PHILADELPHIA – Axalta Coating Systems Ltd. has announced its financial results for the quarter ended Sept. 30, 2014.

The company reported third quarter net sales of $1.1 billion, an increase of 3.2 percent versus the prior year. Third quarter Adjusted EBITDA was $228 million, an increase of 17.5 percent year-over-year.

The company said it continued to make progress on previously announced capital expansions with initial commissioning at its Jiading waterborne expansion and groundbreaking at its Wuppertal waterborne facility.

“We are pleased to report solid results for the third quarter driven by year-over-year net sales growth in both our Performance Coatings and Transportation Coatings segments as a result of favorable volume and pricing trends. We also continued to expand our Adjusted EBITDA margins compared to the third quarter last year. We remain focused on executing our revenue, cost, and efficiency initiatives and are encouraged with the progress during the quarter towards our longer term growth plans,” said Charles Shaver, Axalta’s chairman and CEO. “We are excited about our recent IPO which we believe provides Axalta with increased visibility and is an important milestone for the company.”