International. Axalta Coating Systems announced its financial results for the fourth quarter and full year ended December 31, 2018.
Net sales of US$1,158.1 million for the fourth quarter of 2018 decreased 0.6%, including 3.3% in the negative impact of foreign currency translation. Net sales of constant foreign exchange increased by 2.7% in the period, driven by an increase in average sales prices of 4.4%, partially offset by a volume decrease of 1.7%, including the acquisition contribution of 0.4%.
Organic net sales were driven by growth in Performance Coatings with a relatively equal contribution from the Refinish and Industrial end markets, offset in part by lower net sales from Transportation Coatings. Average price and product mix contributed strongly in the quarter, adding 4.4% in total, including a 6.5% price contribution from Performance Coatings. Transportation Coatings recorded a positive price and product mix contribution of 0.8% in the quarter.
Net income attributable to Axalta for the fourth quarter was $75.4 million compared to a loss of $61.5 million in the fourth quarter of 2017, primarily due to the absence of certain restructuring, offering and transaction charges, as well as the U.S. tax reform being repeated to the same extent in 2018. Adjusted fourth quarter net income of $80.1 million decreased compared to $90.2 million in the fourth quarter of 2017.
Adjusted EBITDA was $234.9 million for the fourth quarter compared to $245.4 million in the fourth quarter of 2017, including volume headwinds largely in Transportation Coatings, higher raw material costs, incremental operating expenses, as well as currency headwinds, partially offset by a substantial contribution of an improved price. and product mix largely from Performance Coatings.
