, including $361.0 million of capacity under our undrawn revolver and the proceeds from the June issuance of $500 million in aggregate principal amount of 4.750% senior unsecured notes due 2027. Profitable industrial companies such as Axalta are typically sold at premium prices, encouraging investors who hanker for a piece of the action. Axalta shares jumped 14 percent on the news to $29.52 a share, giving the company a market capitalization of about $7 billion. This release may contain certain forward-looking statements regarding Axalta and its subsidiaries including our outlook, which includes net sales growth, currency effects, acquisition or divestment impacts, Adjusted EBIT, Adjusted EPS, Adjusted EBITDA, interest expense, income tax rate, as adjusted, free cash flow, capital expenditures, depreciation and amortization, and diluted shares outstanding, the effects of COVID-19 on Axalta's business and financial results and the restructuring detailed in the release (the "Restructuring"). Nonetheless, our businesses have demonstrated resilience and emerged from the period fully intact, while customers have continued to experience Axalta's dedication to service, as they have come to expect from an industry leader. Performance Coatings second quarter net sales were $482.1 million, a decrease of 36.3% year-over-year. Axalta also announced that it is initiating a global restructuring of its business to better align the Company's cost structure in light of current economic pressures and to position Axalta for sustained growth. Stay up to date on the latest stock price, chart, news, analysis, fundamentals, trading and investment tools. Category. Reducers & Thinners; Primers Sealers & Fillers; Toners & Balancers Represents acquisition and divestiture-related expenses, all of which are not considered indicative of our ongoing operating performance. Having hit a record high of $38.20 in 2017 at the time of the takeover talks, Axalta shares have since fallen by a third and closed at $25.82 on Tuesday. Axalta Coating Systems Ltd., the car-paint maker exploring a sale, has drawn preliminary interest from rival companies, according to people familiar with the matter. Shares closed at $29.33, up from $25.88 Tuesday, and ⦠Axalta Coating Systems Ltd. Common Shares (AXTA) Stock Quotes - Nasdaq offers stock quotes & market activity data for US and global markets. Through Axalta Way, coupled with the insights gleaned through the strategic review process, we believe we have the tools to transform our business for sustained profitable growth for the benefit of all stakeholders. The Performance Coatings segment generated Adjusted EBIT of $1.5 million in the second quarter compared with $127.6 million in Q2 2019. © 2020 Insider Inc. and finanzen.net GmbH (Imprint). Eliminates foreign exchange losses resulting from the remeasurement of assets and liabilities denominated in foreign currencies, net of the impacts of our foreign currency instruments used to hedge our balance sheet exposures. Axalta Coating Systems (AXTA) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). Axalta ended the quarter with cash and cash equivalents of $1.1 billion. central research and development facility at the Navy Yard business center, stripped assets from a long string of U.S. companies, California residents do not sell my data request. This includes $55 million from the Company's ongoing Axalta Way savings, approximately $10 million of incremental restructuring savings, and the $130 million in temporary cost savings discussed above. Analyst Actions: Morgan Stanley Adjusts Price Target on Axalta Coating Systems to $32 From $27, Keeps Equal-Weight Rating MT Newswires 12/14 10:28 ET Axalta continues automotive color leadership with 68th Global Automotive Color Popularity Report Stock quotes by finanzen.net, PHILADELPHIA, July 29, 2020 /PRNewswire/ --. More information on potential factors that could affect Axalta's financial results is available in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" section within Axalta's most recent annual report on Form 10-K, and in other documents that we have filed with, or furnished to, the U.S. Securities and Exchange Commission. Basically, Axalta, a new entity (backed by Carlyle) purchased the business from Dupont for approximately $4.9 billion prior to the IPO in 2013. Represents expenses and associated changes to estimates related to the sale of our interest in a joint venture business and other impairments, which are not considered indicative of our ongoing operating performance. Industrial sub-businesses including wood, powder, and energy solutions have all seen demand improve notably in June. Axaltaâs largest owner is billionaire Warren Buffettâs Berkshire Hathaway Corp., who has stripped assets from a long string of U.S. companies that werenât sending him cash as fast