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Mar 31, 2024
Axalta Q1 2024 Earnings Report
Axalta's first quarter results were released, showcasing increased net sales and adjusted EBITDA, offset by a decrease in net income due to restructuring charges. The company also announced a new transformation initiative and increased its full-year outlook.
Key Takeaways
Axalta reported a 0.8% increase in net sales to $1.3 billion for Q1 2024. Net income decreased to $39 million due to $55 million in restructuring charges, while adjusted EBITDA rose to $259 million. The company announced a 2024 Transformation Initiative and approved a $700 million share repurchase program.
Net sales increased 0.8% year-over-year to $1.3 billion.
Adjusted EBITDA increased $46 million year-over-year to $259 million, with margin improving to 20.0%.
Net income declined to $39 million due to restructuring charges.
The board approved a $700 million share repurchase authorization in April 2024.
Axalta
Axalta
Forward Guidance
Axalta has raised its full year 2024 Adjusted EBITDA, Adjusted EPS, and Free Cash Flow guidance.
Positive Outlook
- Net Sales YoY% +LSD
- Adjusted EBITDA ~$275 million
- Adjusted EBITDA $1,050 - $1,080 million
- Adjusted Diluted EPS ~$0.50
- Adjusted Diluted EPS $1.90 - $2.00