Axalta Coating Systems (AXTA) Tops Q1 EPS by 8c, Offers Guidance

Axalta Coating Systems (NYSE: AXTA) reported Q1 EPS of $0.50, $0.08 better than the analyst estimate of $0.42. Revenue for the quarter came in at $1.06 billion versus the consensus estimate of $1.03 billion.

GUIDANCE:

Axalta Coating Systems sees FY2021 EPS of $1.95-$2.10, versus the consensus of $1.90.

Full Year

• Net Sales: ~+20-22%, including ~3% FX and ~1% M&A benefit
• Adjusted EBIT: $715-755 million
• Adjusted Diluted EPS: $1.95 - 2.10
• Interest Expense: ~$136 million
• Diluted Shares: ~234 million; assumes no additional share repurchases
• Free Cash Flow: $455-495 million; including $180 million capex; excludes impact from operational matter
• Tax Rate: ~21-22%
• D&A: ~$315 million; including $103 million step-up D&A

Q2 2021

• Adjusted EBIT: ~23% of FY expected for Q2
• Raw material inflation expected to ramp up beginning in Q2
• Headwind from year-over-year lapping of temporary savings from 2020
• Semiconductor chip shortage impact on Light Vehicle to continue throughout Q2
• Constrained supply chain impact persists in early Q2 on Industrial volumes

For earnings history and earnings-related data on Axalta Coating Systems (AXTA) click here.

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