as he wanted. ", Mr. Bryant continued, "Beyond these immediate restructuring actions, we are actively planning incremental steps to further reduce expenses and increase our speed and agility to market. Transportation Coatings saw continued year-over-year price and product mix improvement, while Performance Coatings declined in the period due to unfavorable product mix in Refinish. The following table reconciles cash (used for) provided by operating activities to free cash flow for the periods presented (in millions): Interest proceeds on swaps designated as net investment hedges. Constant currency organic net sales decreased 32.3% in the period before the net negative M&A-related impact of 1.6% from the China powder JV sale in Q2 2019, and 2.4% from negative foreign currency translation. A live webcast of the conference call will also be available online at www.axalta.com/investorcall. AkzoNobel successfully rebuffed an unsolicited $29 billion buyout offer this year, coming under intense shareholder pressure in the process from activist investor Elliott Management Corp., which had pushed for tie-up talks. Axalta has identified some of these forward-looking statements with words such as "anticipates," "believes," "expects," "estimates," "is likely," "outlook", "projects," "forecasts," "may," "will," "should," "plans" and "intends" and the negative of these words or other comparable or similar terminology. According to Reuters, the latest offer from Nippon Paint was for $37 per share in cash, a price Axalta's management didn't think was enough to complete a ⦠All of these statements are based on management's expectations as well as estimates and assumptions prepared by management that, although they believe to be reasonable, are inherently uncertain. Represents non-cash impacts associated with stock-based compensation. Constant currency net sales growth, income tax rate, as adjusted, EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, Adjusted EPS, free cash flow, net debt, Adjusted net income and Adjusted EBITDA to interest expense coverage ratio have important limitations as analytical tools and should be considered in conjunction with, and not as substitutes for, our results as reported under GAAP. Axalta also hired two investment banks, Evercore and Barclays, and the law firm Morrison & Foerster LLP to help figure out what to do. All rights reserved. Represents indemnity income associated with the acquisition by Axalta of the DuPont Performance Coatings business, which we do not consider indicative of our ongoing operating performance. Represents costs for legal, tax and other advisory fees pertaining to our review of strategic alternatives that was concluded in March 2020, as well as retention awards for certain employees which will be earned over a period of 18-24 months. Adjusted diluted EPS of $(0.15) compared with $0.52 in Q2 2019. Axalta is a global leader in the coatings industry, providing customers with innovative, colorful, beautiful and sustainable coatings solutions. We believe that making such adjustments provides investors meaningful information to understand our operating results and ability to analyze financial and business trends on a period-to-period basis. Changes in operating assets and liabilities: Cash (used for) provided by operating activities, Purchase of property, plant and equipment, Proceeds from sale of consolidated joint venture, net of cash divested, Interest proceeds on swaps designated as net investment hedges, Net cash flows associated with stock-based awards, Cash provided by (used for) financing activities. With more than 150 years of experience in the coatings industry, the global team at Axalta continues to find ways to serve our more than 100,000 customers in over 130 countries better every day with the finest coatings, application systems and technology. The following table reconciles net (loss) income to adjusted net income for the periods presented (in millions, except per share data): Diluted adjusted net (loss) income per share, Diluted weighted average shares outstanding (1). Hahn's options were granted when Axalta's stock was valued at $29.40, but itâs price has dropped by roughly 15 percent since then, closing at $24.80 Monday. For more information, visit axalta.com and follow us @axalta on Twitter. Axaltaâs largest shareholder is Warren Buffettâs Berkshire Hathaway (BRK.A), which owns a 9.7% stake. Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. The Company also announced the initiation of a global restructuring of its business to better position Axalta for sustained growth. From light vehicles, commercial vehicles and refinish applications to electric motors, building facades and other industrial applications, our coatings are designed to prevent corrosion, increase productivity and enhance durability. We believe this will assist investors in performing meaningful comparisons of past, present and future operating results and better highlight the results of our ongoing operating performance. The deferred tax benefit will be ratably amortized into our adjusted income tax rate as the tax attribute is realized. ET. The dial-in phone number for the conference call is +1-201-689-8560. A high-level overview of Axalta Coating Systems Ltd. (AXTA) stock. Second quarter total use of operating cash flow was $1.7 million versus $126.7 million of cash generated in Q2 2019, reflecting reduced operating income during the period, including COVID-19 impacts on the business, offset in part by improved working capital and reduced cash outflows related to customer investments in the period. (To watch Viswanathanâs track record, click here)Axalta has a Strong Buy analyst consensus rating, based on 9 recent reviews breaking down to 7 Buys and 2 Holds. For the six months ended June 30, 2020, the diluted weighted average shares outstanding represents the diluted share count if the period had been in a net income position, compared to 235.1 million diluted shares reported. Adjusted net income shows the adjusted value of net income (loss) attributable to controlling interests after removing the items that are determined by management to be items that we do not consider indicative of our ongoing operating performance or unusual or nonrecurring in nature. ", Mr. Bryant continued, "The nature of customer demand impacts during the quarter made the period uniquely challenging, including muted demand within Performance Coatings as well as prolonged customer shutdowns in Transportation Coatings, driving the recognition of fixed costs in the period due to underutilization of manufacturing sites. The condensed consolidated statements of operations for the three and six months ended June 30, 2019 have been updated for comparability with the current year presentation to separately present other operating charges as detailed in our annual report on Form 10-K for the year ended December 31, 2019. The 52 Week Price Change displays the percentage price change over the most recently completed 52 weeks (260 trading days). Commercial Vehicle net sales decreased 53.2% to $44.3 million from Q2 2019 (decreased 50.1% excluding foreign currency), also driven by global customer production rate declines resulting from COVID-19. Factors that will influence the impact on our business and operations include the duration and extent of COVID-19, the extent of imposed or recommended containment and mitigation measures, and the general economic consequences of COVID-19. Axalta does not provide a reconciliation for non-GAAP estimates for constant currency net sales growth, Adjusted EBIT, Adjusted EBITDA, Adjusted EPS, income tax rate, as adjusted, or free cash flow on a forward-looking basis because the information necessary to calculate a meaningful or accurate estimation of reconciling items is not available without unreasonable effort. Made In NYC |
For those unable to participate, a replay will be available through August 5, 2020, with a dial-in number of +1-412-317-6671 and pin: 13707303. Axalta's balance sheet appears to be in good shape, even though debt is on the higher side, which is a function of the company's IPO. Axalta anticipates approximately $195 million of in-year 2020 cost savings from the restructuring actions announced today and previously planned actions. The 5% reduction in Axalta's workforce should be completed over 24 months and generate savings of approximately $50 million, with $40 million expected by the end of 2021. Represents certain non-operational or non-cash gains and losses unrelated to our core business and which we do not consider indicative of ongoing operations, including indemnity (income) losses associated with the acquisition by Axalta of the DuPont Performance Coatings business, gains and losses from the sale and disposal of property, plant and equipment, gains and losses from the remaining foreign currency derivative instruments and from non-cash fair value inventory adjustments associated with our business combinations. Notable monthly sequential net sales recovery; Q3 net sales: Expected to be down ~15-20% compared to Q3 2019 including 1% negative impact from FX. Second quarter net sales of $652.7 million decreased 43.6% year-over-year, including a 2.8% negative foreign currency impact and 1.1% negative year-over-year impact from the sale of a China JV interest in Q2 2019. Forecast visibility remains limited, but we are updating discrete guidance elements as follows: As previously announced, Axalta will hold a conference call to discuss its second quarter 2020 financial results on July 29, 2020, at 10:00 a.m. Axalta Coating Systems is the only leading global coatings company dedicated solely to the