Given this, we remain committed to managing with agility to ensure we mitigate risk and control costs as effectively as possible.". Axalta is driven by the belief that a singular focus is the key to big performance and that's why they're 100% dedicated to the science and technology behind coatings. The 52 week price … Axalta is the 17th largest public company in … Our net debt to trailing twelve month Adjusted EBITDA ratio was 4.0x at quarter end. Axalta’s largest owner is billionaire Warren Buffett’s Berkshire Hathaway Corp., who has stripped assets from a long string of U.S. companies that weren’t sending him cash as fast as he wanted. We plan to move forward vigorously to position Axalta for ongoing profitable growth across the markets we serve.". Axalta rebuffed acquisition … Represents non-cash impacts associated with stock-based compensation. 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. The Company also announced the initiation of a global restructuring of its business to better position Axalta for sustained growth. Axalta ended the quarter with cash and cash equivalents of $1.1 billion.Our debt, net of cash, was $2.9 billion as of … 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. This release includes a reconciliation of certain non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP. For more information, visit axalta.com and follow us @axalta on Twitter. Axalta Coating Systems, new 170,000 sf global R&D center, 1050 Constitution Ave., Navy Yard, South Philadelphia. These amounts are not considered indicative of our ongoing performance. Axalta Products - General. Represents the incremental step-up depreciation and amortization expense associated with the acquisition of DuPont Performance Coatings by Axalta. The board “is committed to maximizing value for all shareholders and has initiated a comprehensive review of strategic alternatives, including a potential sale of the Company, changes in capital allocation," or not, said Garrett in a written statement, adding that Axalta has been a buyer of other companies in the past. All rights reserved. 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 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). "Second quarter results benefited from approximately $75 million in cost savings as well as $70 million in incremental cash flows versus our prior plan from reduced capital expenditures and actions to drive working capital savings. Robert W. Bryant, Axalta's President and CEO, commented, "We continue to be impacted by the coronavirus pandemic across our business, and we remain focused on operating safely while protecting the health and well-being of our employees, customers, and communities where we live and work. Made In NYC | (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 Buffett’s Berkshire Hathaway Inc, people familiar with the matter said on Monday. Axalta’s largest shareholder is Warren Buffett’s Berkshire Hathaway (BRK.A), which owns a 9.7% stake. 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. ", 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. A high-level overview of Axalta Coating Systems Ltd. (AXTA) stock. 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. The decline, principally from negative impacts of lower volume, accounting charges related to COVID-19 impacts, lower price and product mix, and foreign exchange, was partially offset by lower operating expenses and modestly lower variable costs. 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. Category. Axalta Coating Systems Ltd. (NYSE: AXTA) ("Axalta"), a leading global coatings company, announced its financial results for the second quarter ended June 30, 2020 and provided an update regarding the ongoing impact of the coronavirus (COVID-19) pandemic on its business, employees, customers, and shareholders and related mitigation actions taken and planned. Basically, Axalta, a new entity (backed by Carlyle) purchased the business from Dupont for approximately $4.9 billion prior to the IPO in 2013. 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. Loss from operations for Q2 2020 totaled $64.5 million compared with income of $157.9 million in Q2 2019. Performance Coatings second quarter net sales were $482.1 million, a decrease of 36.3% year-over-year. Cautionary Statement Concerning Forward-Looking Statements. Axalta is a global leader in the coatings industry, providing customers with innovative, colorful, beautiful and sustainable coatings solutions. The move to combine with Axalta comes as the clock counts down to Dec. 1, when Akzo Nobel’s rival-turned-suitor PPG could make another run for the company under Dutch takeover rules. The company earned $207 million in after-tax profits on sales of $4.7 billion last year. 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. The company was spun off by DuPont Co. in 1993. The decreases were primarily driven by volume decline impacts, COVID-19 related accounting charges of $45.0 million primarily associated with fixed costs at underutilized manufacturing sites recognized as a period expense, as well as the impacts of severance, impairments, and strategic review-related charges of $24.6 million in Q2 2020 versus $2.3 million in Q2 2019. 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. Axalta ended the quarter with cash and cash equivalents of $1.1 billion. 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. Rising tops and bottoms can be seen easily on a chart and how price action provided very few buy points on the breakouts. 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. 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. Condensed Consolidated Statements of Operations (Unaudited), Selling, general and administrative expenses, Less: Net (loss) income attributable to noncontrolling interests, Net (loss) income attributable to controlling interests, Basic weighted average shares outstanding, Diluted weighted average shares outstanding, Condensed Consolidated Balance Sheets (Unaudited), Prepaid expenses and other current assets, Common shares, $1.00 par, 1,000.0 shares authorized, 250.6 and 250.1 shares     issued at June 30, 2020 and December 31, 2019, respectively, Treasury shares, at cost, 15.2 shares at June 30, 2020 and December 31, 2019, Total liabilities and shareholders' equity, Condensed Consolidated Statements of Cash Flows (Unaudited). 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. 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 should not be considered as alternatives to net sales, net income (loss), income (loss) before operations or any other performance measures derived in accordance with GAAP as measures of operating performance or operating cash flows or as measures of liquidity. The 52 Week Price Change displays the percentage price change over the most recently completed 52 weeks (260 trading days). Axalta shares jumped 14 percent on the news to $29.52 a share, giving the company a market capitalization of about $7 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. 