Axalta Coating Systems (NYSE:AXTA) Announces Earnings Results

Axalta Coating Systems (NYSE:AXTA) posted its quarterly earnings data on Wednesday. The specialty chemicals company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.51 by $0.08, Briefing.com reports. Axalta Coating Systems had a net margin of 5.69% and a return on equity of 24.28%. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the firm posted $0.45 earnings per share. The business’s revenue for the quarter was up .8% compared to the same quarter last year. Axalta Coating Systems updated its FY 2024 guidance to 2.150-2.150 EPS and its FY24 guidance to $2.15 EPS.

Axalta Coating Systems Stock Performance

Shares of Axalta Coating Systems stock traded down $0.58 on Thursday, hitting $37.74. The stock had a trading volume of 1,297,644 shares, compared to its average volume of 2,030,575. The company’s 50 day moving average price is $35.86 and its 200 day moving average price is $34.99. The stock has a market cap of $8.33 billion, a price-to-earnings ratio of 34.45, a P/E/G ratio of 0.87 and a beta of 1.44. The company has a current ratio of 2.26, a quick ratio of 1.70 and a debt-to-equity ratio of 1.97. Axalta Coating Systems has a 52-week low of $25.92 and a 52-week high of $38.77.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. JPMorgan Chase & Co. upped their price objective on Axalta Coating Systems from $40.00 to $41.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Mizuho lifted their price objective on Axalta Coating Systems from $42.00 to $43.00 and gave the company an “outperform” rating in a research note on Thursday. KeyCorp upped their target price on shares of Axalta Coating Systems from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Royal Bank of Canada raised their price objective on shares of Axalta Coating Systems from $42.00 to $44.00 and gave the company an “outperform” rating in a report on Monday, August 5th. Finally, UBS Group cut their price target on Axalta Coating Systems from $39.00 to $38.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 9th. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $41.20.

About Axalta Coating Systems

Axalta Coating Systems Ltd., through its subsidiaries, manufactures, markets, and distributes high-performance coatings systems in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company operates through two segments, Performance Coatings and Mobility Coatings.