Axalta Coating Systems Ltd. - AXTA STOCK NEWS

Axalta Coating Systems (NYSE: AXTA) announced a significant organizational realignment aimed at enhancing performance. This strategy involves shifting decision-making authority to global business units, which will assume full P&L responsibilities. CEO Robert W. Bryant stated that this change is designed to improve accountability and execution. The realignment will lead to the closure of the Philadelphia office, with employees moving to new locations by mid-2021. Effective January 1, 2021, the restructuring aims to streamline operations and better support growth objectives within its Performance and Transportation Coatings segments.

In Q3 2020, Axalta (AXTA) reported net sales of $1,026.9 million, down 7.2% year-over-year, despite a 57.3% sequential increase from Q2 2020. The company's adjusted EBIT reached a record $210.4 million, with diluted EPS rising to $0.35. Key performance metrics showed a recovery in demand, particularly in Light Vehicle production. However, Axalta faced challenges due to COVID-19, impacting volumes across all end-markets. The company ended Q3 with over $1.7 billion in liquidity and implemented cost-saving measures, yielding approximately $50 million in savings during the quarter.

Axalta (NYSE: AXTA) will host a conference call to discuss its third quarter 2020 financial results on October 22, 2020, at 8 a.m. EDT. CEO Robert W. Bryant and CFO Sean Lannon will present the financial performance during this call. For those interested, a live webcast will be available at www.axalta.com/investorcall. A replay will be accessible until October 29, 2020, using the dial-in number 412-317-6671 with the passcode 13711874.

Axalta (NYSE: AXTA) has announced the extension of its free online Refinish curriculum to all vocational schools in North America, addressing the growing demand for distance learning. Initially piloted in select schools, the curriculum aims to support students during a critical time in education. Covering topics like customer service and body repair, it is accessible via Axalta's Learning Campus, available in English and French. This initiative reflects Axalta's commitment to preparing future tech students for careers in the collision repair industry.

Axalta (NYSE: AXTA) announces its participation in the CCIF 2020 Virtual Experience on October 7-8, 2020, aimed at connecting with customers and industry stakeholders. Attendees can engage in audio, video, and text networking, visit Axalta's virtual booth, and participate in workshops featuring industry experts. As a gold sponsor, Axalta emphasizes its commitment to the collision repair industry during these challenging times. This innovative event facilitates discussions on technology and profitability in the sector, enhancing collaboration among industry professionals.

Axalta (NYSE:AXTA) has transitioned its regional refinish training program, Axalta on Tour, to a virtual format to prioritize health and safety amid the pandemic. This program offers continuous learning opportunities for automotive refinish customers in Latin America, featuring live training and recorded tutorials on innovative products and technologies. Over 20,000 master painters have participated since 2016. The program is designed to enhance skills and productivity for automotive refinishers, demonstrating Axalta's commitment to maintaining strong customer connections.

Axalta Coating Systems Ltd. (NYSE: AXTA) announced that Executive Vice President Steve Markevich will leave the company after successfully leading the Global Transportation Coatings business since 2013. Hadi Awada will join as Senior Vice President, Global Transportation Coatings, effective October 12, 2020. Awada has a strong background in the automotive industry, previously serving as President of Clean Mobility at Faurecia. CEO Robert Bryant expressed gratitude for Markevich's contributions and optimism about Awada's leadership in enhancing Axalta's Transportation Coatings businesses.

On September 14, 2020, Axalta (NYSE: AXTA) launched its latest industrial wood coatings color trends campaign, Wood Vibes: Mood. This new collection focuses on home interior color trends and features a palette of innovative colors designed to evoke feelings of comfort and calmness. The collection includes hues such as Spirit, Lively, L'amour, Cozy, Effortless, Cheers, and Namaste. Axalta aims to leverage its color expertise and market research to help customers create unique wood finishes, reinforcing its leadership in the wood coatings industry.

Axalta (NYSE: AXTA) is celebrating William Byron's first NASCAR Cup Series win, which secured his spot in the upcoming playoffs. After a dramatic finish at Daytona, Byron's No. 24 Chevrolet Camaro is expected to showcase Axalta colors in the championship run. The company has a long-standing partnership with Hendrick Motorsports, dating back to 1992. This relationship has previously led to significant successes, including multiple championships. The NASCAR Playoffs commence on September 6, 2020, at Darlington Raceway with the Southern 500.