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PHILADELPHIA - Axalta Coating Systems Ltd . (NYSE:AXTA) reported first quarter earnings that beat expectations, but revenue fell short of estimates on Wednesday.
The company’s shares were down 4.42% in premarket trading following the release.
The global coatings company posted adjusted earnings per share of $0.59, surpassing the analyst consensus of $0.55. However, revenue came in at $1.26 billion, missing the $1.29 billion analysts had projected.
Net sales decreased 3% year-over-year, which the company attributed to volume declines primarily in its Performance Coatings segment and foreign currency headwinds. This was partially offset by contributions from the CoverFlexx acquisition and favorable price-mix.
Despite the revenue miss, Axalta reported record first quarter adjusted EBITDA of $270 million, up 4% from the prior year. Adjusted EBITDA margin expanded 140 basis points to 21.4%.
"We achieved a record first quarter Adjusted EBITDA, expanded Adjusted Diluted EPS by 16% and continued accelerating our performance in challenging global economic conditions," said Chris Villavarayan, CEO and President of Axalta.
For the second quarter, Axalta forecasts EPS of $0.60-$0.63, below the $0.66 consensus. Full year 2025 guidance calls for EPS of $2.50-$2.60 on revenue of $5.3-$5.375 billion.
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