Axalta Coating Systems Q1 Profit Increases, But Sales Down

(RTTNews) - Axalta Coating Systems Ltd. (AXTA) Wednesday reported net income of $99 million or $0.45 per share for the first quarter, significantly higher than $41 million or $0.18 per share in the same quarter a year ago, mainly because of the absence $55 million expenses recorded in the prior year period related to the company's 2024 Transformation Initiative.

Excluding one-time items, adjusted earnings were $129 million or $0.59 per share, up from $113 million or $0.51 per share last year.

Sales for the quarter declined 3% to $1.262 billion from $1.294 billion in the previous year.

For the second quarter, the company expects sales to grow in the low-single-digit percentage. Adjusted EPS is expected between $0.60 and $0.63.

For the full year, Axalta sees sales in the range of $5.3 billion - $5.375 billion, and adjusted EPS of $2.50 - $2.60.