Axalta Coating Systems Non-GAAP EPS of $0.41 beats by $0.02, revenue of $1.23B misses by $20M

Jul. 26, 2022 4:23 PM ETAxalta Coating Systems Ltd. (AXTA)By: Pranav Ghumatkar, SA News Editor
  • Axalta Coating Systems press release (NYSE:AXTA): Q2 Non-GAAP EPS of $0.41 beats by $0.02.
  • Revenue of $1.23B (+8.8% Y/Y) misses by $20M.
  • Realized record 10.0% price-mix growth with double-digit year-over-year gains in Mobility and Industrial Coatings
  • Volume increased 2.7% driven by 8.4% growth in North America and 14.8% in Latin America with strong contributions from both segments
  • Income from operations of $103.6 million versus $190.4 million in Q2 2021; Adjusted EBIT of $150.6 million compared with $173.4 million in Q2 2021 despite $23 million of headwinds associated with the Russia-Ukraine conflict, China lockdowns, and FX.
  • Q3 2022 Financial Guidance: Net Sales: ~+15-17%, including, ~(6)% foreign currency impact and ~+2% acquisition benefit; pricing and volume expected to be up high single-digits year-over-year.
  • Adjusted EBIT: $140-165 million
  • Adjusted Diluted EPS: $0.37-0.45; including a $0.05 year-over-year headwind from foreign currency and the Russia-Ukraine conflict
  • Interest Expense: ~$35 million
  • Diluted Shares: ~221 million
  • Adjusted Tax Rate: ~22%-23%
  • D&A: ~$78 million; including $23 million step-up D&A
  • Expect raw material inflation in the high teens versus Q3 2021

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