Axalta Coating Systems Ltd. (NYSE:AXTA) announced its fourth quarter net sales were $1,074.5 million down 2.2% year-over-year, including a 1.8% foreign currency benefit. The result was driven by 3.8% lower volumes and 0.2% lower average price and product mix.
Lower volumes were driven by ongoing COVID-19 related impacts primarily in the Refinish end-market, while volumes were higher year-over-year in both the Industrial and Light Vehicle end-markets. Performance Coatings recorded a 3.5% net sales decline, including 8.6% growth in Industrial net sales offset by a 10.4% Refinish net sales decline to $417.6 million in Q4 with low double digit volume decreases.
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