Axalta Q4 Earnings Surge

(RTTNews) - Axalta Coating Systems Ltd. (AXTA) Thursday reported higher earnings and revenues for the fourth quarter compared to the same period last year.

Further, the company issued an outlook for the first quarter and fiscal 2024.

Earnings increased 68 percent to $74 million or $0.33 per share from $44 million or $0.20 per share in the last year, on significant earnings improvement in all segments.

On average, 17 analysts polled by Thomson Reuters expect earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues climbed 4.9 percent to $1.3 billion from $1.23 billion in the previous year, on foreign exchange benefits, improvement in volumes, and price-mix growth.

Looking ahead to the next quarter, the company expects adjusted earnings per share of around $0.40 and flat net sales year over year.

The Street view of earnings is $0.42 per share and revenue is $1.32 billion.

Looking forward to the full year, the company expects adjusted earnings per share in the range of $1.80 - $1.95 per share with revenue more than low single digit.

Analysts' estimates were $1.92 earnings per share and revenue of $5.35 billion.

On Wednesday, Axalta Coating shares closed at $32.55, up 0.40% on the New York Stock Exchange.