Axalta shares jumped 14 percent on the news to $29.52 a share, giving the company a market capitalization of about $7 billion. Constant currency or ex-FX percentages are calculated by excluding the impact the change in average exchange rates between the current and comparable period by currency denomination exposure of the comparable period amount. Axalta’s largest owner is billionaire Warren Buffett’s Berkshire Hathaway Corp., who has stripped assets from a long string of U.S. companies that weren’t sending him cash as fast as he wanted. The dial-in phone number for the conference call is +1-201-689-8560. This is a longer-term price change metric. Axalta undertakes no obligation to update or revise any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise. Adjusted EBITDA, Adjusted EBIT and Adjusted EPS consist of EBITDA, EBIT and Diluted EPS, respectively, adjusted for (i) certain non-cash items included within net income, (ii) certain items Axalta does not believe are indicative of ongoing operating performance or (iii) certain nonrecurring, unusual or infrequent items that have not occurred within the last two years or we believe are not reasonably likely to recur within the next two years. Organic growth or ex-M&A percentages are calculated by excluding the impact of recent acquisitions and divestitures. We now expect to see combined savings in 2020 from COVID-related cost and cash flow actions in excess of $270 million, with remaining amounts to benefit the third quarter somewhat more than the fourth quarter.". The tax benefits for the six months ended June 30, 2020 include the removal of a significant one-time benefit associated with the recognition of a deferred tax asset related to an intra-entity transfer of certain intellectual property rights. Category. This upgrade primarily … The decline, principally from negative impacts of lower volume, accounting charges related to COVID-19 impacts, lower price and product mix, and foreign exchange, was partially offset by lower operating expenses and modestly lower variable costs. The Company expects to incur cash costs of $55-65 million inclusive of capital expenditures, with $25-30 million of the total expected for the remainder of 2020. In May, Axalta announced initial actions taken to counter COVID-19-related customer demand impacts across the business, including reductions in discretionary and other SG&A costs with a target of $100 million in savings to be realized during 2020. Industrial sub-businesses including wood, powder, and energy solutions have all seen demand improve notably in June. Eliminates foreign exchange losses resulting from the remeasurement of assets and liabilities denominated in foreign currencies, net of the impacts of our foreign currency instruments used to hedge our balance sheet exposures. The company earned $207 million in after-tax profits on sales of $4.7 billion last year. The following table reconciles net (loss) income to EBITDA and adjusted EBITDA for the periods presented (in millions): Foreign exchange remeasurement (gains) losses (f), Long-term employee benefit plan adjustments (g), Dividends in respect of noncontrolling interest (i), Adjusted EBITDA to interest expense coverage ratio. Axalta Products - General. These statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of Axalta's control, including developments that could impact the timing, costs and savings associated with, the Restructuring, as well as the review of strategic alternatives that was concluded in March 2020 and the effects of COVID-19, that may cause its business, industry, strategy, financing activities or actual results to differ materially. A high-level overview of Axalta Coating Systems Ltd. (AXTA) stock. Axalta Products - General. Loss from operations for Q2 2020 totaled $64.5 million compared with income of $157.9 million in Q2 2019. The decreases were primarily driven by volume decline impacts, COVID-19 related accounting charges of $45.0 million primarily associated with fixed costs at underutilized manufacturing sites recognized as a period expense, as well as the impacts of severance, impairments, and strategic review-related charges of $24.6 million in Q2 2020 versus $2.3 million in Q2 2019. Constant currency organic net sales decreased 32.3% in the period before the net negative M&A-related impact of 1.6% from the China powder JV sale in Q2 2019, and 2.4% from negative foreign currency translation. We plan to move forward vigorously to position Axalta for ongoing profitable growth across the markets we serve.". "Second quarter results benefited from approximately $75 million in cost savings as well as $70 million in incremental cash flows versus our prior plan from reduced capital expenditures and actions to drive working capital savings. Disclaimer | Hahn's options were granted when Axalta's stock was valued at $29.40, but it’s price has dropped by roughly 15 percent since then, closing at $24.80 Monday. Axalta rebuffed acquisition … This release may contain certain forward-looking statements regarding Axalta and its subsidiaries including our outlook, which includes net sales growth, currency effects, acquisition or