Jul 15, 2023

Axalta Coating Systems: Q2 Earnings Snapshot

GLEN MILLS, Pa. (AP) — GLEN MILLS, Pa. (AP) — Axalta Coating Systems Ltd. (AXTA) on Tuesday reported second-quarter profit of $60.9 million.

The Glen Mills, Pennsylvania-based company said it had profit of 27 cents per share. Earnings, adjusted for non-recurring costs, came to 35 cents per share.

The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.

The high-performance coating system maker posted revenue of $1.29 billion in the period, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $1.34 billion.

For the current quarter ending in September, Axalta Coating Systems expects its per-share earnings to range from 35 cents to 40 cents.

The company expects full-year earnings in the range of $1.40 to $1.45 per share.

Axalta Coating Systems shares have risen 26% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $32.20, a climb of 28% in the last 12 months.


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