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Axalta Coating Systems (AXTA) Q1 FY2024 earnings: revenue $1.3 billion, up 0.8% on the year

Axalta Coating Systems Ltd. (AXTA) reported revenue of $1.3 billion for Q1 FY2024, the quarter ended 31 March 2024, up 0.8% on the same quarter a year earlier. Net income was $41 million, down 32.8% on the year, and diluted earnings per share $0.18. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2024.

Revenue$1.3 billionup 0.8%
Net income$41 milliondown 32.8%
Diluted EPS$0.18
QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Revenue1,2941,297n/an/a
Cost of revenue865874n/an/a
Gross profit429424n/an/a
Gross margin33.2%32.6%n/a
Research and development18.017.8n/an/a
Selling, general and administrative207215n/an/a
Operating income121161n/an/a
Operating margin9.4%12.4%n/a
Interest expense54.055.4n/an/a
Pre-tax income59.0102n/an/a
Income tax20.028.2n/an/a
Effective tax rate33.9%27.7%n/a
Net income41.073.1n/an/a
Net margin3.2%5.6%n/a
Diluted EPS$0.18$0.33n/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Operating cash flow34.0286n/an/a
Capital expenditure22.032.6n/an/a
Free cash flow12.0253n/an/a
Free cash flow margin0.9%19.5%n/a
Cash from investing-19.0-141n/an/a
Cash from financing-82.0-62.3n/an/a
Depreciation and amortisation68.068.7n/an/a
Share-based compensation6.06.9n/an/a
Buybacksn/a0.0n/an/a
Diluted shares, weighted221m221mn/an/a
Shares outstanding at period end221m220mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Shareholders' equity1,7311,727n/an/a
Non-controlling interest44.045.5n/an/a
Short-term borrowings3.07.2n/an/a
Debt3,4073,478n/an/a
Operating lease liabilitiesn/a75.5n/an/a
Finance lease liabilitiesn/a54.5n/an/a
Other liabilities1,9041,884n/an/a
Total liabilities and equity7,0897,272n/an/a
Fixed assets1,1741,204n/an/a
Goodwill1,5541,591n/an/a
Intangible assets1,0871,130n/an/a
Cash and equivalents624700n/an/a
Receivables1,0351,043n/an/a
Inventory751741n/an/a
Other assets864863n/an/a
Total assets7,0897,272n/an/a

Quarterly results, the last 12 quarters

Q3 FY2023 †Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,3091,2971,2941,3511,3201,3111,2621,3051,2881,2621,2541,346
Cost of revenue886874865891858864829848838840838881
Gross profit424424429460462447433457450422416465
Gross margin32%33%33%34%35%34%34%35%35%33%33%35%
R&D18.017.818.018.019.019.017.020.018.016.018.018.0
SG&A209215207213211216202208197198200213
Operating income163161121205193187176193204162146167
Operating margin12%12%9%15%15%14%14%15%16%13%12%12%
Interest expense55.155.454.050.054.047.044.045.045.042.038.037.0
Pre-tax income10310259.0156142139129143155119105134
Tax rate29%28%34%28%28%1%23%23%29%50%13%34%
Net income72.073.141.011210113799.010911060.090.089.0
Net margin6%6%3%8%8%10%8%8%9%5%7%7%
Diluted EPS$0.33$0.33$0.18$0.51$0.46$0.63$0.45$0.50$0.51$0.28$0.42$0.41
Operating cash flow21028634.011419423426.014213734468.0152
Capital expenditure31.432.622.023.033.062.043.045.050.058.050.048.0
Free cash flow17925312.091.0161172-17.097.087.028618.0104
Buybacks50.00.0n/an/a50.0n/an/an/a100n/an/an/a
Shares outstanding220m220m221m219m218m218m219m217m213m213m214mn/a
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 1 May 2024, accession 0001616862-24-000035: the filing on EDGAR. All of Axalta Coating Systems Ltd.'s filings: EDGAR company page.

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