divestment impacts, Adjusted EBIT, Adjusted EPS, Adjusted EBITDA, interest expense, income tax rate, as adjusted, free cash flow, capital expenditures, depreciation and amortization, and diluted shares outstanding, the effects of COVID-19 on Axalta's business and financial results and the restructuring detailed in the release (the "Restructuring"). Net loss to common shareholders was $82.8 million for the quarter compared with income of $98.4 million in Q2 2019, and diluted loss per share was $0.35 compared with diluted EPS of $0.42 in Q2 2019. With more than 150 years of experience in the coatings industry, the global team at Axalta continues to find ways to serve our more than 100,000 customers in over 130 countries better every day with the finest coatings, application systems and technology. Represents certain defined benefit pension costs associated with special events, including pension curtailments, which we do not consider indicative of our ongoing operating performance. Constant currency net sales growth, income tax rate, as adjusted, EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, Adjusted EPS, free cash flow, net debt, Adjusted net income and Adjusted EBITDA to interest expense coverage ratio have important limitations as analytical tools and should be considered in conjunction with, and not as substitutes for, our results as reported under GAAP. Axalta Coating Systems (AXTA) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). "Despite unprecedented customer demand disruption due to the pandemic and associated reduced operating rates during the second quarter, our initial actions to adjust our cost structure and maximize cash flow globally have helped stabilize Axalta's overall financial profile," said Sean Lannon, Axalta's Chief Financial Officer. Constant currency net sales declined 53.7% in the period, driven by a 57.2% decrease in volume, offset partially by 3.5% higher average price and product mix. Adjusted diluted EPS of $(0.15) compared with $0.52 in Q2 2019. Free cash flow totaled a use of $17.8 million compared to $103.7 million provided in the prior year second quarter, including lower capital expenditures in the period totaling $19.7 million versus $26.7 million in second quarter 2019. Through Axalta Way, coupled with the insights gleaned through the strategic review process, we believe we have the tools to transform our business for sustained profitable growth for the benefit of all stakeholders. The condensed consolidated statements of operations for the three and six months ended June 30, 2019 have been updated for comparability with the current year presentation to separately present other operating charges as detailed in our annual report on Form 10-K for the year ended December 31, 2019. Solution Following extensive, long-term research and collaboration with Axalta Coating Systems Asia Pacific in six countries, Avanade custom built the Axalta Price Approval System (APAS), an all-new, intelligent pricing approval system based on Microsoft SharePoint 2013. Stock quotes by finanzen.net, PHILADELPHIA, July 29, 2020 /PRNewswire/ --. We believe this will assist investors in performing meaningful comparisons of past, present and future operating results and better highlight the results of our ongoing operating performance. Average price and product mix was a moderate offsetting tailwind in the period. We cannot estimate or project these items and they may have a substantial and unpredictable impact on our US GAAP results. Axalta is the 17th largest public company in … Our net debt to trailing twelve month Adjusted EBITDA ratio was 4.0x at quarter end. Refinish net sales declined 41.4% to $261.9 million in Q2 2020 (decreased 38.7% excluding foreign currency) with lower volume including demand impact from COVID-19 which substantially reduced global traffic volumes, as well as reduced average price and product mix contribution principally from a change in product mix. Axalta Coating Systems is the only leading global coatings company dedicated solely to the development, manufacture and sale of liquid and powder coatings. Adjusted net income shows the adjusted value of net income (loss) attributable to controlling interests after removing the items that are determined by management to be items that we do not consider indicative of our ongoing operating performance or unusual or nonrecurring in nature. The impact on customer demand related to COVID-19 continues to gradually improve month-to-month, but there remain significant challenges and uncertainties around the timing and shape of the recovery. Our use of the terms constant currency net sales growth, income tax rate, as adjusted, EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, Adjusted EPS, free cash flow, net debt, Adjusted net income and Adjusted EBITDA to interest expense coverage ratio may differ from that of others in our industry. The following table reconciles net (loss) income to adjusted net income for the periods presented (in millions, except per share data): Diluted adjusted net (loss) income per share, Diluted weighted average shares outstanding (1). The primary measure of segment operating