Axalta pulls 2020 financial guidance

• Given "inherent uncertainty" in the outlook for customer demand, Axalta (NYSE:AXTA) is withdrawing previous financial guidance for 2020, which did not reflect the impact of the coronavirus.
• "We are also activating contingency plans designed to ensure our ability to continue to serve our customers in the event of possible operational limitations and also exploring ways to 'flex' as demand from customers changes," said CEO Robert Bryant. "Through a combination of variable and directed fixed cost structure actions, coupled with a strong balance sheet, we believe we are well positioned to weather near-term reductions in customer demand and come out of this crisis an even stronger company."
• AXTA +2% premarket