Cautionary Statement Concerning Forward-Looking Statements. ET. Represents acquisition and divestiture-related expenses, all of which are not considered indicative of our ongoing operating performance. Loss from operations for Q2 2020 totaled $64.5 million compared with income of $157.9 million in Q2 2019. The board âis committed to maximizing value for all shareholders and has initiated a comprehensive review of strategic alternatives, including a potential sale of the Company, changes in capital allocation," or not, said Garrett in a written statement, adding that Axalta has been a buyer of other companies in the past. For the six months ended June 30, 2020, the diluted weighted average shares outstanding represents the diluted share count if the period had been in a net income position, compared to 235.1 million diluted shares reported. 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. 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. Rising tops and bottoms can be seen easily on a chart and how price action provided very few buy points on the breakouts. Stock quotes by finanzen.net, PHILADELPHIA, July 29, 2020 /PRNewswire/ --. Axalta Coating Systems is an American company specializing in coatings in a wide variety of industrial applications, materials and sectors, such as for example automotive paints. Commercial Vehicle net sales decreased 53.2% to $44.3 million from Q2 2019 (decreased 50.1% excluding foreign currency), also driven by global customer production rate declines resulting from COVID-19. Represents expenses and associated changes to estimates related to the sale of our interest in a joint venture business and other impairments, which are not considered indicative of our ongoing operating performance. The 5% reduction in Axalta's workforce should be completed over 24 months and generate savings of approximately $50 million, with $40 million expected by the end of 2021. Notable monthly sequential net sales recovery; Q3 net sales: Expected to be down ~15-20% compared to Q3 2019 including 1% negative impact from FX. A live webcast of the conference call will also be available online at www.axalta.com/investorcall. Business news and analysis sent straight to your inbox every Tuesday morning. AkzoNobel successfully rebuffed an unsolicited $29 billion buyout offer this year, coming under intense shareholder pressure in the process from activist investor Elliott Management Corp., which had pushed for tie-up talks. 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. AkzoNobelâs Merger Plan With Axalta Set to Create PPG Deterrent. Represents non-cash impacts associated with stock-based compensation. 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. 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 following table reconciles cash (used for) provided by operating activities to free cash flow for the periods presented (in millions): Interest proceeds on swaps designated as net investment hedges. 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. In ⦠The ⦠Axaltaâs largest owner is billionaire Warren Buffettâs Berkshire Hathaway Corp., who has stripped assets from a long string of U.S. companies that werenât sending him cash as fast as he wanted. Axalta also announced that it is initiating a global restructuring of its business to better align the Company's cost structure in light of current economic pressures and to position Axalta for sustained growth. Transportation Coatings saw continued year-over-year price and product mix improvement, while Performance Coatings declined in the period due to unfavorable product mix in Refinish. Axalta has identified some of these forward-looking statements with words such as "anticipates," "believes," "expects," "estimates," "is likely," "outlook", "projects," "forecasts," "may," "will," "should," "plans" and "intends" and the negative of these words or other comparable or similar terminology. Industrial sub-businesses including wood, powder, and energy solutions have all seen demand improve notably in June. Axalta Coating Systems LLC, an indirect, wholly owned subsidiary of Axalta Coating Systems (NYSE: AXTA) has priced upsized $700M (from $600M) of 3.375% senior notes due 2029. 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. The restructuring is expected to result in a net 5% reduction of Axalta's global workforce, or approximately 550 employees globally, with the potential for additional reductions from Europe, subject to works council consultations and local legal requirements. Axalta is driven by the belief that a singular focus is the key to big performance and that's why they're 100% dedicated to the science and technology behind coatings. For more information, visit axalta.com and follow us @axalta on Twitter. 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 also hired two investment banks, Evercore and Barclays, and the law firm Morrison & Foerster LLP to help figure out what to do. 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. 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. (To watch Viswanathanâs track record, click here)Axalta has a Strong Buy analyst consensus rating, based on 9 recent reviews breaking down to 7 Buys and 2 Holds. The 52 Week Price Change displays the percentage price change over the most recently completed 52 weeks (260 trading days). Second Quarter 2020 Consolidated Financial Results. 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). 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). Represents the incremental step-up depreciation and amortization expense associated with the acquisition of DuPont Performance Coatings by Axalta. Under former chief executive Charles Shaver, Axalta bought six companies in the spring and summer of 2017, before turning down multibillion-dollar buyout offers from rivals ABN Akzo of the Netherlands and Nippon Paint of Japan. 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. 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. The extent and duration of COVID-19 on our business and operations is uncertain. These results were driven by lower global volumes across all end-markets and COVID-19 related accounting charges, partly offset by lower operating expenses inclusive of cost actions initiated in late March in response to COVID-19, and slightly lower variable input costs. 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. The Company also announced the initiation of a global restructuring of its business to better position Axalta for sustained growth. Category. From light vehicles, commercial vehicles and refinish applications to electric motors, building facades and other industrial applications, our coatings are designed to prevent corrosion, increase productivity and enhance durability. Axalta is a global leader in the coatings industry, providing customers with innovative, colorful, beautiful and sustainable coatings solutions. Represents certain defined benefit pension costs associated with special events, including pension curtailments, which we do not consider indicative of our ongoing operating performance. 