Axalta Coating Systems Ltd announced its preliminary results for the fourth quarter of 2020. Net sales of $1,074.5 million decreased 2.2%,and increased 4.6% sequentially from Q3 2020 with all end-markets showing improvement, given continued recovery from pandemic-related demand impacts.
According to the company refinish demand recovery was temporarily interrupted by incremental pandemic-related restrictions within EMEA and North America starting mid-quarter. Industrial saw solid year-on-year Q4 2020 net sales growth driven by strong industrial production rebound and ongoing strength in the US housing market.
Light Vehicle production continued its strong global recovery as lean dealer inventories and solid retail sales rebound fuelled strong production rates. Commercial Vehicle global production demonstrated sequential quarterly improvement as new heavy duty truck orders have continued to improve throughout the second half of 2020.
The preliminary financial results are subject to revision until Axalta reports its 2020 fourth quarter and full year results. Axalta said it expects a delay in the completion of its financial statements related to an operational matter that occurred in the fourth quarter of 2020 because the determination of any potential financial impact is still underway.
This article courtesy of Russell Thrall III, publisher CollisionWeek. Check out their website at: www.collisionweek.com.