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). 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. Average price and product mix was a moderate offsetting tailwind in the period. ", 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. Commerce Policy | The primary measure of segment operating performance is Adjusted EBIT, which is a key metric that is used by management to evaluate business performance in comparison to budgets, forecasts and prior year financial results, providing a measure that management believes reflects Axalta's core operating performance. 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. 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 … Cautionary Statement Concerning Forward-Looking Statements. 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. Stock quotes by finanzen.net, PHILADELPHIA, July 29, 2020 /PRNewswire/ --. © 2020 Insider Inc. and finanzen.net GmbH (Imprint). Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. 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. Axalta Products - General. The company earned $207 million in after-tax profits on sales of $4.7 billion last year. Adjusted diluted EPS of $(0.15) compared with $0.52 in Q2 2019. ContactChristopher MecrayD +1 215 255 7970Christopher.Mecray@axalta.com, View original content to download multimedia:http://www.prnewswire.com/news-releases/axalta-releases-second-quarter-2020-results-301101737.html, Plus500. Light Vehicle net sales decreased 58.7% to $126.3 million year-over-year (decreased 54.9% excluding foreign currency), driven largely by lower global automotive production resulting from the COVID-19 pandemic, and modest foreign exchange headwinds, offset partially by improved price and product mix. 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. These amounts are not considered indicative of our ongoing operating performance. 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. Axalta is a global leader in the coatings industry, providing customers with innovative, colorful, beautiful and sustainable coatings solutions. 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. 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. Stay up to date on the latest stock price, chart, news, analysis, fundamentals, trading and investment tools. A live webcast of the conference call will also be available online at www.axalta.com/investorcall. 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 deferred tax benefit will be ratably amortized into our adjusted income tax rate as the tax attribute is realized. 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 ». A high-level overview of Axalta Coating Systems Ltd. (AXTA) stock. Performance Coatings second quarter net sales were $482.1 million, a decrease of 36.3% year-over-year. Our debt, net of cash, was $2.9 billion as of June 30, 2020, which compared with $2.8 billion as of December 31, 2019. 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. 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. Loss from operations for Q2 2020 totaled $64.5 million compared with income of $157.9 million in Q2 2019. 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. 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. 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. 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.". "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. The 52 Week Price Change displays the percentage price change over the most recently completed 52 weeks (260 trading days). 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 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 shares jumped 14 percent on the news to $29.52 a share, giving the company a market capitalization of about $7 billion. 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. Axalta Coating Systems (AXTA) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). 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. 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). 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. 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 expects to incur cash costs of $55-65 million inclusive of capital expenditures, with $25-30 million of the total expected for the remainder of 2020. 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"). Organic growth or ex-M&A percentages are calculated by excluding the impact of recent acquisitions and divestitures. Balance Sheet and Cash Flow Highlights. 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. 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. 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. Eliminates the non-cash, non-service cost components of long-term employee benefit costs. Axalta’s largest shareholder is Warren Buffett’s Berkshire Hathaway (BRK.A), which owns a 9.7% stake. 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. Shares closed at $29.33, up from $25.88 Tuesday, and the highest since last August. As part of this process, we are streamlining our workforce to align with current and expected future customer demand and to enable Axalta to be cost competitive in the markets in which we compete. 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. 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. Rising tops and bottoms can be seen easily on a chart and how price action provided very few buy points on the breakouts. Represents the incremental step-up depreciation and amortization expense associated with the acquisition of DuPont Performance Coatings by Axalta. Represents acquisition and divestiture-related expenses, all of which are not considered indicative of our ongoing operating performance. Its corporate headquarters is located in Philadelphia, PA that develops and manufactures coatings for light and commercial vehicles, industrial, and refinish applications. 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. Axalta Products - General. 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. Adjusted EBIT of $(11.6) million for the second quarter compared with $197.4 million in Q2 2019. 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. The company was spun off by DuPont Co. in 1993. 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. All rights reserved. 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. 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. This upgrade primarily … Axalta also hired two investment banks, Evercore and Barclays, and the law firm Morrison & Foerster LLP to help figure out what to do. 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 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. Represents non-cash impacts associated with stock-based compensation. Made In NYC | Given this, we remain committed to managing with agility to ensure we mitigate risk and control costs as effectively as possible.". "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. Nippon Paint shares had plunged 7% since it announced its tender for Axalta. 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. 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. The historical financial information included in this presentation includes financial information that is not presented in accordance with generally accepted accounting principles in the United States ("GAAP"), including 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. The Performance Coatings segment generated Adjusted EBIT of $1.5 million in the second quarter compared with $127.6 million in Q2 2019. Axalta Coating Systems, new 170,000 sf global R&D center, 1050 Constitution Ave., Navy Yard, South Philadelphia. 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. 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. We plan to move forward vigorously to position Axalta for ongoing profitable growth across the markets we serve.". 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. Latest pullback was on October 28, when price bounced at $24.38. Solution Following extensive, long-term research and collaboration with Axalta Coating Systems Asia Pacific in six countries, Avanade custom built the Axalta Price Approval System (APAS), an all-new, intelligent pricing approval system based on Microsoft SharePoint 2013. 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 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. The 52 week price … AkzoNobel’s Merger Plan With Axalta Set to Create PPG Deterrent. ", 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 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. 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. 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. 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). Constant currency net sales declined 53.7% in the period, driven by a 57.2% decrease in volume, offset partially by 3.5% higher average price and product mix. 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 Coating Systems is the only leading global coatings company dedicated solely to the development, manufacture and sale of liquid and powder coatings. Represents expenses and associated changes to estimates related to employee termination benefits and other employee-related costs. Axalta rebuffed acquisition … Axalta's stock price reached $29.55 as of noon trading Wednesday, a more than 14.4% increase from its close on Tuesday. 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. 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. Reducers & Thinners; Primers Sealers & Fillers; Toners & Balancers The … Hahn's options were granted when Axalta's stock was valued at $29.40, but it’s price has dropped by roughly 15 percent since then, closing at $24.80 Monday. 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. 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. Represents certain defined benefit pension costs associated with special events, including pension curtailments, which we do not consider indicative of our ongoing operating performance. Drivers of the constant currency organic decline included a 29.7% volume decline derived from both end-markets, as well as a 2.6% decrease in average price and product mix primarily from the Refinish end-market. 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. 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. 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. 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. 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. 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. 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. 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. Axalta is a global company focused solely on coatings from light OEM vehicles, commercial vehicles and refinish applications to electric motors, buildings and pipelines. In … 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 anticipates approximately $195 million of in-year 2020 cost savings from the restructuring actions announced today and previously planned actions. Basically, Axalta, a new entity (backed by Carlyle) purchased the business from Dupont for approximately $4.9 billion prior to the IPO in 2013. Axalta Coating Systems Ltd. Common Shares (AXTA) Stock Quotes - Nasdaq offers stock quotes & market activity data for US and global markets. Since last September, Axalta Coating Systems has been drawing an uptrend that so far marked a gorgeous 28.93%. The extent and duration of COVID-19 on our business and operations is uncertain. This release includes a reconciliation of certain non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP. These amounts are not considered indicative of our ongoing performance. (To watch Viswanathan’s 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. Disclaimer | 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 undertakes no obligation to update or revise any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise. 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 Industrial sub-businesses including wood, powder, and energy solutions have all seen demand improve notably in June. 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. This is a longer-term price change metric. The restructuring is expected to result in a net 5% reduction of Axalta's global workforce, or approximately 550 employees globally, with the potential for additional reductions from Europe, subject to works council consultations and local legal requirements. 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