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. Nippon Paint shares had plunged 7% since it announced its tender for Axalta. For those unable to participate, a replay will be available through August 5, 2020, with a dial-in number of +1-412-317-6671 and pin: 13707303. 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.". We cannot estimate or project these items and they may have a substantial and unpredictable impact on our US GAAP results. The dial-in phone number for the conference call is +1-201-689-8560. 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 should not be considered as alternatives to net sales, net income (loss), income (loss) before operations or any other performance measures derived in accordance with GAAP as measures of operating performance or operating cash flows or as measures of liquidity. 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. 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. Forecast visibility remains limited, but we are updating discrete guidance elements as follows: As previously announced, Axalta will hold a conference call to discuss its second quarter 2020 financial results on July 29, 2020, at 10:00 a.m. 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. Axalta shares fell $0.51 or 1.69% Monday to $29.64. ", Mr. Bryant continued, "Beyond these immediate restructuring actions, we are actively planning incremental steps to further reduce expenses and increase our speed and agility to market. Represents incremental depreciation expense resulting from truncated useful lives of the assets impacted by our manufacturing footprint assessments, which we do not consider indicative of our ongoing operating performance. Our net debt to trailing twelve month Adjusted EBITDA ratio was 4.0x at quarter end. The 52 week price ⦠Given this, we remain committed to managing with agility to ensure we mitigate risk and control costs as effectively as possible.". Management uses these non-GAAP financial measures in the analysis of our financial and operating performance because they assist in the evaluation of underlying trends in our business. 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. 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. Axalta Coating Systems Ltd. Common Shares (AXTA) Stock Quotes - Nasdaq offers stock quotes & market activity data for US and global markets. 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 deferred tax benefit will be ratably amortized into our adjusted income tax rate as the tax attribute is realized. (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 Buffettâs Berkshire Hathaway Inc, people familiar with the matter said on Monday. We have no affirmative financial covenants on our current outstanding indebtedness, and we ended Q2 with an Adjusted EBITDA to interest expense coverage ratio of 4.7x. Commerce Policy | Our debt, net of cash, was $2.9 billion as of June 30, 2020, which compared with $2.8 billion as of December 31, 2019. 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. Axalta Products - General. 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. Adjusted EBIT of $(11.6) million for the second quarter compared with $197.4 million in Q2 2019. But share prices for the company, sold by the DuPont Co. to Carlyle Group in 2013 and resold on the stock market the next year at a fat mark-up, have remained around $30, same as a week ago and well within the range that Axalta established in 2014-15, its first year as a public company. 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. Axalta Coating Systems Ltd., the car-paint maker exploring a sale, has drawn preliminary interest from rival companies, according to people familiar with the matter. 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. Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. Balance Sheet and Cash Flow Highlights. 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. 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. ", Mr. Bryant continued, "The nature of customer demand impacts during the quarter made the period uniquely challenging, including muted demand within Performance Coatings as well as prolonged customer shutdowns in Transportation Coatings, driving the recognition of fixed costs in the period due to underutilization of manufacturing sites. Industrial net sales decreased 28.8% to $220.2 million (decreased 23.2% excluding foreign currency and M&A-related impacts), including volume declines over 20% but with largely stable average price and product mix globally. Axalta Coating Systems Ltd. (NYSE: AXTA) ("Axalta"), a leading global coatings company, announced its financial results for the second quarter ended June 30, 2020 and provided an update regarding the ongoing impact of the coronavirus (COVID-19) pandemic on its business, employees, customers, and shareholders and related mitigation actions taken and planned. Axalta rebuffed acquisition ⦠Profitable industrial companies such as Axalta are typically sold at premium prices, encouraging investors who hanker for a piece of the action. 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. Analyst Actions: Morgan Stanley Adjusts Price Target on Axalta Coating Systems to $32 From $27, Keeps Equal-Weight Rating MT Newswires 12/14 10:28 ET Axalta continues automotive color leadership with 68th Global Automotive Color Popularity Report 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. Basically, Axalta, a new entity (backed by Carlyle) purchased the business from Dupont for approximately $4.9 billion prior to the IPO in 2013. Axalta ended the quarter with cash and cash equivalents of $1.1 billion.Our debt, net of cash, was $2.9 billion as of ⦠Transportation Coatings net sales were $170.6 million in Q2 2020, a decrease of 57.4% year-over-year, including a 3.7% negative currency translation impact. Made In NYC | 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. We plan to move forward vigorously to position Axalta for ongoing profitable growth across the markets we serve.". 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. Employee termination benefits are associated with Axalta Way initiatives. 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. 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. 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. 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. 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. Axalta was able to reduce operating costs during the quarter by approximately $75 million, exceeding earlier expectations, and we now expect to beat our prior target for the full year and to generate at least $130 million in total cost savings. 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. 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