Record Third Quarter Net Sales and Adjusted EBITDA
Axalta achieved a record third quarter net sales of $1.32 billion and a record third quarter adjusted EBITDA of $291 million, marking the ninth consecutive quarter of adjusted EBITDA growth year-over-year.
Expansion in Refinish and Light Vehicle Segments
Refinish net sales grew 5% year-over-year, driven by net new body shop wins and contributions from acquisitions. Light Vehicle volumes grew 5%, outpacing industry build rates which declined by 2%.
Successful Transformation Initiatives
Axalta's transformation initiatives are ahead of plan, with a target of $75 million annualized savings by 2026, contributing to improved margins.
Strong Financial Position and Share Repurchase Program
Axalta ended the quarter with over $1.2 billion in liquidity and repurchased $50 million of shares, with $100 million repurchased year-to-date under a $700 million program.
Increased Fiscal 2024 Earnings Outlook
Full year 2024 adjusted EBITDA is projected to be approximately $1,115 million, a 17% year-over-year increase, with adjusted diluted EPS forecasted to rise 37%.