Axalta Tapers 2016 Profit Guidance, but Our Long-Term View Remains Unchanged; Maintaining $33 FVE
Axalta reported decent third-quarter results, with adjusted EBITDA up 7.5% year on year to $233 million. However, the company now expects full-year adjusted EBITDA to come in at the low end of its $900 million to $940 million guidance. Management is seeing slower trends in Europe and Latin America affect fourth-quarter volumes. We have tapered our 2016 cash flow estimates, but our long-term outlook for the company remains unchanged. We continue to believe the company will benefit from its cost-c...
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