Axalta Coating Sys Ltd Stock Price, News & Analysis

Axalta Coating Systems Ltd. (NYSE: AXTA) has appointed Rakesh Sachdev to its Board of Directors, effective August 24, 2020. Sachdev will serve on the Nominating and Corporate Governance Committee and the Compensation Committee. His prior experience includes leadership roles at Platform Specialty Products Corporation and Sigma-Aldrich Corporation. The Board now comprises nine directors with diverse expertise, aimed at enhancing Axalta's strategic direction. The appointment is expected to leverage Sachdev's background in automotive and commercial vehicle markets to drive innovation and shareholder value.

Axalta (NYSE: AXTA) announced the extension of its participation in I-CAR's Sustaining Partner Program to include Canada, effective July 1, 2020. This initiative aims to provide Refinish students with accessible training options, both virtual and in-person, at Axalta's Learning Centers, while earning Platinum I-CAR credits at no cost. The program supports technicians by enhancing their skills for safe vehicle repairs and improving employment opportunities. Axalta's commitment to collision repair education underscores its dedication to industry standards and technician training.

Axalta Coating Systems reported Q2 2020 net sales of $652.7 million, down 43.6% year-over-year, with a loss from operations of $64.5 million. Despite a sequential recovery, June sales were still down ~24% compared to June 2019. The company announced a global restructuring, aiming for $50 million in annual cost savings and a 5% workforce reduction. COVID-19 related charges totaled approximately $45 million, significantly impacting financial results. Axalta ended the quarter with $1.1 billion in cash and $1.5 billion in liquidity, planning for better efficiency moving forward.

Axalta (NYSE: AXTA) announced its participation in IBISConnect Africa on July 23, 2020, where Lucian Jantjies will speak about innovative technologies aiding South African collision repairers. Highlighted is the patented Axalta Fast Cure Low Energy technology, reducing process times by up to 50% and energy consumption by up to 70%. Jim Muse emphasized the importance of innovation in enhancing efficiency for bodyshops facing margin pressures. Axalta's involvement at this event aligns with its global partnership with Plenham Ltd, underscoring its commitment to the evolving automotive repair industry.

Axalta Coating Systems Ltd. (NYSE: AXTA) will conduct a conference call on July 29, 2020, at 10:00 a.m. ET to discuss its Q2 2020 financial results. Participants, including President and CEO Robert W. Bryant and CFO Sean Lannon, will review financial performance and the influence of the COVID-19 pandemic on business operations. A live webcast will be available, and a playback option will be provided until August 5, 2020.

Axalta (NYSE: AXTA) has announced the launch of its new polyurethane wood coating product line, Imron Industrial Wood, marking its entry into the polyurethane wood coatings market. This move represents a significant milestone for Axalta, promising high-quality and performance products that are durable, formaldehyde-free, and resilient to chemical and abrasion damage. Designed for various interior wood surfaces, the new products utilize advanced technology to ensure superior gloss and durability.

Axalta Coating Systems Ltd. (NYSE: AXTA) reported a substantial decline in net sales during April and May 2020, with a 48% drop excluding foreign exchange and divestiture impacts. The Performance Coatings segment saw a 37% decline, while Transportation Coatings experienced a steep 69% drop. However, there was a 15% sequential improvement in May due to the resumption of automotive OEM production. Axalta maintains strong liquidity with $1.5 billion available after completing a $500 million senior unsecured notes offering.