United States.
Axalta Coating Systems announced its financial results for the fourth quarter and full year through December 31, 2015. The company ended the year performing well in the fourth quarter, highlighted by 4.5% growth in year-over-year net sales excluding currency and continued margin improvement.
Charles W. Shaver, President and CEO of Axalta, said, "Our team executed well on our fundamental goal of achieving steady, profitable growth throughout the quarter and year despite headwinds in unfavorable exchange rates and economic pressures in emerging economies. We are proud of this progress and look forward to continuing to build on this issue in 2016."
Net sales of $1 billion for the fourth quarter of 2015 increased 4.5% year-over-year excluding unfavorable foreign currency translation (7.0% decrease reported). Growth in net sales was driven by a 3.9% increase in volume. High average selling prices in the quarter added 0.6% to net sales, while unfavorable foreign currency conversion offset volume and price increases.
The company gave a full-year 2016 outlook that included net sales growth of 4 to 6% in constant currency, and adjusted EBITDA of $900 million to $940 million.
