Axalta Coating Systems Ltd. - AXTA STOCK NEWS

Axalta Coating Systems Ltd. (NYSE: AXTA) announced a delay in releasing its 2020 fourth quarter and full-year earnings, originally set for February 3-4, due to pending financial statements linked to an operational issue. Preliminary Q4 2020 net sales were $1,074.5 million, down 2.2% year-over-year but up 4.6% sequentially. Cash and cash equivalents as of December 31, 2020, stood at $1,360.9 million, with a net debt of $2.5 billion. Significant liquidity of $1.7 billion was noted, reflecting a gross debt repayment of $200 million in November 2020.

Axalta (NYSE: AXTA) has launched two new products in its Imron^® Elite coating solutions line for North America: Imron Elite ColorPLUS and Imron Elite Direct-to-Plastic basecoat. These products aim to enhance durability and performance specifically for commercial transportation vehicles. ColorPLUS boasts a 25-30% reduction in product consumption compared to competitors and shows a 30% improvement in cycle time. The Direct-to-Plastic basecoat simplifies the coating process and enhances adhesion, reducing steps from three to two. These innovations target cost, quality, and efficiency in vehicle coatings.

Axalta (NYSE: AXTA) will announce its fourth quarter and full-year 2020 financial results after market close on February 3, 2021. The financial report will be available on the Investor Relations section of axalta.com. Additionally, a conference call hosted by CEO Robert W. Bryant and CFO Sean Lannon will take place at 8 a.m. EST on February 4, 2021, available online and via dial-in at 201-689-8560. A replay will be accessible through February 11, 2021.

Axalta (NYSE: AXTA) has unveiled its 2021 Global Automotive Color of the Year, named ElectroLight. This vibrant green-yellow hue is designed with innovative features, including reflectivity for enhanced visibility in advanced automotive technologies like LiDAR and radar. The color aims to meet modern consumer desires for personalized automotive aesthetics while conforming to industry safety standards. Axalta emphasizes its commitment to sustainability and technological progress, positioning ElectroLight as a trendsetting choice for both traditional and autonomous vehicles.

Axalta released its 68th annual Global Automotive Color Popularity Report, identifying white (38%), black (19%), and gray (15%) as the leading automotive colors. White has maintained its top position for a decade, while gray reached a 10-year high. Silver's popularity has declined significantly to 9%. This report, based on automotive build data from 2020, helps automakers recognize global trends. Axalta aims to develop innovative colors for the future, reflecting trends in fashion and home décor, including increasing interest in green-blue and green-yellow shades.

Axalta (NYSE: AXTA) has been awarded the Daimler Trucks North America (DTNA) 2019 Masters of Quality supplier award, marking its 10th consecutive year of recognition. This prestigious award honors suppliers who excel in quality, delivery, technology, and cost performance. Joseph Wood, Vice President for Commercial Transportation Coatings at Axalta, expressed pride in the team and commitment to exceptional customer service. Axalta, a leader in the coatings industry, aims to provide innovative solutions across various applications, serving over 100,000 customers globally.

Axalta Coating Systems Ltd. (NYSE: AXTA) announces the appointment of Shelley Bausch as Senior Vice President of Global Industrial Coatings, effective January 1, 2021. Bausch comes with extensive experience in industrial products, having previously worked at Carlisle Companies and led PPG's Industrial Coatings business. CEO Robert W. Bryant expressed confidence in Bausch's ability to drive growth across existing and new markets. This strategic move aims to capitalize on Axalta's industrial sector, enhancing their product portfolio and market presence.

Axalta Coating Systems Ltd. (NYSE: AXTA) announced the appointment of Jeremy Rohen as Senior Vice President of Strategy and Business Development, effective January 18, 2021. Rohen, previously from W. R. Grace & Co., will oversee enterprise strategy and mergers and acquisitions. His background includes managing transformative deals and strategy development. Axalta's President and CEO, Robert W. Bryant, highlighted Rohen's experience as a valuable addition to accelerate the company's growth trajectory.

Axalta Coating Systems Ltd. (NYSE: AXTA) announced the pricing of an upsized offering of $700 million in 3.375% Senior Notes due 2029. The offering was increased by $100 million from the original amount of $600 million. Proceeds will be used to redeem existing $500 million of 4.875% Senior Notes due 2024 and €335 million of 4.250% Senior Notes due 2024, along with associated costs. The closing is expected on November 24, 2020. The offering is regulated under Rule 144A and Regulation S, and securities will not be registered under the Securities Act.