Axalta Coating Systems Ltd. - AXTA STOCK NEWS

Axalta (NYSE: AXTA) has officially opened its global headquarters at the Philadelphia Navy Yard, marked by a ribbon-cutting ceremony and employee event. The strategic relocation from Delaware County integrates the headquarters with Axalta's Global Innovation Center, one of the region's largest coatings R&D facilities, advancing the company's ONE Axalta initiative.

The move centralizes operations, including the leadership team, in a remodeled office environment designed to enhance collaboration and innovation. The facility features modern meeting spaces and collaboration areas, serving as a hub for global research, product development, and technology initiatives. This relocation reinforces Axalta's commitment to Philadelphia and aims to streamline decision-making while facilitating interaction among employees, business partners, and customers.

Axalta Coating Systems reported record third quarter 2024 results with net sales of $1.32 billion, a 0.8% year-over-year increase. Net income rose 40% to $102 million with a 7.7% margin. The company achieved record Q3 Adjusted EBITDA of $291 million, with margin improving 220 basis points to 22.1%. Diluted EPS increased 39% to $0.46, while Adjusted Diluted EPS grew 31% to $0.59. Performance Coatings segment saw 2% growth, while Mobility Coatings declined 2%. The company repurchased $50 million of common shares and maintained strong liquidity of over $1.2 billion.

Axalta (NYSE: AXTA), a leading global coatings company, has launched Axalta Nimbus, a cloud-based platform for refinish customers. This innovative technology integrates all of Axalta's tools and resources into a single platform, aimed at improving efficiency, productivity, performance, and profitability. Axalta Nimbus offers a comprehensive suite of features including:

• Color retrieval
• Product ordering
• Inventory management
• Training resources
• Customer support

The platform provides actionable data and business insights to help owners and managers make informed decisions. With its intuitive user interface and customizable capabilities, Axalta Nimbus is designed to streamline the refinish process and enable customers to do business smarter.

Axalta (NYSE: AXTA) has launched Axalta Irus Scan, a next-generation spectrophotometer for refinish customers. This innovative device is part of the three-step Axalta Irus digital color management process: Scan – Match – Mix. Key features include:

1. Patented inverse angle technology for precise reading of hue shifting effect pigments
2. Built-in gloss measurement capabilities
3. High-definition RGB camera for measuring colored sparkle
4. Proprietary algorithm for best color match selection from over 2 million formulas

The Axalta Irus Scan aims to improve productivity, accuracy, and sustainability in body shops by optimizing labor, reducing waste, and decreasing rework from color match errors.

Axalta Coating Systems (NYSE: AXTA) reported strong Q2 2024 financial results, with record-breaking performance in key metrics. Net sales increased 4.4% year-over-year to $1.35 billion, while net income rose by $52 million to $113 million. The company achieved a quarterly record Adjusted EBITDA of $291 million, up from $227 million in the prior year, with margin expanding 400 basis points to 21.5%.

Diluted EPS increased 89% to $0.51, and Adjusted Diluted EPS improved 63% to $0.57. Axalta's net leverage ratio decreased to 2.6x from 3.6x a year ago. The company repurchased $50 million of common shares and increased its full-year 2024 earnings and free cash flow outlook. Both Performance Coatings and Mobility Coatings segments showed growth in net sales and Adjusted EBITDA.

Axalta (NYSE: AXTA), a leading global coatings company, has announced a partnership with CESVIMAP R&D Centre to offer the Move2Green sustainability program to its refinish customers. This program provides an online self-assessment questionnaire to evaluate bodyshops' environmental impact and offers a detailed roadmap for improving sustainability initiatives.

Key points:

• Customers receive a Move2Green certification to promote their commitment to reducing environmental footprint
• Axalta's Fast Cure Low Energy (FCLE) refinish system can reduce electricity consumption by up to 49% and carbon emissions by up to 54%
• The partnership will initially launch in the EMEA region, starting with the UK, Ireland, and Benelux
• Axalta offers eco-conscious products, innovative tools, and consultancy services to help customers achieve sustainability goals

Axalta Coating Systems announced the appointment of Chris Evans as Vice President of Global Strategy and Colleen Lubic as Vice President of Investor Relations, effective immediately. Evans, previously VP of Investor Relations at Axalta, brings extensive experience from Ecovyst, Chemours, and Goldman Sachs. He will now lead Axalta’s Global Strategy and M&A efforts, reporting to Chief Transformation Officer Tim Bowes. Lubic, who joined Axalta as VP of Financial Planning & Analysis in 2022, has a background in finance leadership roles at Campbell Soup Company. She will serve as the primary liaison between Axalta and its shareholders, reporting to CFO Carl Anderson.

Axalta Coating Systems (NYSE: AXTA) will release its second-quarter 2024 financial results on August 1, 2024, at 6 a.m. ET. Following the release, the company will host a conference call at 8 a.m. ET, led by CEO Chris Villavarayan and CFO Carl Anderson. The call will review the company’s financial performance for the quarter. Investors can access a live webcast of the call and a replay will be available until August 1, 2025. The dial-in number for the call is 1-800-343-5172, with the conference ID AXALTA. For those unable to attend, a replay will be accessible until August 8, 2024, via the number 1-844-512-2921 with passcode 11156504.

Axalta Coating Systems (NYSE: AXTA) has completed the acquisition of The CoverFlexx Group from Transtar Holding Company, enhancing its automotive refinish and aftermarket coatings segment. This strategic move aligns with Axalta's priority to grow its Refinish business, as stated by CEO Chris Villavarayan. The acquisition broadens Axalta’s product offerings, adding established brands like Transtar, Pro-Form, and Aftermkt Armor. The CoverFlexx Group, which operates manufacturing and development sites in Michigan and Ontario, will now be integrated into Axalta’s operations to bolster its market presence in North America.