Axalta Coating Systems Ltd (AXTA) reports its 15th consecutive quarter of sales growth, achieving record adjusted EBITDA despite facing macroeconomic headwinds.
- Net Sales: Increased to $1.32 billion, marking the 15th consecutive quarter of growth.
- Adjusted EBITDA: Reached a company record of $291 million, a $30 million increase year over year.
- Adjusted EBITDA Margin: Improved to 22%, up 220 basis points from the previous year.
- Gross Margin: Increased by 270 basis points to 35%.
- Adjusted Diluted EPS: Increased 31% to $0.59.
- Performance Coatings Net Sales: Increased 2% to $877 million.
- Refinish Net Sales: Grew 5% to $554 million.
- Industrial Net Sales: Declined 1% to $323 million.
- Mobility Coatings Net Sales: Decreased 2% to $443 million.
- Light Vehicle Volumes: Grew 5%, outpacing a 5% decline in build rates.
- Commercial Vehicle Net Sales: Declined 8%.
- Total Liquidity: Over $1.2 billion, including $567 million in cash.
- Total Net Leverage: 2.7 times, with a target of 2.5 times by year-end.
- Capital Expenditures: $33 million in Q3, $78 million year-to-date.
- Operating Cash Flow: $342 million year-to-date.
- Full Year 2024 Adjusted EBITDA Guidance: Projected to be approximately $1,115 million.
- Full Year 2024 Adjusted Diluted EPS Guidance: Forecasted to be approximately $2.15.
