The Basic Materials group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Axalta Coating Systems (AXTA) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.Axalta Coating Systems is one of 241 individual stocks in the Basic Materials sector. Collectively, these companies sit at #16 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the av ...

The chemical industry is poised to benefit from an uptick in demand in certain key markets, including consumer durables and building & construction, as the unprecedented customer inventory de-stocking that started in late 2022 and plagued the industry through the first quarter of 2024 is largely complete.In addition to the expected demand rebound, strategic measures, including operating cost reduction and price hike actions along with declining raw material costs, bode well for the industry. Stocks like DuP ...

Core Viewpoint - Axalta Coating Systems is presenting its three-year strategic plan, the 2026 A-Plan, aimed at enhancing company performance and shareholder value through various growth strategies [1][2] Group 1: Strategic Focus - The 2026 A-Plan emphasizes five growth tenets: cultural transformation, operational excellence, optimized portfolio strategy, sustainable innovation, and effective capital allocation [1] - The company targets $500 million in net sales growth and over 60% growth in Adjusted Diluted EPS compared to 2023, with adjusted EBITDA margins exceeding 21% by 2026 [1] Group 2: Company Background - Axalta is a global leader in the coatings industry, providing innovative and sustainable coating solutions across various applications, including light vehicles, commercial vehicles, and industrial uses [3] - With over 150 years of experience, Axalta serves more than 100,000 customers in over 140 countries, focusing on preventing corrosion and enhancing durability [3]

CLEVELAND, May 13, 2024 /PRNewswire/ -- Transtar Holding Company, a leader in automotive aftermarket solutions, is pleased to announce that Axalta Coating Systems (NYSE: AXTA), a prominent global coatings company, has signed a definitive agreement to acquire The CoverFlexx Group. The transaction is anticipated to close in the third quarter, pending regulatory approval and customary closing conditions. Baird served as the exclusive financial advisor to CoverFlexx on this transaction.  The CoverFlexx Group, a ...

For the quarter ended March 2024, Axalta Coating Systems (AXTA) reported revenue of $1.29 billion, up 0.8% over the same period last year. EPS came in at $0.48, compared to $0.35 in the year-ago quarter.The reported revenue represents a surprise of +0.59% over the Zacks Consensus Estimate of $1.29 billion. With the consensus EPS estimate being $0.40, the EPS surprise was +20.00%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to deter ...

Axalta Coating Systems Ltd. (NYSE:AXTA) Q1 2024 Earnings Conference Call May 1, 2024 8:00 AM ET Company Participants Chris Evans - Vice President of Investor Relations Chris Villavarayan - President & Chief Executive Officer Carl Anderson - Chief Financial Officer Conference Call Participants David Huang - Deutsche Bank Harris Fein - Wolfe Capital Aleksey Yefremov - KeyBanc Capital Markets Matthew Krueger - Baird Mike Harrison - Seaport Research Rock Hoffman - Bank of America Michael Sison - Wells Fargo Joh ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-36733 AXALTA COATING SYSTEMS LTD. (Exact name of registrant as specified in its charter) Bermuda 2851 98-1073028 (State or other jurisdi ...

Axalta Coating Systems (AXTA) came out with quarterly earnings of $0.48 per share, beating the Zacks Consensus Estimate of $0.40 per share. This compares to earnings of $0.35 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 20%. A quarter ago, it was expected that this high-performance coating system maker would post earnings of $0.43 per share when it actually produced earnings of $0.43, delivering no surprise.Over the last fo ...

