5 Stocks in the Spotlight Following First-Quarter Results

3. Axalta Coating Systems Ltd. (NYSE:AXTA)

Number of Hedge Fund Holders: 37

Shares of Axalta Coating Systems Ltd. (NYSE:AXTA) rose over four percent in the pre-market trading session on Tuesday, April 26, 2022, after announcing better-than-expected financial results for the first quarter.

Axalta Coating Systems Ltd. (NYSE:AXTA) reported adjusted earnings of 31 cents per share, down from 50 cents per share in the comparable period of 2021. Revenue came in at $1.17 billion, up 10.4 percent on a year-over-year basis. The results exceeded analysts’ average estimate of 26 cents per share for earnings and $1.11 billion for revenue.

Follow Axalta Coating Systems Ltd. (NYSE:AXTA)

Axalta Coating Systems Ltd. (NYSE:AXTA) also released its segment-wise sales performance. Revenue from its performance coatings business jumped 15.1 percent to $814.4 million, while mobility coatings revenue inched up 1 percent to $359.7 million in the quarter.

Commenting on the quarter, CEO Robert Bryant said:

“Despite the unprecedented breadth and rate of cost inflation, we are increasing prices aggressively and working hard to ensure we are fully sourced to support our customers’ needs. Raw material availability remains challenged with the potential for areas of trade flow concerns if China COVID-19 lockdowns persist deeper into Q2.”