AXTA - Why Shares in Axalta Coating Systems Slumped Today
2023-08-02 13:27:58 ET
Shares in coatings company Axalta Coating Systems (NYSE: AXTA) were down by 10% as of midday today. The move comes after a disappointing second-quarter earnings release in the morning.
Not only did its sales miss analyst estimates for the quarter, management's guidance for adjusted diluted full-year EPS of $1.40-$1.45 also fell short of analyst expectations for $1.57.
It was a mixed earnings report, in which solid volume growth (up 12.8%) in mobility coatings (light vehicle and commercial vehicle) was offset by an 11.1% decline in volume in performance coatings (refinish and industrial), leading to a 3.7% volume decline overall. However, an improving pricing environment led to a 4.8% increase in sales.
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Why Shares in Axalta Coating Systems Slumped Today