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Highlights:
- As of the market close on Monday, February 27, the AXTA stock was up about two per cent.
- In Q4 2022, Axalta said its volumes surged by 2.4 per cent year-over-year (YoY).
- In Q1 2023, Axalta expects its net sales to grow between five per cent to nine per cent.
There are plenty of companies in the United States' chemical industry, including Axalta Coating Systems Ltd (NYSE:AXTA). Axalta claims to produce high-performing coating systems.
The Philadelphia-based company offers powder and liquid coating solutions to its customers. Also, Axalta has two main business segments- refinish and industrial markers.
Providing coating technology to original equipment manufacturers of light and commercial vehicles is the focus of the Mobility Coatings business. The corporation conducts business in North America, Asia-Pacific, and other regions like Latin America.
As of the market close on Monday, February 27, the AXTA stock was up about two per cent and ended the trading session at US$ 29.66 per share.
Latest news about AXTA
On February 9, Axalta announced that it won three awards for innovation at the 2023 Edison Awards. Meanwhile, last month, the coating solutions company won the 2023 Big Innovation Award for its Sustainable Electrocoat technology.
Last year in December, the largest independently owned auto repair business in the UK, Steer Automotive Group and Axalta inked a multi-year contract. According to the conditions of the contract, Axalta is the only preferred paint partner and provides 57 UK locations of Steer Automotive Group with its premium refinish brand Standox.
Latest financials of Axalta Coating
In the fourth quarter of 2022, Axalta said its volumes surged by 2.4 per cent year-over-year (YoY). Meanwhile, the price-mix growth was up 11.7 per cent YoY.
AXTA's income from operations stood at US$ 109.8 million, representing a growth of 15.9 per cent YoY or up from US$ 94.7 million in Q4 2021. Also, the adjusted EBIT was US$ 147.2 million compared to US$ 121 million in the same comparable period of the past year.
The diluted earnings per share of the company were US$ 0.2 in Q4 2022 compared to US$ 0.23 in Q4 2021. Meanwhile, the adjusted diluted EPS was US$ 0.38 compared to US$ 0.3.
Bottom line
In Q1 2023, Axalta said it expects its net sales to grow between five per cent to nine per cent compared to the net sales of Q1 2022.
Also, AXTA expects its adjusted diluted EPS to be in the range of US$ 0.26 to US$ 0.33 in the first quarter of fiscal 2023.
