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Axalta Coating Systems Ltd. (AXTA) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Axalta Coating Systems Ltd.

CIK: 1616862 Ticker: AXTA
 
 
Exhibit 99.1
News Release
 
axaltalogoa34.jpg
Axalta Coating Systems
2001 Market Street
Suite 3600
Philadelphia, PA 19103
USA
Contact
Christopher Mecray
D +1 215 255 7970
Christopher.Mecray@axalta.com



Immediate Release

Axalta Releases Third Quarter 2018 Results

Third Quarter 2018 Highlights:
Net sales of $1,139.3 million increased 4.4% year-over-year and 6.9% ex-FX impact
Net loss attributable to Axalta of $13.1 million versus net income of $54.9 million in Q3 2017; Adjusted net income attributable to Axalta of $77.5 million increased 19.2% versus $65.0 million in Q3 2017
Adjusted EBITDA of $234.7 million increased 12.0% from $209.5 million in Q3 2017
Continued sequential price capture in Performance Coatings, coupled with robust Refinish volume growth compared with Q3 2017
PHILADELPHIA, PA, October 25, 2018 - Axalta Coating Systems Ltd. (NYSE:AXTA) (“Axalta”), a leading global coatings company, announced its financial results for the
third quarter ended September 30, 2018.
Third Quarter 2018 Consolidated Financial Results
Third quarter net sales of $1,139.3 million increased 4.4% year-over-year including 2.5% negative foreign currency impacts. Constant currency net sales increased 6.9% in the period, driven by volume growth of 4.0% including 0.4% acquisition contribution and 2.9% higher average selling prices. Third quarter net sales growth was positive in nearly all regions, including higher average prices in all regions except Asia Pacific, which saw ongoing lower average prices resulting from Light Vehicle in China.  
Net loss attributable to Axalta was $13.1 million for the third quarter compared to net income of $54.9 million in Q3 2017. The decrease was primarily driven by the announced closure of our Mechelen, Belgium manufacturing facility and the associated accounting impacts coupled with ongoing Axalta Way productivity initiatives approved in Q3 2018. Third quarter Adjusted net income attributable to Axalta of $77.5 million increased 19.2% versus $65.0 million in Q3 2017.
Adjusted EBITDA of $234.7 million for the third quarter increased 12.0% versus $209.5 million in Q3 2017. This result was driven by strong contribution from volume growth and price and product mix benefits, which were partially offset by inflationary raw material costs and negative impacts from foreign currency as the U.S. dollar was relatively weaker compared to Q3 2017.
"Third quarter results were slightly above our expectations and previously provided guidance, and we are gratified by this result particularly given challenging elements of persistent input inflation, headwinds in certain emerging markets as well as renewed foreign exchange pressure," said Robert W. Bryant, Axalta’s interim Chief Executive Officer. "As expected, we saw a clear return to growth in Refinish, including double digit net sales growth in North America, which reflected fairly favorable year-over-year comparisons but also continued underlying share gains. We also witnessed strong pricing and product mix benefits in Performance Coatings overall from both end-markets. In Transportation Coatings, we saw volume growth in the quarter from our Light Vehicle end-market, including new product launches that started this year. While price and product mix does remain a headwind in Light Vehicle year to date, we continue to discuss with customers our need to cover the significant cost inflation we have absorbed this year and last. Our cost reduction efforts through our Axalta Way program are continuing and have been an important contributor to results so far in 2018 and helpful in offsetting cost inflation."