performance is Adjusted EBIT, which is a key metric that is used by management to evaluate business performance in comparison to budgets, forecasts and prior year financial results, providing a measure that management believes reflects Axalta's core operating performance. Nonetheless, our businesses have demonstrated resilience and emerged from the period fully intact, while customers have continued to experience Axalta's dedication to service, as they have come to expect from an industry leader. As we do not measure segment operating performance based on net income, a reconciliation of this non-GAAP financial measure with the most directly comparable financial measure calculated in accordance with GAAP is not available. Additionally, the income tax impact includes the removal of discrete income tax impacts within our effective tax rate which were expenses of $3.4 million and benefits of $30.5 million, $5.7 million, and $4.1 million for the three months and six months ended June 30, 2020 and 2019, respectively. As part of this process, we are streamlining our workforce to align with current and expected future customer demand and to enable Axalta to be cost competitive in the markets in which we compete. Second quarter total use of operating cash flow was $1.7 million versus $126.7 million of cash generated in Q2 2019, reflecting reduced operating income during the period, including COVID-19 impacts on the business, offset in part by improved working capital and reduced cash outflows related to customer investments in the period. The extent and duration of COVID-19 on our business and operations is uncertain. Axalta also hired two investment banks, Evercore and Barclays, and the law firm Morrison & Foerster LLP to help figure out what to do. Its corporate headquarters is located in Philadelphia, PA that develops and manufactures coatings for light and commercial vehicles, industrial, and refinish applications. These amounts are not considered indicative of our ongoing performance. Adjustment to reconcile net income to cash (used for) provided by operating activities: Amortization of deferred financing costs and original issue discount, Debt extinguishment and refinancing related costs, Realized and unrealized foreign exchange losses, net, Interest income on swaps designated as net investment hedges. ContactChristopher MecrayD +1 215 255 7970Christopher.Mecray@axalta.com, View original content to download multimedia:http://www.prnewswire.com/news-releases/axalta-releases-second-quarter-2020-results-301101737.html, Plus500. Nippon Paint shares had plunged 7% since it announced its tender for Axalta. Commerce Policy | All rights reserved. The … Business news and analysis sent straight to your inbox every Tuesday morning. Basically, Axalta, a new entity (backed by Carlyle) purchased the business from Dupont for approximately $4.9 billion prior to the IPO in 2013. The deferred tax benefit will be ratably amortized into our adjusted income tax rate as the tax attribute is realized. We believe that making such adjustments provides investors meaningful information to understand our operating results and ability to analyze financial and business trends on a period-to-period basis. Cautionary Statement Concerning Forward-Looking Statements. We truly believe that the actions taken with this restructuring will help make Axalta a stronger competitor with substantial future growth opportunities as we recover from the current downturn.". © 2020 Insider Inc. and finanzen.net GmbH (Imprint). Robert W. Bryant, Axalta's President and CEO, commented, "We continue to be impacted by the coronavirus pandemic across our business, and we remain focused on operating safely while protecting the health and well-being of our employees, customers, and communities where we live and work. Constant currency organic net sales decreased 39.7% in the period, driven by 39.2% lower volumes and 0.5% lower average price and product mix. Eliminates the non-cash, non-service cost components of long-term employee benefit costs. Second quarter net sales of $652.7 million decreased 43.6% year-over-year, including a 2.8% negative foreign currency impact and 1.1% negative year-over-year impact from the sale of a China JV interest in Q2 2019. central research and development facility at the Navy Yard business center, stripped assets from a long string of U.S. companies, California residents do not sell my data request. Condensed Consolidated Statements of Operations (Unaudited), Selling, general and administrative expenses, Less: Net (loss) income attributable to noncontrolling interests, Net (loss) income attributable to controlling interests, Basic weighted average shares outstanding, Diluted weighted average shares outstanding, Condensed Consolidated Balance Sheets (Unaudited), Prepaid expenses and other current assets, Common shares, $1.00 par, 1,000.0 shares authorized, 250.6 and 250.1 shares     issued at June 30, 2020 and December 31, 2019, respectively, Treasury shares, at cost, 15.2 shares at June 30, 2020 and December 31, 2019, Total liabilities and shareholders' equity, Condensed Consolidated Statements of Cash Flows (Unaudited). Light