PHILADELPHIA – Axalta Coating Systems Ltd. has announced its financial results for the first quarter ended March 31, 2015.
Net sales were $1 billion for the first quarter of 2015, an increase of 5.2 percent excluding negative foreign currency translation, or a decrease of 5.6 percent on an as-reported basis.
“We have started 2015 with a solid quarter that met our net sales and exceeded our Adjusted EBITDA expectations, in spite of significant currency headwinds on a sequential and year-over-year basis. The global automotive refinish markets remain stable and supportive, while growing global new vehicle production has offered us opportunities to expand our business rapidly in emerging economies. We remain focused on transforming Axalta into a growth platform while making solid progress on our existing and new cost and productivity initiatives,” said Charles Shaver, Axalta’s chairman and CEO. “With a fundamentally stable economic backdrop, we look forward to meeting our financial goals for 2015 with the help of proactive and managed cost reductions and in spite of our expectation for ongoing currency headwinds.”
Axalta says it is reiterating its outlook for the full year 2015, including net sales growth of 5 to 7 percent in constant currency. Axalta expects to be flat to slightly down including the impact of currency.