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. Balance Sheet and Cash Flow Highlights. AkzoNobel’s Merger Plan With Axalta Set to Create PPG Deterrent. The dial-in phone number for the conference call is +1-201-689-8560. 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. Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. 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. Axalta Coating Systems LLC, an indirect, wholly owned subsidiary of Axalta Coating Systems (NYSE: AXTA) has priced upsized $700M (from $600M) of 3.375% senior notes due 2029. 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 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. Stay up to date on the latest stock price, chart, news, analysis, fundamentals, trading and investment tools. Profitable industrial companies such as Axalta are typically sold at premium prices, encouraging investors who hanker for a piece of the action. The deferred tax benefit will be ratably amortized into our adjusted income tax rate as the tax attribute is realized. These results were driven by lower global volumes across all end-markets and COVID-19 related accounting charges, partly offset by lower operating expenses inclusive of cost actions initiated in late March in response to COVID-19, and slightly lower variable input costs. 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. Shares closed at $29.33, up from $25.88 Tuesday, and … 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. © 2020 The Philadelphia Inquirer, LLC Terms of Use/Privacy Policy/California Notice California residents do not sell my data request. These statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of Axalta's control, including developments that could impact the timing, costs and savings associated with, the Restructuring, as well as the review of strategic alternatives that was concluded in March 2020 and the effects of COVID-19, that may cause its business, industry, strategy, financing activities or actual results to differ materially. But share prices for the company, sold by the DuPont Co. to Carlyle Group in 2013 and resold on the stock market the next year at a fat mark-up, have remained around $30, same as a week ago and well within the range that Axalta established in 2014-15, its first year as a public company. Axalta Coating Systems is the only leading global coatings company dedicated solely to the development, manufacture and sale of liquid and powder coatings. 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. 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. 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. 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. Business news and analysis sent straight to your inbox every Tuesday morning. 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.". Axalta anticipates approximately $195 million of in-year 2020 cost savings from the restructuring actions announced today and previously planned actions. 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. The Performance Coatings segment generated Adjusted EBIT of $1.5 million in the second quarter compared with $127.6 million in Q2 2019. 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 The following table reconciles net (loss) income to EBITDA and adjusted EBITDA for the periods presented (in millions): Foreign exchange remeasurement (gains) losses (f), Long-term employee benefit plan adjustments (g), Dividends in respect of noncontrolling interest (i), Adjusted EBITDA to interest expense coverage ratio. Nippon Paint shares had plunged 7% since it announced its tender for Axalta. Latest pullback was on October 28, when price bounced at $24.38. Commerce Policy | 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. Refinish net sales declined 41.4% to $261.9 million in Q2 2020 (decreased 38.7% excluding foreign currency) with lower volume including demand impact from COVID-19 which substantially reduced global traffic volumes, as well as reduced average price and product mix contribution principally from a change in product mix. Eliminates the non-cash, non-service cost components of long-term employee benefit costs. 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. These amounts are not considered indicative of our ongoing operating performance. 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. Organic growth or ex-M&A percentages are calculated by excluding the impact of recent acquisitions and divestitures. Industrial sub-businesses including wood, powder, and energy solutions have all seen demand improve notably in June. Constant currency or ex-FX percentages are calculated by excluding the impact the change in average exchange rates between the current and comparable period by currency denomination exposure of the comparable period amount. 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. The following table reconciles (loss) income from operations to adjusted EBIT and segment adjusted EBIT for the periods presented (in millions): Debt extinguishment and refinancing related costs (a), Termination benefits and other employee related costs (b), Loss (gain) on divestiture and impairments (e), Step-up depreciation and amortization (i). 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. Stock quotes by finanzen.net, PHILADELPHIA, July 29, 2020 /PRNewswire/ --. 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. "Despite unprecedented customer demand disruption due to the pandemic and associated reduced operating rates during the second quarter, our initial actions to adjust our cost structure and maximize cash flow globally have helped stabilize Axalta's overall financial profile," said Sean Lannon, Axalta's Chief Financial Officer. Axalta Coating Systems Ltd. Common Shares (AXTA) Stock Quotes - Nasdaq offers stock quotes & market activity data for US and global markets. Represents expenses and associated changes to estimates related to employee termination benefits and other employee-related costs. Under former chief executive Charles Shaver, Axalta bought six companies in the spring and summer of 2017, before turning down multibillion-dollar buyout offers from rivals ABN Akzo of the Netherlands and Nippon Paint of Japan. 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. We truly believe that the actions taken with this restructuring will help make Axalta a stronger competitor with substantial future growth opportunities as we recover from the current downturn.". 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. Shares of Axalta Coating Systems climbed more than 14% on Wednesday morning after the supplier of liquid and powder coatings said its board is reviewing strategic options. 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