development, manufacture and sale of liquid and powder coatings. Organic growth or ex-M&A percentages are calculated by excluding the impact of recent acquisitions and divestitures. Transportation Coatings net sales were $170.6 million in Q2 2020, a decrease of 57.4% year-over-year, including a 3.7% negative currency translation impact. Employee termination benefits are associated with Axalta Way initiatives. Axalta is a global company focused solely on coatings from light OEM vehicles, commercial vehicles and refinish applications to electric motors, buildings and pipelines. Second Quarter 2020 Consolidated Financial Results. Constant currency organic net sales decreased 39.7% in the period, driven by 39.2% lower volumes and 0.5% lower average price and product mix. Cautionary Statement Concerning Forward-Looking Statements. Shares of Axalta Coatings Systems Ltd., the Philadelphia-based auto-paints and powder-coatings maker, rose as much as 15 percent in trading Wednesday after the company revived expectations it will be sold. Disclaimer |
The extent and duration of COVID-19 on our business and operations is uncertain. Citi Research downgraded Axalta Coating Systems Ltd (NYSE: AXTA) from Neutral to Sell Tuesday and decreased its price target for the stock from $29.68 to $25.Analysts P.J. We plan to move forward vigorously to position Axalta for ongoing profitable growth across the markets we serve.". Axalta Products - General. The income tax impacts are determined using the applicable rates in the taxing jurisdictions in which expense or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. Since last September, Axalta Coating Systems has been drawing an uptrend that so far marked a gorgeous 28.93%. Given this, we remain committed to managing with agility to ensure we mitigate risk and control costs as effectively as possible.". These amounts are not considered indicative of our ongoing operating performance. The impact on customer demand related to COVID-19 continues to gradually improve month-to-month, but there remain significant challenges and uncertainties around the timing and shape of the recovery. Free cash flow totaled a use of $17.8 million compared to $103.7 million provided in the prior year second quarter, including lower capital expenditures in the period totaling $19.7 million versus $26.7 million in second quarter 2019. The ⦠As we do not measure segment operating performance based on net income, a reconciliation of this non-GAAP financial measure with the most directly comparable financial measure calculated in accordance with GAAP is not available. The Transportation Coatings segment generated an Adjusted EBIT loss of $39.3 million in Q2 2020 compared with income of $40.4 million in Q2 2019, driven principally by the impact of lower volume and accounting charges related to COVID-19 impacts, offset partly by lower operating costs and positive price and product mix. Adjustment to reconcile net income to cash (used for) provided by operating activities: Amortization of deferred financing costs and original issue discount, Debt extinguishment and refinancing related costs, Realized and unrealized foreign exchange losses, net, Interest income on swaps designated as net investment hedges. Represents expenses and associated changes to estimates related to employee termination benefits and other employee-related costs. Represents certain defined benefit pension costs associated with special events, including pension curtailments, which we do not consider indicative of our ongoing operating performance. Lower volumes across all businesses were driven by COVID-19 impacts, though results improved sequentially in each month following a bottom in April, which was led by Transportation customer site shutdowns globally (excluding China) with gradual reopenings starting in May and lower operating rates of Performance Coatings customers. Axalta shares fell $0.51 or 1.69% Monday to $29.64. Latest pullback was on October 28, when price bounced at $24.38. Axalta Coating Systems, new 170,000 sf global R&D center, 1050 Constitution Ave., Navy Yard, South Philadelphia. Industrial net sales decreased 28.8% to $220.2 million (decreased 23.2% excluding foreign currency and M&A-related impacts), including volume declines over 20% but with largely stable average price and product mix globally. Net loss to common shareholders was $82.8 million for the quarter compared with income of $98.4 million in Q2 2019, and diluted loss per share was $0.35 compared with diluted EPS of $0.42 in Q2 2019. Management uses these non-GAAP financial measures in the analysis of our financial and operating performance because they assist in the evaluation of underlying trends in our business. Represents expenses and associated changes to estimates related to the prepayment, restructuring, and refinancing of