Axalta shares jumped 14 percent on the news to $29.52 a share, giving the company a market capitalization of about $7 billion. ET. Second Quarter 2020 Consolidated Financial Results. This release includes a reconciliation of certain non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP. (Reuters) - Buyout firm Clayton, Dubilier & Rice LLC is in talks to partner with U.S. paint maker PPG Industries Inc to make an acquisition offer for Axalta Coating Systems Inc, the U.S. coatings company whose largest shareholder is Warren Buffettâs Berkshire Hathaway Inc, people familiar with the matter said on Monday. Represents incremental depreciation expense resulting from truncated useful lives of the assets impacted by our manufacturing footprint assessments, which we do not consider indicative of our ongoing operating performance. Our net debt to trailing twelve month Adjusted EBITDA ratio was 4.0x at quarter end. Constant currency or ex-FX percentages are calculated by excluding the impact the change in average exchange rates between the current and comparable period by currency denomination exposure of the comparable period amount. Transportation Coatings saw continued year-over-year price and product mix improvement, while Performance Coatings declined in the period due to unfavorable product mix in Refinish. ", Mr. Bryant continued, "The nature of customer demand impacts during the quarter made the period uniquely challenging, including muted demand within Performance Coatings as well as prolonged customer shutdowns in Transportation Coatings, driving the recognition of fixed costs in the period due to underutilization of manufacturing sites. In ⦠The Company also announced the initiation of a global restructuring of its business to better position Axalta for sustained growth. Represents the payment of dividends to our joint venture partners by our consolidated entities that are not 100% owned, which are reflected to show the cash operating performance of these entities on Axalta's financial statements. Axalta is driven by the belief that a singular focus is the key to big performance and that's why they're 100% dedicated to the science and technology behind coatings. Represents the incremental step-up depreciation and amortization expense associated with the acquisition of DuPont Performance Coatings by Axalta. © 2020 Insider Inc. and finanzen.net GmbH (Imprint). Under former chief executive Charles Shaver, Axalta bought six companies in the spring and summer of 2017, before turning down multibillion-dollar buyout offers from rivals ABN Akzo of the Netherlands and Nippon Paint of Japan. Axalta ended the quarter with cash and cash equivalents of $1.1 billion. Latest pullback was on October 28, when price bounced at $24.38. These statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of Axalta's control, including developments that could impact the timing, costs and savings associated with, the Restructuring, as well as the review of strategic alternatives that was concluded in March 2020 and the effects of COVID-19, that may cause its business, industry, strategy, financing activities or actual results to differ materially. Organic growth or ex-M&A percentages are calculated by excluding the impact of recent acquisitions and divestitures. Represents expenses and associated changes to estimates related to the prepayment, restructuring, and refinancing of our indebtedness, which are not considered indicative of our ongoing operating performance. A high-level overview of Axalta Coating Systems Ltd. (AXTA) stock. We plan to move forward vigorously to position Axalta for ongoing profitable growth across the markets we serve.". In May, Axalta announced initial actions taken to counter COVID-19-related customer demand impacts across the business, including reductions in discretionary and other SG&A costs with a target of $100 million in savings to be realized during 2020. Citi Research downgraded Axalta Coating Systems Ltd (NYSE: AXTA) from Neutral to Sell Tuesday and decreased its price target for the stock from $29.68 to $25.Analysts P.J. Management uses these non-GAAP financial measures in the analysis of our financial and operating performance because they assist in the evaluation of underlying trends in our business. ContactChristopher MecrayD +1 215 255 7970Christopher.Mecray@axalta.com, View original content to download multimedia:http://www.prnewswire.com/news-releases/axalta-releases-second-quarter-2020-results-301101737.html, Plus500. Represents acquisition and divestiture-related expenses, all of which are not considered indicative of our ongoing operating performance. Axalta also hired two investment banks, Evercore and Barclays, and the law firm Morrison & Foerster LLP to help figure out what to do. The 52 week price ⦠Axalta Coating Systems is an American company specializing in coatings in a wide variety of industrial applications, materials and sectors, such as for example automotive paints. Adjusted EBITDA, Adjusted EBIT and Adjusted EPS consist of EBITDA, EBIT and Diluted EPS, respectively, adjusted for (i) certain non-cash items included within net income, (ii) certain items Axalta does not believe are indicative of ongoing operating performance or (iii) certain nonrecurring, unusual or infrequent items that have not occurred within the last two years or we believe are not reasonably likely to recur within the next two years. The impact on customer demand related to COVID-19 continues to gradually improve month-to-month, but there remain significant challenges and uncertainties around the timing and shape of the recovery. Eliminates the non-cash, non-service cost components of long-term employee benefit costs. The tax benefits for the six months ended June 30, 2020 include the removal of a significant one-time benefit associated with the recognition of a deferred tax asset related to an intra-entity transfer of certain intellectual property rights. Eliminates foreign exchange losses resulting from the remeasurement of assets and liabilities denominated in foreign currencies, net of the impacts of our foreign currency instruments used to hedge our balance sheet exposures. 215 255 7970Christopher.Mecray @ axalta.com, View original content to download multimedia: http //www.prnewswire.com/news-releases/axalta-releases-second-quarter-2020-results-301101737.html. 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