Axalta Posts Q3 EPS of 44 Cents as AkzoNobel Merger Nears Close
AXTA sits 37% above its 52-week low of $24.937.
Summary
Axalta reported third-quarter EPS of 44 cents, with adjusted EPS of 63 cents, sales of $1.3B and net income of $95M. That compares with 41 cents of diluted EPS in Q2, when $35 million of merger costs weighed on results. The headline gives no margin or guidance detail, so the quality of the quarter is unclear from this alone. The bigger story remains the all-share merger of equals with AkzoNobel: shareholders approved it in August, the EU is expected to clear it with conditions, and Axalta is divesting its North American Building Products business to satisfy regulators.
At the time of this announcement, AXTA was trading at $34.06 on NYSE in the Manufacturing sector, with a market capitalization of approximately $7.4B. The 52-week trading range was $24.94 to $38.61. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.