our indebtedness, which are not considered indicative of our ongoing operating performance. The tax benefits for the six months ended June 30, 2020 include the removal of a significant one-time benefit associated with the recognition of a deferred tax asset related to an intra-entity transfer of certain intellectual property rights. Axalta Coating Systems is an American company specializing in coatings in a wide variety of industrial applications, materials and sectors, such as for example automotive paints. In May, Axalta announced initial actions taken to counter COVID-19-related customer demand impacts across the business, including reductions in discretionary and other SG&A costs with a target of $100 million in savings to be realized during 2020. Axalta employs 14,000 at its plants and paint labs worldwide, including its new central research and development facility at the Navy Yard business center and its Americas offices in Glen Mills. For example, such reconciling items include the impact of foreign currency exchange gains or losses, gains or losses that are unusual or nonrecurring in nature, as well as discrete taxable events. Axalta ended the quarter with cash and cash equivalents of $1.1 billion.Our debt, net of cash, was $2.9 billion as of ⦠We cannot estimate or project these items and they may have a substantial and unpredictable impact on our US GAAP results. 76.4% of retail CFD accounts lose money, Common shares, $1.00 par, 1,000.0 shares authorized, 250.6 and 250.1 shares, Termination benefits and other employee related costs, Loss (gain) on divestiture and impairments, Interest proceeds on swaps designated as net investment, Foreign exchange remeasurement (gains) losses, Long-term employee benefit plan adjustments, Dividends in respect of noncontrolling interest, Registration on or use of this site constitutes acceptance of our, Alibaba falls 7% in premarket trading after Chinese regulators open antitrust investigation into the company », AT&T service is down in some areas following a car explosion, impacting some 911 lines ». Mr. Bryant commented, "Given the significant customer demand headwinds we are facing due to COVID-19, we have made the difficult decision to undertake a global restructuring to address the continued effects of the pandemic and further improve our cost structure. (Reuters) - Buyout firm Clayton, Dubilier & Rice LLC is in talks to partner with U.S. paint maker PPG Industries Inc to make an acquisition offer for Axalta Coating Systems Inc, the U.S. coatings company whose largest shareholder is Warren Buffettâs Berkshire Hathaway Inc, people familiar with the matter said on Monday. Represents the payment of dividends to our joint venture partners by our consolidated entities that are not 100% owned, which are reflected to show the cash operating performance of these entities on Axalta's financial statements. Mr. Bryant commented, "We are proud that the second quarter benefited substantially from our proactive management philosophy and key actions implemented, allowing June results to return to profitability with volumes only partially recovered during the month. I can't thank our team enough for their dedication to fulfilling critical customer needs, and for the many examples we have seen of the Axalta team responding to the unique challenges of this period.". Adjusted EBITDA, Adjusted EBIT and Adjusted EPS consist of EBITDA, EBIT and Diluted EPS, respectively, adjusted for (i) certain non-cash items included within net income, (ii) certain items Axalta does not believe are indicative of ongoing operating performance or (iii) certain nonrecurring, unusual or infrequent items that have not occurred within the last two years or we believe are not reasonably likely to recur within the next two years. The company was spun off by DuPont Co. in 1993. We now expect to see combined savings in 2020 from COVID-related cost and cash flow actions in excess of $270 million, with remaining amounts to benefit the third quarter somewhat more than the fourth quarter.". Our net debt to trailing twelve month Adjusted EBITDA ratio was 4.0x at quarter end. Visit axalta.com and follow US @ Axalta on Twitter Create PPG Deterrent markets serve! Brk.A ), which owns a 9.7 % stake cash equivalents of $ 0.15. By Axalta off by DuPont Co. in 1993, trading and investment tools Systems has been drawing an uptrend so... Highest since last September, Axalta Coating Systems Ltd. ( AXTA ) stock, which owns a %. Employee benefit costs analysis sent straight to your inbox every Tuesday morning by Co.... And operations is uncertain business to better position Axalta for sustained growth Balancers a high-level overview of Coating! Profitable growth across the markets we serve. `` control costs as effectively as possible. `` the. 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