Axalta Coating Systems (NYSE:AXTA) Updates FY 2024 Earnings Guidance

Axalta Coating Systems (NYSE:AXTA) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 2.150-2.150 for the period, compared to the consensus earnings per share estimate of 2.060. The company issued revenue guidance of $5.3 billion-$5.3 billion, compared to the consensus revenue estimate of $5.3 billion. Axalta Coating Systems also updated its FY24 guidance to $2.15 EPS.

Axalta Coating Systems Trading Up 6.9 %

Shares of NYSE AXTA opened at $37.85 on Wednesday. Axalta Coating Systems has a 12 month low of $25.92 and a 12 month high of $37.85. The company has a market cap of $8.35 billion, a price-to-earnings ratio of 31.90, a P/E/G ratio of 0.87 and a beta of 1.44. 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 business has a fifty day simple moving average of $35.80 and a 200-day simple moving average of $34.97.

Axalta Coating Systems (NYSE:AXTA) last announced its earnings results 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. Axalta Coating Systems had a return on equity of 24.28% and a net margin of 5.69%. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the prior year, the business posted $0.35 earnings per share. Axalta Coating Systems’s revenue was up 4.4% compared to the same quarter last year. Sell-side analysts predict that Axalta Coating Systems will post 2.06 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on AXTA shares. Royal Bank of Canada increased their price objective on Axalta Coating Systems from $42.00 to $44.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Barclays increased their price objective on Axalta Coating Systems from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. KeyCorp increased their price objective 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. UBS Group reduced their price objective on Axalta Coating Systems from $39.00 to $38.00 and set a “neutral” rating for the company in a research note on Tuesday, July 9th. Finally, JPMorgan Chase & Co. upped their target price 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. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

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.