• Login
    • Join
  • FOLLOW:
  • Subscribe Free
    • Magazine
    • eNewsletter
    Checkout
    • Magazine
    • News
    • Research
    • Markets & Technologies
    • Raw Materials
    • Top Companies
    • Directories
    • Jobs
    • Events
    • Microsites
    • More
  • Magazine
  • News
  • Research
  • Markets & Technologies
  • Raw Materials
  • Top Companies
  • Directories
  • Jobs
  • Events
  • Microsites
  • Current / Back Issues
    Features
    Business Corner
    Editorial
    Digital Edition
    eNewsletter Archive
    Our Team
    Editorial Guidelines
    Subscribe Now
    Advertise Now
    World Reports
    eBook
    Top Features
    Mixing Equipment Directory

    The Wood Coatings Market

    Antimicrobial Coatings Market

    Additives Update

    Pigment Supplier Directory
    Breaking News
    Online Exclusives
    Distributor News
    Financial News
    Paint & Coatings Manufacturer News
    People In the News
    Price Increases
    Product News
    Video Bites
    Raw Materials & Equipment
    Suppliers News
    Live From Shows
    Top News
    Maroon Group Acquires Cary Company's Raw Materials, Specialty Chemicals Distribution Business

    Matt Fogel Named Mule-Hide's Territory Manager – Southern Virginia

    Benjamin Moore Launches COMMAND

    AOC Announces EMEA Price Increase

    Mule-Hide Products Co. Introduces Seal-Fast Liqui-Flash
    Top Companies report
    Market Research
    White Papers / Tech Papers
    Technical Papers
    Product Spec Sheets
    World Reports
    Adhesives and Sealants
    Aerospace Coatings
    Architectural Coatings
    Automotive Coatings
    Automotive Refinish
    Business Operation
    Color Trends & Forecast
    Construction Chemicals
    Corrosion Control
    Industrial Coatings
    Laboratory Equipment
    Marine Coatings
    Market Trends & Forecast
    Powder Coatings
    Production Equipment
    Radcure Coatings
    Special Purpose Coatings
    Wood Coatings
    "Green" Coatings

    Benjamin Moore Launches COMMAND

    IFS Coatings Breaks Ground on 70,000-Square-Foot Expansion

    Mule-Hide Products Co. Introduces Seal-Fast Liqui-Flash

    Conversation with Henning Kreis of Zeppelin Systems

    Nippon Paint Marine Wins Korea Export Award
    Additives
    Binders
    Pigments
    Solvents

    AOC Announces EMEA Price Increase

    OQ Chemicals Increases Carboxylic Acids, Esters Prices

    Arkema Reports Full-year 2020 Results

    New Increase in Kynar Fluoropolymer Capacities at Arkema's Chinese Site

    Emerald Kalama Chemical Acquired by LANXESS
    Buyers Guide
    Company Capabilities
    Distributor Guide
    Add New Company
    International Buyers Guide Companies
    Active Minerals

    Siltech Corporation

    Clariant Additives

    Pilot Chemical Company

    Shepherd Color Company, The
    Industry Events
    Webinars
    Live From Show Event
    Top Events
    Surface Finishing Mexico 2021

    Cleveland Coatings Society Zoom Meeting

    Cleveland Coatings Society Zoom Meeting

    PCI Powder Coating Week

    Southern Society for Coatings Technology Annual Meeting and Technical Conference
    Companies
    White Papers/Tech Papers
    Product Spec Sheets
    Equipment
    Literature/Brochures
    Videos
    International Buyers Guide Companies
    Keim Additec Surface USA LLC

