Axalta Coating Systems (NYSE:AXTA) Releases Earnings Results, Beats Expectations By $0.08 EPS

Axalta Coating Systems (NYSE:AXTA) posted its earnings results on Wednesday. The specialty chemicals company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.08, Briefing.com reports. Axalta Coating Systems had a return on equity of 24.28% and a net margin of 5.69%. 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 earned $0.45 earnings per share. The company’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 Down 1.0 %

NYSE AXTA traded down $0.40 during trading on Thursday, hitting $37.92. 3,433,130 shares of the company traded hands, compared to its average volume of 2,040,696. Axalta Coating Systems has a 12 month low of $25.92 and a 12 month high of $38.77. The business has a fifty day simple moving average of $35.86 and a 200 day simple moving average of $34.99. The company has a current ratio of 2.26, a quick ratio of 1.70 and a debt-to-equity ratio of 1.97. The company has a market capitalization of $8.37 billion, a P/E ratio of 34.20, a PEG ratio of 0.87 and a beta of 1.44.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. JPMorgan Chase & Co. increased their price target on Axalta Coating Systems from $40.00 to $41.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Barclays lifted their price target on Axalta Coating Systems from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. KeyCorp lifted their price target on Axalta Coating Systems from $44.00 to $45.00 and gave the company an “overweight” rating in a research report on Thursday. Robert W. Baird lifted their target price 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, Royal Bank of Canada raised their target price on Axalta Coating Systems from $42.00 to $44.00 and gave the stock an “outperform” rating in a research report on Monday, August 5th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Axalta Coating Systems currently has an average rating of “Moderate Buy” and an average price target of $41.30.

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.