[First Quarter 2024 Financial Results](index=1&type=section&id=First%20Quarter%202024%20Financial%20Results) [Consolidated Financial Performance](index=1&type=section&id=Consolidated%20Financial%20Performance) Axalta achieved record first-quarter **Adjusted EBITDA of $259 million**, with a **20.0% margin**, despite a **$22 million GAAP Net Income decline** due to restructuring charges Q1 2024 Key Financial Metrics (YoY) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $1.3 billion | $1.28 billion | +0.8% | | Net Income | $39 million | $61 million | -36.1% | | Adjusted EBITDA | $259 million | $213 million | +21.6% | | Adjusted EBITDA Margin | 20.0% | 16.6% | +340 bps | | Diluted EPS | $0.18 | $0.27 | -33.3% | | Adjusted Diluted EPS | $0.48 | $0.35 | +37.1% | - The decline in net income was primarily driven by **$55 million in pre-tax restructuring charges** related to the 2024 Transformation Initiative[2](index=2&type=chunk)[3](index=3&type=chunk) - The company announced a '2024 Transformation Initiative' which is expected to generate approximately **$75 million in annual run-rate savings by 2026**[2](index=2&type=chunk) - **Adjusted Net Income improved by $27 million** year-over-year, driven by variable cost deflation that offset higher fixed operating expenses[3](index=3&type=chunk) [Segment Performance](index=1&type=section&id=Segment%20Performance) Both segments drove earnings growth, with Performance Coatings achieving **record Adjusted EBITDA of $196 million** and Mobility Coatings' **Adjusted EBITDA surging 43%** [Performance Coatings](index=1&type=section&id=Performance%20Coatings) Performance Coatings maintained **flat net sales at $848 million** but achieved **record Adjusted EBITDA of $196 million**, with margins expanding to **23.1%** Performance Coatings Q1 2024 Results (YoY) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $848 million | $848 million | 0% | | Adjusted EBITDA | $196 million | $169 million | +16.0% | | Adjusted EBITDA Margin | 23.1% | 20.0% | +310 bps | - Refinish net sales grew **4% year-over-year**, driven by positive price-mix and the André Koch acquisition[4](index=4&type=chunk) - Industrial net sales decreased due to softer market activity and strategic prioritization of higher-margin business[4](index=4&type=chunk) [Mobility Coatings](index=2&type=section&id=Mobility%20Coatings) Mobility Coatings' net sales increased **2% to $446 million**, with **Light Vehicle sales up 4%**, driving a **43% surge in Adjusted EBITDA to $63 million** Mobility Coatings Q1 2024 Results (YoY) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $446 million | $437 million | +2.1% | | Adjusted EBITDA | $63 million | $44 million | +43.2% | | Adjusted EBITDA Margin | 14.2% | 10.1% | +410 bps | - Light Vehicle net sales improved by **4% year-over-year**, driven by strong volume growth in China[5](index=5&type=chunk) - Commercial Vehicle net sales decreased by **4% year-over-year**, impacted by a **12% decline in Class 8 production** in North and Latin America[5](index=5&type=chunk) [Financial Position and Capital Management](index=1&type=section&id=Financial%20Position%20and%20Capital%20Management) Axalta strengthened its balance sheet, reducing net leverage to **2.8x** and approving a new **$700 million share repurchase program** - The total net leverage ratio improved to **2.8x** at quarter-end, down from **3.7x** as of March 31, 2023[3](index=3&type=chunk) - The company paid down an additional **$75 million of term loan principal** during the quarter[3](index=3&type=chunk) - In April 2024, the Board of Directors approved a new **$700 million share repurchase program**[2](index=2&type=chunk)[3](index=3&type=chunk) Cash Flow Summary (YoY) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Cash from Operating Activities | $34 million | ($52 million) | | Free Cash Flow | $15 million | ($88 million) | [Financial Outlook](index=2&type=section&id=Financial%20Outlook) [Second Quarter And Full Year 2024 Outlook](index=2&type=section&id=Second%20Quarter%20And%20Full%20Year%202024%20Outlook) Axalta raised its full-year 2024 guidance, projecting **Adjusted EBITDA of $1,050 - $1,080 million** and **Adjusted Diluted EPS of $1.90 - $2.00** - The company increased its full-year 2024 outlook for Adjusted EBITDA, Adjusted EPS, and Free Cash Flow[2](index=2&type=chunk)[5](index=5&type=chunk) Q2 and Full Year 2024 Guidance | Item | Q2 2024 Projection | FY 2024 Projection | | :--- | :--- | :--- | | Net Sales YoY% | 3% - 5% | +LSD (low single digit) | | Adjusted EBITDA | ~$275 million | $1,050 - $1,080 million | | Adjusted Diluted EPS | ~$0.50 | $1.90 - $2.00 | | Free Cash Flow | - | $425 - $475 million | [Financial Statements](index=5&type=section&id=Financial%20Statements) [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Axalta reported **net sales of $1,294 million** but a decline in **net income to $41 million** due to increased 