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

Axalta Coating Systems (NYSE:AXTA) issued an update on its FY24 earnings guidance on Wednesday morning. 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 Price Performance

Shares of NYSE AXTA traded up $0.37 during midday trading on Friday, reaching $35.20. The stock had a trading volume of 3,991,263 shares, compared to its average volume of 2,581,191. The stock has a 50-day moving average of $32.78 and a 200-day moving average of $31.82. The company has a debt-to-equity ratio of 1.92, a quick ratio of 1.46 and a current ratio of 2.07. The company has a market capitalization of $7.77 billion, a price-to-earnings ratio of 31.71, a price-to-earnings-growth ratio of 1.08 and a beta of 1.51. Axalta Coating Systems has a 12-month low of $25.03 and a 12-month high of $35.31.

Axalta Coating Systems (NYSE:AXTA) last announced its quarterly earnings data on Wednesday, May 1st. The specialty chemicals company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.08. The firm 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%. The company’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.35 earnings per share. As a group, research analysts anticipate that Axalta Coating Systems will post 1.98 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on AXTA shares. Citigroup increased their price objective on shares of Axalta Coating Systems from $38.00 to $40.00 and gave the stock a buy rating in a research note on Wednesday, April 10th. UBS Group cut shares of Axalta Coating Systems from a buy rating to a neutral rating and raised their target price for the company from $35.00 to $36.00 in a research note on Monday, January 8th. Wolfe Research started coverage on shares of Axalta Coating Systems in a research note on Friday, March 1st. They set a peer perform rating for the company. Robert W. Baird raised their target price on shares of Axalta Coating Systems from $35.00 to $40.00 and gave the company an outperform rating in a research note on Thursday. Finally, BMO Capital Markets raised their target price on shares of Axalta Coating Systems from $42.00 to $45.00 and gave the company an outperform rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price 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.