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

Axalta Coating Systems (NYSE:AXTA) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $1.90-$2.00 for the period, compared to the consensus estimate of $1.90. Axalta Coating Systems also updated its FY 2024 guidance to 1.900-2.000 EPS.

Axalta Coating Systems Stock Up 1.1 %

AXTA traded up $0.37 on Friday, reaching $35.20. 3,991,263 shares of the company traded hands, compared to its average volume of 2,581,191. The stock’s 50 day moving average price is $32.78 and its 200-day moving average price is $31.82. Axalta Coating Systems has a 52-week low of $25.03 and a 52-week high of $35.31. The company has a market cap of $7.77 billion, a price-to-earnings ratio of 31.71, a PEG ratio of 1.08 and a beta of 1.51. The company has a debt-to-equity ratio of 1.92, a current ratio of 2.07 and a quick ratio of 1.46.

Axalta Coating Systems (NYSE:AXTA) last issued its quarterly earnings data on Wednesday, May 1st. The specialty chemicals company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.08. The business had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Axalta Coating Systems had a net margin of 4.77% and a return on equity of 21.82%. Axalta Coating Systems’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.35 earnings per share. On average, sell-side analysts expect that Axalta Coating Systems will post 1.98 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. UBS Group downgraded shares of Axalta Coating Systems from a buy rating to a neutral rating and upped their target price for the company from $35.00 to $36.00 in a research report on Monday, January 8th. Barclays boosted their target price on shares of Axalta Coating Systems from $38.00 to $40.00 and gave the stock an overweight rating in a report on Thursday. Mizuho reduced their target price on shares of Axalta Coating Systems from $40.00 to $38.00 and set a buy rating for the company in a research report on Thursday. KeyCorp increased their price objective on shares of Axalta Coating Systems from $38.00 to $40.00 and gave the company an overweight rating in a research note on Thursday. Finally, JPMorgan Chase & Co. lifted their price target on shares of Axalta Coating Systems from $38.00 to $40.00 and gave the stock an overweight rating in a report on Thursday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $38.00.

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.