Vehicle net sales decreased 58.7% to $126.3 million year-over-year (decreased 54.9% excluding foreign currency), driven largely by lower global automotive production resulting from the COVID-19 pandemic, and modest foreign exchange headwinds, offset partially by improved price and product mix. Axalta does not provide a reconciliation for non-GAAP estimates for constant currency net sales growth, Adjusted EBIT, Adjusted EBITDA, Adjusted EPS, income tax rate, as adjusted, or free cash flow on a forward-looking basis because the information necessary to calculate a meaningful or accurate estimation of reconciling items is not available without unreasonable effort. © 2020 The Philadelphia Inquirer, LLC Terms of Use/Privacy Policy/California Notice California residents do not sell my data request. Second Quarter 2020 Consolidated Financial Results. Axalta ended the quarter with approximately $1.5 billion in available liquidity, including $361.0 million of capacity under our undrawn revolver and the proceeds from the June issuance of $500 million in aggregate principal amount of 4.750% senior unsecured notes due 2027. The income tax impacts are determined using the applicable rates in the taxing jurisdictions in which expense or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. Shares of Axalta Coating Systems climbed more than 14% on Wednesday morning after the supplier of liquid and powder coatings said its board is reviewing strategic options. Profitable industrial companies such as Axalta are typically sold at premium prices, encouraging investors who hanker for a piece of the action. Lower volumes across all businesses were driven by COVID-19 impacts, though results improved sequentially in each month following a bottom in April, which was led by Transportation customer site shutdowns globally (excluding China) with gradual reopenings starting in May and lower operating rates of Performance Coatings customers. Changes in operating assets and liabilities: Cash (used for) provided by operating activities, Purchase of property, plant and equipment, Proceeds from sale of consolidated joint venture, net of cash divested, Interest proceeds on swaps designated as net investment hedges, Net cash flows associated with stock-based awards, Cash provided by (used for) financing activities. (Reuters) - Buyout firm Clayton, Dubilier & Rice LLC is in talks to partner with U.S. paint maker PPG Industries Inc to make an acquisition offer for Axalta Coating Systems Inc, the U.S. coatings company whose largest shareholder is Warren Buffett’s Berkshire Hathaway Inc, people familiar with the matter said on Monday. Mr. Bryant commented, "We are proud that the second quarter benefited substantially from our proactive management philosophy and key actions implemented, allowing June results to return to profitability with volumes only partially recovered during the month. Represents indemnity income associated with the acquisition by Axalta of the DuPont Performance Coatings business, which we do not consider indicative of our ongoing operating performance. Axalta employs 14,000 at its plants and paint labs worldwide, including its new central research and development facility at the Navy Yard business center and its Americas offices in Glen Mills. Represents the incremental step-up depreciation and amortization expense associated with the acquisition of DuPont Performance Coatings by Axalta. Made In NYC | According to Reuters, the latest offer from Nippon Paint was for $37 per share in cash, a price Axalta's management didn't think was enough to complete a … Axalta Coating Systems, new 170,000 sf global R&D center, 1050 Constitution Ave., Navy Yard, South Philadelphia. This release includes a reconciliation of certain non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP. Shares of Axalta Coatings Systems Ltd., the Philadelphia-based auto-paints and powder-coatings maker, rose as much as 15 percent in trading Wednesday after the company revived expectations it will be sold. Citi Research downgraded Axalta Coating Systems Ltd (NYSE: AXTA) from Neutral to Sell Tuesday and decreased its price target for the stock from $29.68 to $25.Analysts P.J. Having hit a record high of $38.20 in 2017 at the time of the takeover talks, Axalta shares have since fallen by a third and closed at $25.82 on Tuesday. Balance Sheet and Cash Flow Highlights. Factors that will influence the impact on our business and operations include the duration and extent of COVID-19, the extent of imposed or recommended containment and mitigation measures, and the general economic consequences of COVID-19. More information on potential factors that could affect Axalta's financial results is available in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" section within Axalta's most recent annual report on Form 10-K, and in other documents that we have filed with, or furnished to, the U.S. Securities and Exchange Commission. Axalta is a global company focused solely on coatings from light OEM vehicles, commercial vehicles and refinish applications to electric motors, buildings and pipelines. 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