'Other operating charges' Q1 2024 Statement of Operations Highlights (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net sales | $1,294 | $1,284 | | Cost of goods sold | $865 | $902 | | Other operating charges | $61 | $7 | | Income from operations | $121 | $125 | | Net income attributable to common shareholders | $41 | $61 | | Diluted net income per share | $0.18 | $0.27 | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, Axalta reported **total assets of $7,089 million**, with **long-term debt at $3,407 million** and **shareholders' equity at $1,775 million** Balance Sheet Highlights (in millions) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $624 | $700 | | Total assets | $7,089 | $7,272 | | Long-term debt | $3,407 | $3,478 | | Total liabilities | $5,314 | $5,499 | | Total shareholders' equity | $1,775 | $1,773 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The company generated **$34 million in cash from operating activities** and **$15 million in positive free cash flow**, a significant improvement year-over-year Q1 Cash Flow Summary (in millions) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Cash provided by (used for) operating activities | $34 | ($52) | | Cash used for investing activities | ($19) | ($6) | | Cash used for financing activities | ($82) | ($88) | | Decrease in cash | ($67) | ($146) | | Cash at end of period | $627 | $515 | [Reconciliation of Non-GAAP Financial Measures](index=8&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) [Reconciliation of Net Income to EBITDA and Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20Net%20Income%20to%20EBITDA%20and%20Adjusted%20EBITDA) Net Income of **$39 million** was reconciled to **Adjusted EBITDA of $259 million** in Q1 2024, with a significant margin expansion to **20.0%** Q1 2024 Reconciliation of Net Income to Adjusted EBITDA (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net income | $39 | $61 | | Interest, Taxes, D&A | +$142 | +$133 | | EBITDA | $181 | $194 | | Termination benefits & other employee costs | +$55 | $0 | | Other Adjustments | +$23 | +$19 | | **Adjusted EBITDA** | **$259** | **$213** | [Reconciliation of Net Income to Adjusted Net Income](index=9&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20Net%20Income) Adjusted Net Income for Q1 2024 reached **$106 million**, leading to an **Adjusted Diluted EPS of $0.48**, up from **$0.35** in the prior year Q1 2024 Reconciliation to Adjusted Net Income (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net income attributable to common shareholders | $41 | $61 | | Termination benefits & other employee costs | $55 | $0 | | Step-up depreciation and amortization | $12 | $16 | | Total adjustments | $77 | $25 | | Income tax provision impacts | $12 | $7 | | **Adjusted net income** | **$106** | **$79** | | **Adjusted diluted net income per share** | **$0.48** | **$0.35** | [Reconciliation of Cash Flow to Free Cash Flow](index=10&type=section&id=Reconciliation%20of%20Cash%20Flow%20to%20Free%20Cash%20Flow) Axalta generated **$15 million in Free Cash Flow** in Q1 2024, a **$103 million year-over-year improvement** from negative free cash flow Q1 2024 Free Cash Flow Reconciliation (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Cash provided by (used for) operating activities | $34 | ($52) | | Purchase of property, plant and equipment | ($22) | ($42) | | Interest proceeds on swaps | $3 | $6 | | **Free cash flow** | **$15** | **($88)** | [Reconciliation of Income from Operations to Adjusted EBIT](index=11&type=section&id=Reconciliation%20of%20Income%20from%20Operations%20to%20Adjusted%20EBIT) Income from Operations of **$121 million** was reconciled to **Adjusted EBIT of $190 million**, with the company transitioning to Adjusted EBITDA as its primary segment metric Q1 2024 Reconciliation to Adjusted EBIT (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Income from operations | $121 | $125 | | Other expense, net | $8 | $1 | | Termination benefits & other employee costs | $55 | $0 | | Step-up depreciation and amortization | $12 | $16 | | **Adjusted EBIT** | **$190** | **$149** | - Axalta is transitioning to using Adjusted EBITDA as the primary measure to evaluate financial performance of its operating segments, but will continue to publish segment Adjusted EBIT through 2024 for historical trend analysis[14](index=14&type=chunk)[31](index=31&type=chunk)

Automotive and aerospace industry executive with deep expertise inadvanced manufacturing systems, scaling manufacturing, and technology DANBURY, Conn., April 29, 2024 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (NASDAQ:FCEL), FuelCell Energy, Inc., announced that Tyrone Michael ("TJ") Jordan has joined its board of directors. Jordan's extensive experience in operations, advanced manufacturing, commercialization, and global leadership will be a significant asset to the company's board at a key time during the ...