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

Axalta Coating Systems (NYSE:AXTA - Get Free Report) 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 Stock Performance

AXTA traded up $2.93 on Wednesday, hitting $38.34. 5,530,160 shares of the company traded hands, compared to its average volume of 2,034,066. The company has a 50 day moving average of $35.80 and a 200-day moving average of $34.97. Axalta Coating Systems has a 12-month low of $25.92 and a 12-month high of $38.77. The company has a quick ratio of 1.70, a current ratio of 2.26 and a debt-to-equity ratio of 1.97. The stock has a market capitalization of $8.46 billion, a PE ratio of 34.06, a PEG ratio of 0.87 and a beta of 1.44.

Axalta Coating Systems (NYSE:AXTA - Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The specialty chemicals company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.06. Axalta Coating Systems had a net margin of 5.69% and a return on equity of 24.28%. The firm had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.34 billion. During the same period in the prior year, the company posted $0.35 earnings per share. The firm's revenue for the quarter was up 4.4% on a year-over-year basis. Sell-side analysts anticipate that Axalta Coating Systems will post 2.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AXTA. Royal Bank of Canada upped their price objective on Axalta Coating Systems from $42.00 to $44.00 and gave the stock an "outperform" rating in a report on Monday, August 5th. Barclays raised their price objective on shares of 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 target price on shares of Axalta Coating Systems from $40.00 to $44.00 and gave the stock an "overweight" rating in a research report on Friday, August 2nd. Robert W. Baird increased their target price on shares of Axalta Coating Systems from $40.00 to $42.00 and gave the company an "outperform" rating in a report on Friday, August 2nd. Finally, UBS Group decreased 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 assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Axalta Coating Systems has an average rating of "Moderate Buy" and an average target price 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.