Axalta Coating Systems Ltd. has released its financial results for the fourth quarter and full year 2024, reporting record net sales and a significant increase in net income. The company’s net sales for the fourth quarter reached $1.3 billion, a 1% increase compared to the same period in 2023. Axalta’s net income for the quarter also saw a substantial increase, rising 85% to $137 million. The company’s net income margin for the fourth quarter was 10.5%, a year-over-year improvement of 480 basis points.

For the full year 2024, Axalta reported record net sales of $5.3 billion, a 2% increase compared to 2023. The company’s net income for the year also reached a new high, increasing 45% to $391 million. Axalta’s net income margin for the full year was 7.4%, a year-over-year improvement of 220 basis points.

Axalta’s strong financial performance was driven by a combination of factors, including favorable price-mix contributions, lower income tax expenses and the company’s ongoing 2024 Transformation Initiative. The company also benefited from lower variable costs and a $27 million deferred tax benefit recognition in the fourth quarter.

In addition to its record net sales and net income, Axalta also reported a significant increase in its Adjusted EBITDA for both the fourth quarter and full year 2024. The company’s Adjusted EBITDA for the fourth quarter reached $275 million, a 10% increase compared to the same period in 2023. For the full year, Axalta’s Adjusted EBITDA increased 17% to $1,116 million.

Axalta’s CEO and President, Chris Villavarayan, highlighted the company’s strong financial performance in a statement, saying, “Axalta's 2024 financial results were exceptional. We delivered record net sales and Adjusted EBITDA for the fourth quarter and full year in a challenging macro environment.”

Looking ahead, Axalta is projecting flat net sales for the first quarter of 2025, with full year net sales expected to be in the range of $5.35 billion to $5.4 billion. The company is also forecasting full year Adjusted EBITDA of $1.15 billion to $1.175 billion.

The full results can he found here.