MOSCOW (MRC) -- Axalta Coating Systems reported pre-market slightly weaker-than-expected Q4 adjusted earnings on lower revenues that met analysts’ forecasts and guided FY16 revenues below expectations, said The Wall Street Journal.
The maker of coatings products said Q4 adjusted EPS was USD0.24 per share, down from USD0.25 a year earlier and missing the mean estimate by a penny. On a reported basis, the company swung to a profit of USD38.6 million or USD0.16 per share from a loss of USD2.2 million or USD0.01 per share in the year-ago quarter. Revenues fell to USD1.01 billion from USD1.09 billion but were in line with the USD1.01 billion consensus.
For 2016, Axalta expects revenues to be flat to slightly down relative to sales of USD4.11 billion in FY15, which is below the USD4.19 billion consensus provided by Capital IQ. FY16 adjusted EBITDA is seen at USD900 million to USD940 million. The company also forecasts FY16 capital expenditures of USD150 million. AXTA was inactive in recent pre-market.
As MRC informed earlier, in Sept 2015, Axalta Coating Systems won a four-year contract to supply industrial coatings and architectural building paint which will be used to restore and sustain different buildings and the locks of the Panama Canal.
Axalta Coating Systems Ltd., through its subsidiaries, manufactures, markets, and distributes high performance coatings products primarily for the transportation industry. It operates through two segments, Performance Coatings and Transportation Coatings. The Performance Coatings segment offers various waterborne and solventborne products and systems that are used to refinish damaged vehicles for independent body shops, multi-shop operators, and original equipment manufacturer (OEM) dealership body shops.
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