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Tuesday Ticker: PPG, Axalta, AkzoNobel report Q4 and full-year 2023 results

Toronto, Ontario — This weekly Tuesday Ticker is focused on coatings performance for Q4 and full-year 2023. Check out earnings and reports from PPG, Axalta and AkzoNobel in this week’s feature.

PPG marks more records

PPG reported record fourth-quarter sales for 2023, with net sales of $4.4 billion, up four percent year-over-year.

For the full year 2023, PPG also reported record sales ringing in at $18.2 billion, aided by three percent sales growth, according to the company. Automotive refinish coatings organic sales grew by a low single-digit percentage, mainly due to growth in Europe and Asia. 

“The breadth and diversity of our business portfolio was a key driver to our record fourth-quarter performance, as we benefited from solid volume growth in China, demand stabilization in Europe and continued growth in several key end-use markets such as aerospace, automotive OEM and protective coatings,” said Tim Knavish, PPG chairman and CEO. 

Click here for more information on PPG’s Q4 2023 and full-year 2023 results. 

As of 10 a.m. ET Monday, shares of PPG traded at US$139.70. 

Axalta sees sales increase

Axalta’s fourth-quarter net sales were up 4.9 percent year-over-year, totalling US$1.3 billion, the company said in Feb. 8 report. 

Net income increased US$30 million year-over-year to US$74 million; adjusted EBITDA increased US$43 million year-over-year to US$251 million.

For the fourth quarter of 2023, Axalta’s mobility coatings segment net sales were US$449 million, up 7.3 percent from the same period of 2022. 

Growth was primarily driven by strong volumes with improvements in all regions, said the company. Price-mix was lower year-over-year, due to lower mix and an “unfavourable comparison given a one-time pricing benefit recorded in the prior-year period,” wrote Axalta in its release. 

Light vehicle volume growth exceeded global auto production, particularly in China, while North American commercial vehicle class 8 production was down seven percent year-over-year. 

For the full year 2023, Axalta’s net sales increased 6.1 percent year-over-year, reaching US$5.2 billion. Net income totaled US$269 million versus US$192 million in 2022; the increase was driven by strong price-mix growth and variable cost deflation, “offset by higher labour expense, costs related to productivity investments plus increased interest and tax expenses.” 

“We finished the year out strong and intend to build on this momentum in 2024,” said Chris Villavarayan, Axalta president and CEO. 

Click here for more information on Axalta’s Q4 2023 and full year 2023 financial results.

As of 10 a.m. ET Monday, shares of Axalta traded at US$31.42 per share. 

Volumes drive AkzoNobel results

Compared with Q4 2022, AkzoNobel saw Q4 2023 revenue up four percent, based on higher volumes and pricing, according to a Feb. 7 release with the company’s fourth-quarter and full-year 2023 financial results.  

Automotive and specialty coatings Q4 revenues were four percent higher, driven by pricing and higher volumes in  aerospace and vehicle refinishes. 

AkzoNobel also highlighted its endeavour with Kia to create the first bio-based interior coating, created with rapeseed oil and pine rosin and incorporated into the EV9 electric SUV. 

Two kinds of bio-rosin (rosin is a solid form of resin) have been used to create the product, one extracted from rapeseed, the other from pine rosin. The paint can be found on the EV9’s interior door switch panels, with AkzoNobel also supplying coatings for the rest of the interior.

Full year revenue was up five percent, driven by pricing, said the company. Operating income improved to €1,029 million, compared to €708 million in 2022; adjusted EBITDA was €1,429 million, compared to €1,157 million in 2022.

For the automotive and specialty coatings segment, full-year revenue was up six percent, driven by pricing. Volume growth in automotive and aerospace was driven by soft market demand in consumer electronics. 

“2023 was a year in which AkzoNobel delivered a clear rebound in performance,” said CEO Greg Poux-Guillaume. “Our volumes stabilized, outperforming many of our markets, and our profits rebounded on resilient pricing and the first effects of raw material deflation.”

Click here for more information on AkzoNobel’s Q4 2023 and full year 2023 results.

As of 10 a.m. ET Monday, shares of AkzoNobel traded at €68.62 per share. 

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