    Pilot Chemical Company

    Siltech Corporation

    Active Minerals

    Shepherd Color Company, The
    • Magazine
      • Current / Back Issues
      • Features
      • Editorial
      • Business Corner
      • Digital Edition
      • eNewsletter Archive
      • Editorial Guidelines
      • Subscribe Now
      • Advertise Now
    • Breaking News
    • Directories
      • Buyers Guide
      • Distributor Guide
      • Corporate Capabilities
      • Trade Associations
      • Add Your Company
    • Markets & Technologies
      • Adhesives and Sealants
      • Aerospace Coatings
      • Architectural Coatings
      • Automotive Coatings
      • Automotive Refinish
      • Business Operation
      • Color Trends & Forecast
      • Construction Chemicals
      • Corrosion Control
      • Industrial Coatings
      • Laboratory Equipment
      • Marine Coatings
      • Market Trends & Forecast
      • Powder Coatings
      • Production Equipment
      • Radcure Coatings
      • Special Purpose Coatings
      • Wood Coatings
      • "Green" Coatings
    • Raw Materials
      • Additives
      • Binders
      • Pigments
      • Solvents
    • World Reports
      • Africa Report
      • China Report
      • India/Asia Pacific Report
      • Europe Report
      • Latin America Report
      • Market Research
      • Russian Report
    • Top Companies
    • Online Exclusives
    • Slideshows
    • Experts Opinions
    • Blog
    • eBook
    • Infographics
    • Videos
    • Podcasts
    • Whitepapers
    • Jobs
    • Microsites
      • Companies
      • White Papers/Tech Papers
      • Product Spec Sheets
      • Equipment
      • Literature/Brochures
      • Videos
    • Events
      • Industry Events
      • Live From Show Event
      • Webinars
    • About Us
      • About Us
      • Contact Us
      • Advertise With Us
      • Privacy Policy
      • Terms of Use
    Breaking News

    Axalta Releases First Quarter 2017 Results

    ...

    Related CONTENT
    • PPG Reports Q4, Full-year 2020 Financial Results
    • RPM Reports Fiscal 2021 2Q Results
    • PPG Reports Record 3Q 2020 Financial Results
    • RPM Reports Fiscal 2021 1Q Results
    • Axalta Coating Systems Exhibits ICONICA Powder Coatings Collection at Vision 2017 in London, England
    04.26.17
    Axalta Coating Systems Ltd. has announced its financial results for the first quarter ended March 31, 2017.

    “Axalta’s financial and operating performance has started the year well on plan, with top-line growth at the high end of our expectations and continued success in our operating, productivity and acquisition initiatives,” said Charles W. Shaver, Axalta’s Chairman and Chief Executive Officer. “We are thrilled by our agreement to purchase the industrial wood coatings business from Valspar and by the opportunity that this deal and others we have recently closed give us to further extend our growth and competitive position in Performance Coatings.”

    First quarter net sales of $1,007.8 million were driven by volume growth of 8.9%, offset partly by 1.2% lower average selling prices and by a 2.2% negative foreign currency translation impact. Constant currency net sales increased 7.7% compared to the year-ago quarter, driven by volume growth. Acquisitions added 4.5% of the volume growth in the quarter. Net sales growth in the first quarter was positive in all regions and included volume growth in all regions and end-markets.

    We reported net income attributable to Axalta of $64.1 million for the first quarter of 2017 compared with net income attributable to Axalta of $30.9 million in Q1 2016. Adjusted net income attributable to Axalta of $63.1 million for the first quarter of 2017 increased 46.7% compared to $43.0 million in Q1 2016. Both net income attributable to Axalta and adjusted net income attributable to Axalta for Q1 2017 and Q1 2016 include benefits for excess tax benefits relating to share-based compensation of $5.8 million and $1.2 million, respectively. The retrospective adoption of ASU 2016-09 relating to share-based compensation is discussed below.

    Adjusted EBITDA of $203.1 million for the first quarter increased 4.3% versus $194.8 million in Q1 2016. This result benefited from higher volumes, contribution from acquisitions, lower variable costs, and incremental savings from our productivity initiatives. These factors were partially offset by lower average selling prices, negative foreign currency translation, and incremental operational expenditures to support planned growth.

