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axalta coating systems ltd (AXTA) Details

Axalta Coating Systems Ltd., through its subsidiaries, manufactures, markets, and distributes high performance coatings primarily for the transportation industry. It operates in two segments, Performance Coatings and Transportation Coatings. The Performance Coatings segment offers various specially-formulated water and solvent borne products and systems that are used to refinish damaged vehicles for independent body shops, multi-shop operators, and original equipment manufacturer (OEM) dealership body shops. This segment also provides functional, and decorative liquid and powder coatings for use in various industrial applications, including architectural cladding and fittings, automotive coatings, general industrial, job coaters, electrical insulation coatings, HVAC, appliances, rebar, and oil and gas pipelines. This segment sells its products under the Cromax, Standox, Spies Hecker, Syrox, Voltatex, AquaEC, ZENITH, Durapon, Hydropon, Ceranamel, Alesta, Nap-Gard, Abcite, and Plascoat brands directly to customers, as well as through a network of independent local distributors. The Transportation Coatings segment develops and supplies a line of coatings products, such as electrocoat, primer, basecoat, and clearcoat products for OEMs of light and commercial vehicles; and various coatings systems for various commercial applications, including HDT, bus, rail, and ACE. This segment offers its commercial vehicles under the Imron, Imron ExcelPro, Imron Elite, Centari, Rival, Corlar epoxy undercoats, and AquaEC brands. The company sells and ships its products directly to light vehicle OEM customers. Axalta Coating Systems Ltd. has operations in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company was formerly known as Axalta Coating Systems Bermuda Co., Ltd. and changed its name to Axalta Coating Systems Ltd. in August 2014. Axalta Coating Systems Ltd. was founded in 1866 and is headquartered in Philadelphia, Pennsylvania.

14,000 Employees
Last Reported Date: 10/25/18
Founded in 1866

axalta coating systems ltd (AXTA) Top Compensated Officers

Interim CEO & Executive VP
Total Annual Compensation: $1.0M
Executive VP and President of Transportation ...
Total Annual Compensation: $975.4K
Executive VP and President of Global Refinish...
Total Annual Compensation: $772.1K
Senior VP of Corporate & Government Affairs, ...
Total Annual Compensation: $805.8K
Senior VP & President of Industrial Coatings
Total Annual Compensation: $642.2K
Compensation as of Fiscal Year 2017.
axalta coating systems ltd
Axalta Announces the Official Opening of its Global Innovation Center

Axalta announced the official opening of its Global Innovation Center. The 175,000-foot Global Innovation Center offers unparalleled specialty labs, as well as office space. Its location in Philadelphia's historic Navy Yard enables collaboration among Axalta employees, business partners, and customers throughout the Philadelphia area and beyond. The Navy Yard location offers an attractive workplace for new talent, and the Axalta campus was built with researchers in mind, modeling an academic setting with a variety of indoor and outdoor spaces to foster teamwork and creativity. The building, which is owned and developed by Liberty Property/Synterra, was designed by Erdy McHenry and merges design elements present throughout the Navy Yard. The front of the building is reminiscent of the classically inspired buildings preserved in the adjacent historic core of the Navy Yard, while the back of the building resembles the lofts and warehouse facilities nearby. The front of the building also features a two-story glass façade to maximize daylight while utilizing angled vanes to reduce glare and shade staff from the low angles of the late afternoon sun.

Axalta Opens Coatings Research and Development Centre in Philadelphia, Pennsylvania

Axalta has opened a coatings research and development (R&D) centre in Philadelphia, Pennsylvania. The facility at Philadelphia's historic Navy Yard is the coatings R&D centre in the world. Among many projects, the centre will also work on new coatings formulations that are required amid the increasing use of light-weight plastic and composite materials in vehicles to save fuel.

Axalta Coating Systems Ltd. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Updates Earnings Guidance for the Full Year 2018

Axalta Coating Systems Ltd. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. Third quarter net sales of $1,139.3 million increased 4.4% year-over-year including 2.5% negative foreign currency impacts. Constant currency net sales increased 6.9% in the period, driven by volume growth of 4.0% including 0.4% acquisition contribution and 2.9% higher average selling prices. Third quarter net sales growth was positive in nearly all regions, including higher average prices in all regions except Asia Pacific, which saw ongoing lower average prices resulting from Light Vehicle in China. Net loss attributable to company was $13.1 million for the third quarter compared to net income of $54.9 million in the third quarter 2017. The decrease was primarily driven by the announced closure of its Mechelen, Belgium manufacturing facility and the associated accounting impacts coupled with ongoing Axalta Way productivity initiatives approved in the third quarter 2018. Third quarter Adjusted net income attributable to company was $77.5 million increased 19.2% versus $65.0 million in the third quarter 2017. Adjusted EBITDA was $234.7 million for the third quarter increased 12.0% versus $209.5 million in third quarter 2017. This result was driven by strong contribution from volume growth and price and product mix benefits, which were partially offset by inflationary raw material costs and negative impacts from foreign currency as the U.S. dollar was relatively weaker compared to third quarter 2017. The debt, net of cash, was $3.3 billion as of September 30, 2018, which is consistent with net debt at June 30, 2018. Third quarter operating cash flow totaled $124.5 million against $212.3 million in the corresponding quarter of 2017, reflecting weaker working capital results partially due to timing of collections, raw material inflation impacts on inventory, and upfront investments with several customers in conjunction with attractive long-term contractual commitments. Free cash flow, calculated as operating cash flow less capital expenditures, totaled $89.6 million after capital expenditures of $34.9 million compared to $182.5 million after capital expenditures of $29.8 million in the third quarter of 2017. EBITDA was $135.1 million against $184.7 million a year ago. Total revenue was $1,146.0 million against $1,096.3 million a year ago. Income from operations was $47.8 million against $103.9 million a year ago. Income before income taxes was $2.5 million against $58.4 million a year ago. Net loss was $11.6 million or $0.05 per diluted share against income was $56.3 million or $0.22 per diluted share a year ago. Diluted adjusted net income per share was 0.32 compared with $0.26 a year ago. For the nine months, the company reported net sales of $3,511.6 million against $3,188.1 million a year ago. Total revenue was $3,530.2 million against $3,204.6 million a year ago. Income from operations was $314.3 million against $261.8 million a year ago. Income before income taxes was $184.4 million against $124.8 million a year ago. Net income was $136.5 million or $0.54 per diluted share against $103.3 million or $0.40 per diluted share a year ago. Cash provided by operating activities was $245.5 million against $306.4 million a year ago. Purchase of property, plant and equipment was $109.5 million against $87.2 million a year ago. EBITDA was $577.8 million against $489.8 million a year ago. Adjusted EBITDA was $702.3 million against $639.8 million a year ago. Adjusted net income was $230.0 million or $0.94 per diluted share against $203.5 million or $0.83 per diluted share a year ago. The company is updating its previous outlook for the full year 2018. For the period, the company expects net sales growth of 8% as-reported; 7% ex-FX, including acquisition contribution of 3%; adjusted EBITDA of $935 million-$950 million; interest expense of $165 million; income tax rate, as adjusted, of 18-20%; free cash flow range of $330 million-$350 million; capital expenditures of $160 million and depreciation and amortization of $370 million.

 

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Price/Sales 1.2x
Price/Book 4.7x
Price/Cash Flow 31.6x
TEV/Sales 0.3x
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