Axalta Coating Systems (NYSE:AXTA) Issues FY24 Earnings Guidance

Axalta Coating Systems (NYSE:AXTA) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $2.15 for the period, compared to the consensus earnings per share estimate of $2.06. The company issued revenue guidance of $5.275 billion, compared to the consensus revenue estimate of $5.29 billion. Axalta Coating Systems also updated its FY 2024 guidance to 2.150-2.150 EPS.

Axalta Coating Systems Price Performance

NYSE AXTA traded up $2.90 during trading on Wednesday, reaching $38.31. The company’s stock had a trading volume of 1,637,904 shares, compared to its average volume of 2,015,531. The company has a debt-to-equity ratio of 1.97, a current ratio of 2.26 and a quick ratio of 1.70. The firm has a fifty day moving average of $35.80 and a 200 day moving average of $34.97. The stock has a market capitalization of $8.45 billion, a PE ratio of 34.06, a P/E/G ratio of 0.87 and a beta of 1.44. Axalta Coating Systems has a one year low of $25.92 and a one year high of $38.77.

Axalta Coating Systems (NYSE:AXTA) last announced its quarterly earnings data on Thursday, August 1st. The specialty chemicals company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.51 by $0.06. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. Axalta Coating Systems had a return on equity of 24.28% and a net margin of 5.69%. The company’s revenue was up 4.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.35 EPS. Analysts expect that Axalta Coating Systems will post 2.06 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on AXTA shares. JPMorgan Chase & Co. boosted their price objective on Axalta Coating Systems from $40.00 to $41.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Barclays raised their target price on Axalta Coating Systems from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. KeyCorp upped their price target on Axalta Coating Systems from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Robert W. Baird increased their price objective on Axalta Coating Systems from $40.00 to $42.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, UBS Group dropped their target price on shares of Axalta Coating Systems from $39.00 to $38.00 and set a “neutral” rating on the stock in a report on Tuesday, July 9th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Axalta Coating Systems Company Profile

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.