    Performance Coatings net sales were $586.4 million in Q1 2017, an increase of 8.0% year-over-year including a 3.0% unfavorable foreign currency translation impact. Constant currency net sales increased 11.0%, driven by strong volumes in the period. Acquisitions added 6.7% to volume growth in the quarter. Refinish end-market net sales increased 2.6% to $388.6 million in Q1 2017 (increased 5.7% excluding foreign currency translation), while our Industrial end-market net sales increased 20.4% to $197.8 million (increased 23.3% excluding foreign currency translation).

    The Performance Coatings segment generated Adjusted EBITDA of $116.9 million in the first quarter, a 6.2% year-over-year increase. Contribution from acquisitions, organic volume growth and modest variable cost savings were partially offset by negative foreign currency translation and incremental operating expense to support growth initiatives. First quarter segment Adjusted EBITDA margin of 19.9% was largely consistent with 20.3% in the same quarter last year.

    Transportation Coatings net sales were $421.4 million in Q1 2017, an increase of 2.1% year-over-year including a 1.1% unfavorable foreign currency translation impact. Constant currency net sales increased 3.2% versus Q1 2016, driven largely by 6.1% volume growth, partially offset by a 2.9% negative price impact. Acquisitions added 1.5% to volume growth in the period.

    Light Vehicle net sales increased 3.2% to $340.0 million year-over-year (increased 4.0% excluding foreign currency translation), driven principally by growth in Latin America. Commercial Vehicle net sales decreased 2.2% to $81.4 million versus last year (flat excluding foreign currency translation), as overall demand for both truck and non-truck end customers stabilized in North America and Latin America after a year of lower volumes.

    Transportation Coatings generated Adjusted EBITDA of $86.2 million in Q1 2017, an increase of 1.8% versus Q1 2016, with positive volume and variable cost contributions largely offset by lower average pricing and ongoing operating expense increases to support planned growth. Segment Adjusted EBITDA margin of 20.5% in Q1 was consistent with the prior year’s first quarter.

    We ended the quarter with cash and cash equivalents of $439.1 million. Our debt, net of cash, was $2,868.2 million as of March 31, 2017, compared to $2,728.5 million at December 31, 2016. Cash use in the quarter included normal seasonal working capital outflows as well as the funding of $56.9 million for two acquisitions completed in January. Axalta made no open market purchases of its common stock in the first quarter.

    First quarter operating cash flow was a use of $6.5 million versus a use of $13.3 million in the corresponding quarter of 2016, reflecting a stable seasonal operating result from both an operational and working capital perspective. Free cash flow, calculated as operating cash flow less capital expenditures, totaled a use of $38.8 million after capital expenditures of $32.3 million compared to a use of $53.6 million in the first quarter of 2016.

    “Our first quarter financial performance was solid and puts us on track to achieve our full year guidance,” said Robert W. Bryant, Axalta’s Executive Vice President and Chief Financial Officer. “We are pleased that in the first quarter we posted solid sales growth inclusive of expected price reductions in certain areas, while closing on two incremental acquisitions in January as well as entering into the Valspar North American wood coatings purchase agreement which was signed subsequent to the quarter end. We also announced the authorization of our first share buyback program, which reflects our confidence in the cash generation of the business to fund operations, strategic growth initiatives and return for our shareholders.”

    During the three months ended December 31, 2016, Axalta early adopted ASU 2016-09, which addresses, among other items, the accounting for income taxes, calculations on diluted weighted average shares outstanding, and cash flow presentation relating to share-based compensation. The early adoption resulted in the recasting of previously issued quarterly financial statements, including an increase to net income attributable to Axalta by $1.2 million for the three months ended March 31, 2016. The impact of early adoption also increased Axalta's dilutive shares by 1.8 million shares for the three months ended March 31, 2016. Axalta will provide more detailed information regarding the impact of the early adoption and recasting of previously issued financial information in its quarterly report on Form 10-Q for the quarter ended March 31, 2017.
    Related Searches
    • valspar
    • industrial
    • coatings
    • axalta
    Suggested For You
    PPG Reports Q4, Full-year 2020 Financial Results PPG Reports Q4, Full-year 2020 Financial Results
    RPM Reports Fiscal 2021 2Q Results RPM Reports Fiscal 2021 2Q Results
    PPG Reports Record 3Q 2020 Financial Results PPG Reports Record 3Q 2020 Financial Results
    RPM Reports Fiscal 2021 1Q Results RPM Reports Fiscal 2021 1Q Results
    Axalta Coating Systems Exhibits ICONICA Powder Coatings Collection at Vision 2017 in London, England Axalta Coating Systems Exhibits ICONICA Powder Coatings Collection at Vision 2017 in London, England
    Axalta Presents Its Color and Process Optimization Expertise at Automotive Engineering Expo 2017 Axalta Presents Its Color and Process Optimization Expertise at Automotive Engineering Expo 2017
    Axalta Presents Its Color and Process Optimization Expertise at Automotive Engineering Expo 2017 Axalta Presents Its Color and Process Optimization Expertise at Automotive Engineering Expo 2017
    Axalta Introduces Next Generation Automotive Suspension Coil Spring Coatings Axalta Introduces Next Generation Automotive Suspension Coil Spring Coatings
    Axalta Dazzles with Past and Present Ford GT Colors Axalta Dazzles with Past and Present Ford GT Colors
    Axalta Schedules First Quarter 2017 Results Conference Call Axalta Schedules First Quarter 2017 Results Conference Call
    Axalta Coating Systems to Acquire Valspar Axalta Coating Systems to Acquire Valspar's North American Industrial Wood Coatings Business
    Axalta Continues Partnership with Philadelphia Eagles Recognizing Outstanding STEM Teachers Axalta Continues Partnership with Philadelphia Eagles Recognizing Outstanding STEM Teachers
    Axalta and Daimler Combine Speed and Color for 3rd Consecutive Year at NASCAR PEAK Mexico Series Axalta and Daimler Combine Speed and Color for 3rd Consecutive Year at NASCAR PEAK Mexico Series
    Axalta Releases 2017 Color_gen Color Collections to Enable Automakers to Innovate with Color Insight Axalta Releases 2017 Color_gen Color Collections to Enable Automakers to Innovate with Color Insight
    CEO Forum CEO Forum

    Related Breaking News

    • Breaking News | Distributor News
      Maroon Group Acquires Cary Company

      Maroon Group Acquires Cary Company's Raw Materials, Specialty Chemicals Distribution Business

      The management team, led by Brian Ehlert, will continue to actively manage the business on a day-to-day basis and will remain located in Chicago.
      Anthony Locicero, Associate editor 03.04.21

    • Breaking News | People in the News
      Matt Fogel Named Mule-Hide

      Matt Fogel Named Mule-Hide's Territory Manager – Southern Virginia

      Fogel will be the company’s lead contact with area contractors.
      Anthony Locicero, Associate editor 03.04.21

    • Breaking News | Product news | Special Purpose Coatings
      Benjamin Moore Launches COMMAND

      Benjamin Moore Launches COMMAND

      Newest addition to the Corotech line of high-performance coatings for commercial and industrial spaces.
      Anthony Locicero, Associate editor 03.03.21


    • Breaking News | Industry News
      Nouryon Agrees to Divest Salt Specialties Business to Salins Group

      Nouryon Agrees to Divest Salt Specialties Business to Salins Group

      The acquisition includes three locations for the packing and distribution of specialty salt.
      Anthony Locicero, Associate editor 03.03.21

    • Breaking News | Paint & Coatings Manufacturer News | Powder Coatings
      IFS Coatings Breaks Ground on 70,000-Square-Foot Expansion

      IFS Coatings Breaks Ground on 70,000-Square-Foot Expansion

      Located next to the company's current headquarters and an IFS manufacturing plant in Gainesville, Texas.
      Anthony Locicero, Associate editor 03.03.21