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The following information was filed by Axalta Coating Systems Ltd. (AXTA) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Axalta Coating Systems Ltd.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Accounts And Notes Receivable, Net
Accounts And Notes Receivable, Net - Additional Information (Details)
Accounts And Notes Receivable, Net - Schedule Of Accounts, Notes, Loans, And Financing Receivable (Details)
Accounts And Notes Receivable, Net (Tables)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) - Additional Information (Details)
Accumulated Other Comprehensive Income (Loss) - Schedule Of Accumulated Other Comprehensive Income (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Details)
Acquisitions - Pro Forma Information (Details)
Acquisitions - Purchase Price Allocation (Details)
Basis Of Presentation Of The Condensed Consolidated Financial Statements
Borrowings
Borrowings - Debt Instrument Redemption (Details)
Borrowings - Schedule Of Debt (Details)
Borrowings - Schedule Of Maturities Of Long-Term Debt (Details)
Borrowings - Senior Notes (Details)
Borrowings - Senior Secured Credit Facilities (Details)
Borrowings (Tables)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Future Minimum Lease Payments (Details)
Commitments And Contingencies Commitments And Contingencies (Tables)
Derivative Financial Instruments
Derivative Financial Instruments - Additional Information (Details)
Derivative Financial Instruments - Schedule Of Cash Flow Hedging Instruments, Statements Of Financial Performance And Financial Position, Location (Details)
Derivative Financial Instruments - Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value (Details)
Derivative Financial Instruments - Schedule Of Fair Value Hedging Instruments, Statements Of Financial Performance And Financial Position, Location (Details)
Derivative Financial Instruments (Tables)
Earnings (Loss) Per Common Share
Earnings (Loss) Per Common Share (Details)
Earnings (Loss) Per Common Share (Tables)
Fair Value Accounting
Fair Value Accounting (Details)
Fair Value Accounting Fair Value (Tables)
Goodwill And Identifiable Intangible Assets
Goodwill And Identifiable Intangible Assets - Gross Carrying Amounts And Accumulated Amortization Of Identifiable Intangible Assets By Major Class (Details)
Goodwill And Identifiable Intangible Assets - Schedule Of Expected Amortization Expense (Details)
Goodwill And Identifiable Intangible Assets - Schedule Of Goodwill (Details)
Goodwill And Identifiable Intangible Assets (Tables)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Inventories
Inventories - Additional Information (Details)
Inventories - Schedule Of Inventory (Details)
Inventories (Tables)
Long-Term Employee Benefits
Long-Term Employee Benefits - Schedule Of Net Benefit Cost (Details)
Long-Term Employee Benefits (Tables)
Other Expense, Net
Other Expense, Net - Schedule Of Other Non-Operating Income (Details)
Other Expense, Net (Tables)
Property, Plant And Equipment, Net
Property, Plant And Equipment, Net - Additional Information (Details)
Property, Plant And Equipment, Net - Schedule Of Property, Plant And Equipment (Details)
Property, Plant And Equipment, Net (Tables)
Recent Accounting Guidance
Recent Accounting Guidance (Policies)
Recent Accounting Guidance Recent Accounting Guidance (Details)
Recent Accounting Guidance Recent Accounting Guidance (Tables)
Restructuring
Restructuring - Additional Information (Details)
Restructuring - Restructuring Reserve (Details)
Restructuring (Tables)
Revenue (Tables)
Revenue - Additional Information (Details)
Revenue - Effect Of Asu (Details)
Revenue Revenue
Segments
Segments - Reconciliation Of Operating Profit (Loss) From Segments To Consolidated (Details)
Segments - Reconciliation Of Revenue From Segments To Consolidated (Details)
Segments - Schedule Of Segment Reporting Information, By Segment (Details)
Segments (Tables)
Shareholders' Equity
Shareholders' Equity (Details)
Shareholders' Equity (Tables)
Stock-Based Compensation
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Schedule Of Performance Shares Award Outstanding Activity (Details)
Stock-Based Compensation - Schedule Of Restricted Stock Awards And Restricted Stock Units (Details)
Stock-Based Compensation - Schedule Of Stock Option Activity (Details)
Stock-Based Compensation (Tables)
Venezuela
Venezuela (Details)
Ticker: AXTA
CIK: 1616862
Form Type: 10-Q Quarterly Report
Accession Number: 0001616862-18-000068
Submitted to the SEC: Thu Oct 25 2018 1:16:39 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Paints Varnishes Lacquers Enamels And Allied Prods

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