Axalta Coating Sys Ltd Stock Price, News & Analysis

Axalta Coating Systems has unveiled its 70th annual Global Automotive Color Popularity Report, highlighting that neutral colors dominate automotive preferences.

In 2022, white retained the top position with 34% of vehicles, followed by black at 21% and gray at 19%. Together, these colors account for 82% of cars on the road.

The report emphasizes the vibrant evolution of colors in today's vehicles compared to past decades, featuring enhanced sparkling effects. The full report is available online, providing insights to automotive OEMs.

Axalta Coating Systems (NYSE: AXTA) has unveiled its 2023 Global Automotive Color of the Year, named Techno Blue. This vibrant color, characterized as modern and whimsical, is a shift from last year's luxurious Royal Magenta. Senior VP Hadi Awada emphasized that Techno Blue represents a futuristic mindset, enhanced by advanced formulations to appeal to diverse customer preferences. Axalta continues to leverage over 150 years of industry expertise to innovate in coatings solutions and trends.

Axalta has entered a strategic multi-year agreement with Steer Automotive Group, establishing its Standox brand as the single preferred paint partner across 57 UK sites. This collaboration aims to enhance operational efficiency and sustainability through Axalta's innovative coatings and services, including energy-saving paint technology and technical training. Steer Automotive, recognized for sustainable growth and efficiency, won awards for excellence in the bodyshop sector, highlighting the value of this partnership for both companies.

Axalta Coating Systems announces the appointment of Chris Villavarayan as the new CEO and President, effective January 1, 2023. Rakesh Sachdev will transition to non-executive Board Chair, succeeding Bill Cook, who will continue as an independent director. Villavarayan brings over 20 years of experience, notably as former CEO of Meritor, where he led significant growth and innovation in the commercial vehicle sector. The leadership change aims to drive profitable growth and enhance shareholder value.

Axalta Coating Systems (NYSE:AXTA) reported its Q3 2022 results, highlighting a 13.8% increase in net sales year-over-year, totaling $1,238.7 million. Strong pricing led to a 9.7% price-mix growth and an 8.8% volume increase, despite challenges from currency impacts and inflation. Operating income was $123.5 million, slightly down from $124.7 million in Q3 2021. Q3 diluted EPS was $0.28, down from $0.30. The company anticipates Q4 net sales growth of 6%-8% with ongoing inflationary pressures and currency headwinds.

Axalta Coating Systems (AXTA) will announce its third-quarter 2022 financial results on October 25, post-market. Key materials will be available on the Investor Relations page. A conference call with management will follow on October 26 at 8 a.m. ET. This session aims to review the financial performance for the quarter and will be accessible via a live webcast.

Axalta Coating Systems has appointed Jan Bertsch to its Board of Directors, effective September 13, 2022, as Elizabeth Lempres steps down. Bertsch, a seasoned automotive financial expert, will also serve on the Audit Committee. The company’s Board refreshment process aims to recruit top talent and diverse leaders. With Bertsch's extensive experience in finance and IT from roles at O-I Glass and Chrysler, Axalta anticipates benefiting from her skills to drive strategic growth and enhance shareholder value.