    • Adhesives and Sealants | Breaking News | Product news
      Mule-Hide Products Co. Introduces Seal-Fast Liqui-Flash

      Mule-Hide Products Co. Introduces Seal-Fast Liqui-Flash

      Polyurethane roofing sealant designed for challenging applications, the company said.
      Anthony Locicero, Associate editor 03.03.21


    • Additives | Breaking News | Price Increases
      AOC Announces EMEA Price Increase

      AOC Announces EMEA Price Increase

      The price increase will take immediate effect for all new orders or as soon as contracts allow, according to AOC.
      Anthony Locicero, Associate editor 03.03.21

    • Breaking News | People in the News
      PPG Appoints John Stephenson as Director, Acquisition Integration

      PPG Appoints John Stephenson as Director, Acquisition Integration

      Stephenson is responsible for the overall integration of PPG acquisitions.
      Anthony Locicero, Associate editor 03.02.21

    • Breaking News | Financial News
      Hempel Reports 2020 Annual Results

      Hempel Reports 2020 Annual Results

      The company grew its revenue to €1,542 million in 2020.
      Anthony Locicero, Associate editor 03.02.21


    • Breaking News | Paint & Coatings Manufacturer News
      AkzoNobel Completes Titan Paints Acquisition

      AkzoNobel Completes Titan Paints Acquisition

      Includes three production facilities and seven logistics and service centers for decorative paint.
      Anthony Locicero, Associate editor 03.02.21

    • Breaking News | Distributor News
      Terra Firma, Wanhua Announce New Distribution Partnership

      Terra Firma, Wanhua Announce New Distribution Partnership

      Terra Firma will be representing Wanhua's line of aliphatic isocyanates technologies in the former's Southeastern geography.
      Anthony Locicero, Associate editor 03.02.21

    • Breaking News | People in the News
      Mule-Hide Products Co. Promotes Steven Litaker to Territory Manager

      Mule-Hide Products Co. Promotes Steven Litaker to Territory Manager

      Litaker will cover the newly created West Central and Southwest Florida territory.
      Anthony Locicero, Associate editor 03.02.21


    • Breaking News | People in the News
      Gelest CEO Elected to National Academy of Engineering

      Gelest CEO Elected to National Academy of Engineering

      Election to the NAE is “among the highest professional distinctions accorded to an engineer," according to the organization.
      Anthony Locicero, Associate editor 03.01.21

    • Breaking News | People in the News
      PPG Appoints Tony Wu as VP, Automotive Refinish, Asia

      PPG Appoints Tony Wu as VP, Automotive Refinish, Asia

      Will succeed Pauline Yuen, who has announced her intent to retire, effective March 19.
      Anthony Locicero, Associate editor 03.01.21

    • Breaking News | People in the News
      PPG Appoints John Bruno as VP, Investor Relations

      PPG Appoints John Bruno as VP, Investor Relations

      Had served as CFO for the Asia Pacific region and director, investor relations before this promotion.
      Anthony Locicero, Associate editor 03.01.21

    Trending
    • AkzoNobel Completes Titan Paints Acquisition
    • Hempel Announces Global Price Increase
    • Nouryon Agrees To Divest Salt Specialties Business To Salins Group
    • Raw Material Price Increases Pile Pressure On Paint Manufacturers
    • AkzoNobel Kicks Off Paint The Future Startup Challenge In China
    Breaking News
    • Maroon Group Acquires Cary Company's Raw Materials, Specialty Chemicals Distribution Business
    • Matt Fogel Named Mule-Hide's Territory Manager – Southern Virginia
    • Benjamin Moore Launches COMMAND
    • Nouryon Agrees to Divest Salt Specialties Business to Salins Group
    • IFS Coatings Breaks Ground on 70,000-Square-Foot Expansion
    View Breaking News >
    CURRENT ISSUE

    February 2021

    • Mixing Equipment Directory
    • The Wood Coatings Market
    • Antimicrobial Coatings Market
    • View More >

    Cookies help us to provide you with an excellent service. By using our website, you declare yourself in agreement with our use of cookies.
    You can obtain detailed information about the use of cookies on our website by clicking on "More information”.

