Painting & Coating Industry (PCI) logo Powder coating summit logo
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Painting & Coating Industry (PCI) logo Powder coating summit logo
  • NEWS
    • Latest News
    • Market Trends & Reports
    • Price Alerts
    • Subscribe to eNewsletters
    • Global Top 10/ PCI 25
    • Weekly Featured Article
    • COATLE Word Game
  • PRODUCTS
    • Product News
    • Must See Products and Services
  • MATERIALS
    • Additives
    • Resins/Polymers
    • Pigments
    • Equipment
    • Distributors
  • TECHNOLOGIES
    • Adhesives
    • Architectural Coatings
    • FINISHING
      • Finishing News
      • Finishing Technologies
      • Finishing Equipment
      • Finishing Today
    • Industrial Coatings
    • Nanotechnology
    • Powder Coatings
    • Solventborne
    • Special Purpose Coatings
    • Sustainability
    • UV Coatings
    • Waterborne
  • RESOURCES
    • Columns
      • Ask Joe Powder
      • Did you know?
      • Distribution Dive
      • Focus on Canada
      • Formulating With Mike
      • Innovation Insights
      • Moody's Coatings Conundrums
      • Powder Coating Perspectives
      • Target the Market
      • TiO2 Insider
    • Blogs
      • Editor's Viewpoint
      • Industry Insights
    • Coatings Supplier Handbook
    • Podcasts and Videos
      • COAT-IT! Podcast
      • Videos/PCI TV
    • PCI Store
    • Classifieds
    • eBooks
    • Sponsor Insights
    • White Papers
    • COATLE Word Game
  • EVENTS
    • Coatings Trends & Technologies Summit
    • Paint and Coatings Academy
    • Webinars
    • Calendar of Events
    • Lifetime Achievement Award
  • DIRECTORIES
    • Buyer's Guide
    • Equipment Directory
    • Materials Directory
  • EMAGAZINE
    • Current Issue
    • eMagazine Archive
    • China Issue Archive
    • Editorial Advisory Board
  • CONTACT
    • Contact Us
    • Advertise
    • Subscribe to eMagazine
    • Subscribe to eNewsletters
  • SIGN UP!
Company News

Currency Trends Impact Axalta’s Third-Quarter Results

FinishedProducts-123493132.jpg
November 1, 2015

PHILADELPHIA - Axalta Coating Systems Ltd. announced its financial results for the third quarter ended September 30, 2015.

Charles W. Shaver, Axalta’s Chairman and Chief Executive Officer, commented, “Axalta produced a solid third quarter, including ongoing volume growth and margin expansion, which enabled us to exceed the mid-point of our adjusted EBITDA guidance for the period. This result was delivered notwithstanding persistent foreign exchange headwinds for our global businesses, which masked otherwise strong profit growth in nearly all segments and regions. Although we also faced some challenges in the quarter from the slowdown in the Chinese economy, including automotive end-markets, we are encouraged that demand indicators now show signs of recovery.”

“Regarding our 2015 operating and financial goals, we are pleased with the progress we have made to date, and we continue to execute our plan in a disciplined way with the goal of creating shareholder value through profitable revenue growth, strong cash generation and effective capital allocation,” Shaver continued. “We made good progress on our growth and productivity initiatives in the third quarter, including our first realized savings from The Axalta Way program.”

Net sales of $1.0 billion for the third quarter of 2015 increased 3.1 percent year-over-year excluding unfavorable foreign currency translation, while declining 9.8 percent on an as-reported basis. Net sales growth excluding currency was driven by 2.1 percent volume increases, indicating continued underlying strength in the company’s global coatings markets. Higher average selling prices in the quarter added modestly to net sales, while unfavorable foreign currency translation reduced net sales by 12.9 percent compared to the third quarter last year.

Adjusted EBITDA of $216.9 million for the third quarter compared with $228.0 million in the third quarter of 2014, while adjusted EBITDA margins in the quarter expanded to 21.7 percent from 20.6 percent reported last year. Margin improvement was driven by several factors including increased volumes, improved mix and pricing, as well as lower costs resulting from the company’s operating improvement initiatives. These factors were offset by negative foreign currency translation and incremental investments to support growth of key businesses.

Net sales in Performance Coatings of $600.6 million for the third quarter of 2015 represented a 5.1 percent year-over-year increase excluding foreign currency translation, and a decrease of 9.5 percent on an as-reported basis. Net sales growth drivers included volume growth of 3.4 percent and higher average selling prices of 1.7 percent in the period, more than offset by 14.6 percent unfavorable currency translation. Refinish end-market third-quarter net sales increased 5.2 percent on a constant currency basis (decreased 10.7 percent as-reported), while the company’s Industrial end-market posted 4.7 percent growth excluding the impact of currency (decreased 6.3 percent as-reported).

