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Axalta Coating Systems Ltd (AXTA) Q1 2021 Earnings Call Transcript


Axalta Coating Systems Ltd (AXTA) Q1 2021 Earnings Call Transcript
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Axalta Coating Systems Ltd (NYSE: AXTA)
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Operator
Ladies and gentlemen, thank you for standing by. Welcome to Axalta s First Quarter 2021 Earnings Conference Call. [Operator Instructions] Today s call is being recorded and a replay will be available through May 4. Those listening after today s call should please note that the information provided in the recording will not be updated and therefore may no longer be current.
I will now turn the call over to Chris Mecray. Please go ahead, sir.SPONSORED: ....

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Axalta Coating Systems Ltd (AXTA) Q4 2020 Earnings Call Transcript


Operator
Greetings and welcome to the Axalta Coating Systems Fourth Quarter and Full Year 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] I would now like to turn the conference over to your host, Chris Mecray Vice President, Investor Relations.
Christopher Mecray
Vice President, Investor Relations, Treasury and Strategy
Thank you and good morning. This is Chris Mecray, VP of Investor Relations. We appreciate your continued interest in Axalta and welcome you to our fourth quarter and full year 2020 financial results conference call. Joining me today are Robert Bryant, CEO; and Sean Lannon, CFO. Last evening, we released our quarterly financial results and posted a slide presentation along with commentary to the Investor Relations section of our website at axalta.com which we ll be referencing during this call. ....

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Axalta Releases Fourth Quarter and Full Year 2020 Results


Fourth Quarter 2020 Highlights:
Q4 2020 net sales 4.6% higher than Q3 2020; decreased 2.2% year-over-year to $1,074.5 million
Income from operations of $163.2 million; Adjusted EBIT of $205.4 million up 18.4% from Q4 2019
Diluted EPS of $0.30 versus $0.18 in Q4 2019; Adjusted diluted EPS of $0.58 up 38.1% versus $0.42 in Q4 2019
Cash flow from operations of $278.4 million; record free cash flow result of $256.0 million in Q4 2020
Repurchased $25.0 million of stock during Q4 2020 at average price of $28.69
Net leverage ratio of 3.3x at December 31, 2020 versus 3.7x at September 30, 2020; ~$200 million debt pay-down as part of November refinancing; over $1.7 billion in total liquidity available at December 31, 2020
Full Year 2020 Highlights:
Full year results included significant impacts from the global pandemic on demand and operating results, but strong 2H recovery driven by aggressive cost and cash flow actions ....

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