    • About Us
    • Privacy Policy
    • Terms And Conditions
    • Contact Us

    follow us

    Subscribe
    Nutraceuticals World

    Latest Breaking News From Nutraceuticals World

    IFT Transitions 2021 Annual Event to Digital Experience
    NY Federal Judge Enters Permanent Injunction Against Dietary Supplement Manufacturer
    Statins May Contribute to Vascular Calcification by Inhibiting Vitamin K-Dependent Proteins
    Coatings World

    Latest Breaking News From Coatings World

    Chromaflo Technologies Adds Benjamin Woeste as Territory Sales Manager
    Maroon Group Acquires Cary Company's Raw Materials, Specialty Chemicals Distribution Business
    Matt Fogel Named Mule-Hide's Territory Manager – Southern Virginia
    Medical Product Outsourcing

    Latest Breaking News From Medical Product Outsourcing

    EchoNous Expands Its Kosmos Hardware Platform
    Medtronic Begins Trial to Assess Novel Ablation Tech to Treat AFib
    Europe's Cross-Border Medtech Deal Activity Rises in Q4 2020
    Contract Pharma

    Latest Breaking News From Contract Pharma

    Amgen to Acquire Five Prime Therapeutics for $1.9B
    Genesis Drug Discovery & Development Acquires Integrated Analytical Solutions
    CureVac, Novartis Ink COVID Vax Mfg. Pact
    Beauty Packaging

    Latest Breaking News From Beauty Packaging

    Estée Lauder Establishes Equity and Engagement Center of Excellence
    L'Oreal On How It Will Shape Beauty's Future at Today's Transparency Summit
    C.O. Bigelow Earns Praise as NYC's Oldest Family-Run Apothecary
    Happi

    Latest Breaking News From Happi

    Avon Launches Vegan Skin Care Line
    Inolex Appoints VP Marketing
    Decorté Launches AI Diagnostics in US
    Ink World

    Latest Breaking News From Ink World

    Massilly North America Adds Koenig & Bauer MetalStar 3 Metal Decorating Press
    Hydrocarbon Solvents Market to Surpass $8.1 Billion by 2030
    Access Direct Mail Doubles Revenue with SCREEN's Truepress Jet520HD
    Label & Narrow Web

    Latest Breaking News From Label & Narrow Web

    Henkel publishes 30th Sustainability Report
    Avery Dennison Smartrac launches new Circus Pro inlays
    Springfield Solutions highlights digital label embellishments
    Nonwovens Industry

    Latest Breaking News From Nonwovens Industry

    FPInnovations Develops Biodegradable Mask
    Sani Professional Sanitizing and Disinfecting Products Approved by EPA
    Autefa Solutions Offers Fully Automated Line for Protective Mask Production
    Orthopedic Design & Technology

    Latest Breaking News From Orthopedic Design & Technology

    Bioventus Appoints Managing Director, China and Asia Pacific
    Full-Year Sales Down 12 Percent at Zimmer Biomet
    Lincotek Medical Expands Coatings and Additive Capacity
    Printed Electronics Now

    Latest Breaking News From Printed Electronics Now

    Comercial Kywi Improves Customer Service, Front-Store Operations with Zebra Mobile Solution
    Global Printed Circuit Board Market Projected to Reach $69.32 Billion by 2027
    Global Smart Glass Market to Register 6.8% CAGR Between 2021-28: Grand View Research

    Copyright © 2021 Rodman Media. All rights reserved. Use of this constitutes acceptance of our privacy policy The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Rodman Media.

    AD BLOCKER DETECTED

    Our website is made possible by displaying online advertisements to our visitors.
    Please consider supporting us by disabling your ad blocker.


    FREE SUBSCRIPTION Already a subscriber? Login