Advertisements

Axalta to Release Preliminary Fourth Quarter 2020 Update, Delays Earnings Release and Conference Call

Axalta Coating Systems Ltd., a leading global coatings company, today announced that it will delay its 2020 fourth quarter and full-year earnings release and conference call, previously scheduled for February 3 and 4, 2021, respectively. Axalta expects a delay in the completion of its financial statements related to an operational matter that occurred in the fourth quarter of 2020 because the determination of any potential financial impact is still underway at this time. Axalta will reschedule the date of the earnings release and conference call in a subsequent press release.

Preliminary Fourth Quarter 2020 Consolidated Financial Update

Fourth quarter net sales of $1,074.5 million decreased 2.2% from $1,098.4 million in Q4 2019, and increased 4.6% sequentially from Q3 2020 with all end-markets showing improvement, given continued recovery from pandemic-related demand impacts. Refinish demand recovery was temporarily interrupted by incremental pandemic-related restrictions within EMEA and North America starting mid-quarter. Industrial saw solid year-over-year Q4 2020 net sales growth driven by strong industrial production rebound and ongoing strength in the U.S. housing market. Light Vehicle production continued its strong global recovery as lean dealer inventories and solid retail sales rebound fueled strong production rates. Commercial Vehicle global production demonstrated sequential quarterly improvement as new heavy duty truck orders have continued to improve throughout the second half of 2020.

These preliminary financial results are subject to revision until Axalta reports its 2020 fourth quarter and full year results. These preliminary results represent the most current information available to management and are not meant to be a comprehensive statement of our financial results for the fourth quarter 2020 or the full year.

Balance Sheet and Cash Flow Highlights

Cash and cash equivalents as of December 31, 2020 were $1,360.9 million. Our debt, net of cash, was $2.5 billion as of December 31, 2020, compared with $2.8 billion as of December 31, 2019. Axalta ended the year with over $1.7 billion in total available liquidity which also reflects the approximately $200 million gross debt repayment in November 2020. Fourth quarter total operating cash flow was $278.4 million versus $283.3 million in Q4 2019. Free cash flow totaled a quarterly record of $256.0 million compared with $248.4 million in Q4 2019. We also repurchased 0.9 million of our common shares in Q4 2020 for total cash consideration of $25.0 million and an average price of $28.69 per share.

Source: Axalta

YOUR SUPPORT IS CRITICAL TO KEEP PCE ALIVE

WITHOUT YOU, THERE CAN BE NO PCE. The aim of PCE is to provide you all information about Paints and Coatings Industry. Even the smallest amount of support is hugely appreciated. It is not necessary to be registered on PayPal to use this service. Thanks in advance!

$3.00

Note to readers:

  • Please follow us on LinkedIn ,Twitter and YouTube and subscribe to our website and receive notifications of new posts by email.
  • Please click the share buttons below and make a comment.

VIDEO CENTER

Explore further

Advertisements

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

SUBSCRIBE TO OUR NEWSLETTER

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Paints and Coatings Expert will use the information you provide on this form to be in touch with you and to provide updates and marketing.
%d bloggers like this: