AXTA - Axalta Coating Systems Ltd. (AXTA) Q4 2023 Earnings Call Transcript
2024-02-08 11:30:21 ET
Axalta Coating Systems Ltd. (AXTA)
Q4 2023 Earnings Conference Call
February 8, 2024, 08:00 AM ET
Company Participants
Chris Evans - VP, IR
Chris Villavarayan - CEO & President
Carl Anderson - CFO
Conference Call Participants
David Begleiter - Deutsche Bank
John McNulty - BMO Capital Markets
Kevin McCarthy - Vertical Research Partners
Steve Byrne - Bank of America
Ghansham Panjabi - Baird
Michael Sison - Wells Fargo
Aleksey Yefremov - KeyBanc Capital Markets
Mike Leithead - Barclays
Jeff Zekauskas - JPMorgan
Mike Harrison - Seaport Research
Arun Viswanathan - RBC Capital Markets
Steve Haynes - Morgan Stanley
Josh Spector - UBS
John Roberts - Mizuho
Presentation
Operator
Ladies and gentlemen, thank you for standing by. Welcome to Axalta’s Q4 and Full Year 2023 Earnings Call. All participants will be in a listen-only mode. A question-and-answer session will follow the formal -- will follow the presentation by management. Today's call is being recorded and a replay will be available to February 15. Those listening after today's call. So please note that the information provided in the recording will not be updated and therefore may no longer be current.
I will now turn the call over to Chris Evans. Please go ahead, sir.
Chris Evans
Thank you and good morning. This is Chris Evans, VP of Investor Relations. We appreciate your continued interest in Axalta and welcome you to our fourth quarter and full year 2023 financial results conference call.
Joining me today, are Chris Villavarayan, CEO and president and Carl Anderson, CFO. We released our quarterly financial results this morning and posted a slide presentation to the investor relations section of our website at axalta.com which we will be referencing during this call.
Our prepared remarks the slide presentation, and our discussion today may contain forward-looking statements, reflecting the company's current view of future events, and their potential effect on exalt is operating and financial performance. These statements involve uncertainties and risks, and actual results may differ materially from those forward-looking statements. Please note that the company is under no obligation to provide updates to these forward-looking statements.
Our remarks and the slide presentation also contain various non-GAAP financial measures. In the appendix of the slide presentation, we've included reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures. For additional information regarding forward-looking statements and non-GAAP financial measures, please refer to our filings with the SEC.
I will now turn the call over to Chris.
Chris Villavarayan
Thank you, Chris. And good morning, everyone. This was another great quarter for Axalta. I'm pleased that we met or exceeded all targets for our full year guidance. And I want to thank the entire global team for their dedication and strong execution.
Q4 net sales increased 5% year-over-year to $1.3 billion with positive contributions from both segments. Volumes improved 2% year-over-year, led by a 9% growth in Mobility coatings. This represents our seventh consecutive quarter of mobility volumes growth as auto productions have normalized from historic lows, and we have successfully repositioned our portfolio with some of the fastest growing automotive OEM.
Price makes was a 1% year-over-year improvement with pure pricing approximately 3% better year-over-year when excluding mix effects and onetime pricing realization. All end markets contributor to better year-over-year pricing gains. This was a great achievement for our commercial teams, and a demonstration on our ongoing emphasis on pricing realization. Going forward, we will remain disciplined as we face pressure from higher labor costs and strive to restore margins to historical levels. ...
Axalta Coating Systems Ltd. (AXTA) Q4 2023 Earnings Call Transcript