PHILADELPHIA - Axalta Coating Systems Ltd . (NYSE:AXTA) reported better-than-expected third quarter results, sending shares up 2.37% in premarkket trading Wednesday.
The global coatings company posted adjusted earnings per share of $0.59, surpassing analyst estimates of $0.51. Revenue for the quarter came in at $1.32 billion, in line with consensus expectations.
Axalta's third quarter net sales increased 0.8% year-over-year to a record $1.32 billion. Net income rose 40% to $102 million, with net income margins expanding to 7.7%.
"Our results in the third quarter were exceptional," said Chris Villavarayan, CEO and President of Axalta. "I am extremely proud of the commitment and dedication from each of our employees to deliver a record third quarter for the company in net sales and Adjusted EBITDA, despite macroeconomic headwinds in all four end markets."
The company's Performance Coatings segment saw net sales grow 2% year-over-year to $877 million, driven by contribution from the CoverFlexx acquisition and net new body shop wins. Mobility Coatings segment net sales decreased 2% to $443 million.
For the full year 2024, Axalta expects revenue of approximately $5.275 billion, slightly below the consensus estimate of $5.295 billion.
The company repurchased over 1.4 million common shares for total consideration of $50 million during the third quarter.
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