Axalta Coating Systems, Ltd. (NYSE:AXTA) Q3 2022 Earnings Conference Call October 26, 2022 8:00 AM ET

Company Participants

Chris Evans – Vice President-Investor Relations

Rakesh Sachdev – President and Interim Chief Executive Officer

Sean Lannon – Chief Financial Officer

Conference Call Participants

Mike Sison – Wells Fargo

Mike Harrison – Seaport Research Partners

Steve Byrne – Bank of America

Josh Spector – UBS

Christopher Parkinson – Mizuho

Ghansham Panjabi – Baird

Kevin McCarthy – Vertical Research Partners

David Begleiter – Deutsche Bank

John McNulty – BMO Capital Markets

Mike Leithead – Barclays

Alex Yefremov – KeyBanc Capital Markets

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Axalta’s Third Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. A question-and-answer session will follow the presentation by management. Today’s call is being recorded and a replay will be available through November 2. Those listening after today’s call should please note that information provided in the recording will not be updated and therefore may be no longer current.

I’ll now turn the call over to Chris Evans. Please go ahead, sir.

Chris Evans

Thank you and good morning. This is Chris Evans, VP of Investor Relations. We appreciate your continued interest in Axalta and welcome you to our third quarter 2022 financial results conference call. Joining me today is Rakesh Sachdev, Interim CEO and President; and Sean Lannon, CFO.

Yesterday afternoon 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 will be referencing during this call.

Both our prepared remarks and discussion today may contain forward-looking statements, reflecting the company’s current view of future events and their potential effect on Axalta’s operating and financial performance. These statements involve uncertainties and risks and actual results may differ materially from those forward-looking statements. Please note that the company is under no obligation to provide updates to these forward-looking statements.

Our remarks and this slide presentation also contain various non-GAAP financial measures. In the Appendix to the slide presentation we’ve included reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures. For additional information regarding forward-looking statements and non-GAAP financial measures, please refer to our filings with the SEC.

I will now turn the call over to Rakesh.

Rakesh Sachdev

Thank you, Chris. I’d like to welcome everyone to our third quarter 2022 earnings call and we’ll start by discussing the key highlights on Slide 3. I’m very proud of our team and what we were able to accomplish this quarter. We delivered adjusted EBIT of $148 million and adjusted EPS of $0.39. Both within our third quarter guidance range despite acute currency and inflationary headwinds plus pockets of softening regional demand within our industrial business.