Axalta Coating Systems has announced its financial results for the second quarter ended June 30, 2015.

Net sales of $1.1 billion for the second quarter of 2015 represented an 8.2 percent increase year-over-year excluding negative foreign currency translation, and a decrease of 2.9 percent on an as-reported basis. The company said this net sales growth was driven by 4.8 percent volume increases, including growth in all regions and strong double-digit growth in Asia Pacific, reflecting the ongoing ramp-up in China for new vehicle builds related to new business for Axalta. Higher average selling prices in the quarter added 3.4 percent to net sales, while unfavorable foreign currency translation reduced net sales by 11.1 percent.

“We are very pleased with our second quarter results, which beat our expectations in most business areas as we continue to execute our strategy of unlocking Axalta’s growth potential while also maximizing overall business efficiency and profitability,” said Charles Shaver, Axalta’s chairman and CEO. “Progress on both of these core goals was made during the quarter, with volumes growing solidly and our productivity plans on target. In spite of a challenging economic backdrop in certain countries and ongoing volatility in foreign currency, Axalta’s key end-markets remain fundamentally stable and supportive in most areas. Given our solid first half results, we continue to expect to meet our financial goals for 2015 and have raised the low-end of our adjusted EBITDA guidance as a reflection of this performance to date.”

“We are pleased with our overall financial position as of the end of the second quarter 2015,” added Robert Bryant, Axalta’s executive vice president and chief financial officer. “We are on track to generate solid free cash flow in 2015 and are making good progress on our growth and productivity-oriented capital investment projects that we expect to provide strong returns on investment.”