The Transportation Coatings segment reported net sales of $399.7 million in the third quarter, largely flat excluding foreign currency translation, and a decrease of 10.3 percent on an as-reported basis versus third quarter 2014. Volume and price combined for 0.2 percent net sales growth, offset by 10.5 percent unfavorable foreign currency translation versus the prior year. Light Vehicle end-market net sales declined slightly by 0.9 percent on a constant currency basis compared to the third quarter of 2014 (decreased 11.3 percent as-reported). The company’s Commercial Vehicle end-market reported net sales growth of 4.0 percent on a constant currency basis versus last year (decreased 6.7 percent as-reported). While North America continued to experience solid volume growth in both Light Vehicle and Commercial end-markets, this growth was partially offset by lower demand in regions of Latin America impacted by an ongoing economic recession, as well as a slowdown in China vehicle production during the quarter.

KEYWORDS: financial reports Paint and Coating Manufacturers

Share This Story

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Recommended Content

JOIN TODAY
to unlock your recommendations.

Already have an account? Sign In

  • PCI-0724-Global10-Feature-1440.png

    2024 Global Top 10: Top Paint and Coatings Companies

    Who ranks on top? PCI’s annual ranking of the top 10...
    Paint and Coating Market Reports
    By: Courtney Bassett
  • PCI-0724-PCI25-Feature-1440.png

    2024 PCI 25: Top Paint and Coatings Companies

    PCI's annual ranking of the top 25 North American paint...
    Paint and Coating Market Reports
    By: Courtney Bassett
  • pci1022-Kinaltek-Lead-1170.jpg

    A Novel Pigment Production Technology

    Following an extensive R&D program that demonstrated...
    Paint and Coating Pigments
    By: Jawad Haidar and Nitin Soni
You must login or register in order to post a comment.

Report Abusive Comment

Manage My Account
  • eMagazine
  • eNewsletter
  • Online Registration
  • Subscription Customer Service

More Videos

Sponsored Content

Sponsored Content is a special paid section where industry companies provide high quality, objective, non-commercial content around topics of interest to the PCI audience. All Sponsored Content is supplied by the advertising company and any opinions expressed in this article are those of the author and not necessarily reflect the views of PCI or its parent company, BNP Media. Interested in participating in our Sponsored Content section? Contact your local rep!

close
  • Modern arapartment complex painted in bright colors.
    Sponsored byEPS - Engineered Polymer Solutions

    Architectural Polymers Leading the Way in Coatings Innovation

  • paint sprayer in a workshop
    Sponsored byallnex

    Enabling Performance and Compliance: allnex Introduces a New Line of VOC Exempt Solvent-Borne Resins

Popular Stories

BASF SE Logo

BASF Reportedly Eyes Exit from Coatings

No. 7 BASF Coatings

BASF Comments on Potential Sale of Coatings Business

Modern arapartment complex painted in bright colors.

Architectural Polymers Leading the Way in Coatings Innovation



PCI Buyers Guide

Submit a Request for Proposal (RFP) to suppliers of your choice with details on what you need with a click of a button

Start your RFP

Browse our Buyers Guide for manufacturers and distributors of all types of coatings products and much more!

Find Suppliers

Events

September 3, 2025

Coatings Trends & Technologies Summit

The Coatings Trends & Technologies (CTT) Summit is an annual conference for both liquid and powder coatings formulators and manufacturers to discuss innovations in coatings technology. This event combines high-quality technical presentations, a resource-rich exhibit hall, and dedicated networking opportunities to connect scientific minds, foster innovation, and cultivate game-changing new ideas!

January 1, 2030

Webinar Sponsorship Information

For webinar sponsorship information, visit www.bnpevents.com/webinars or email webinars@bnpmedia.com.

View All Submit An Event

Poll

Longest-running laboratory experiment

What is the longest-running laboratory experiment?
View Results Poll Archive

Products

CTT Summit Short Courses (Live 9/3/25)

Coatings Trends & Technologies Summit is expanding its offerings with four short courses. These short courses will offer an extensive day of interactive learning.

See More Products
pci  webinar april 2025

PCI CASE EBOOK

Related Articles

  • NEWS

    AkzoNobel Releases Third-Quarter Results

    See More
  • ArchitecturalCoatings-126260819.jpg

    Axalta Releases First-Quarter Results

    See More
  • FinishedProducts-123493132.jpg

    Valspar Reports Fiscal 2015 Third Quarter Results

    See More

Related Products

See More Products
  • biopolymer.jpg

    Biopolymer-Based Films and Coatings Trends and Challenges

  • organic coatings.jpg

    Organic Coatings: Science and Technology, 4th Edition

See More Products
×

Keep the info flowing with our eNewsletters!

Get the latest industry updates tailored your way.

JOIN TODAY!
  • RESOURCES
    • Advertise
    • Contact Us
    • Directories
    • Store
    • Want More
  • SIGN UP TODAY
    • Create Account
    • eMagazine
    • eNewsletters
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Reprints
    • Market Research
    • List Rental
    • Survey & Sample
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • Youtube
    • X (Twitter)
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2025. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing