Axalta Coating Systems Ltd. (NYSE: AXTA) reported net sales of $1.3 billion for the quarter ended Sept. 30, down 2% year-over-year, as the company achieved record adjusted earnings despite persistent headwinds in its automotive refinish business.
The company posted adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $294 million, a quarterly record, with margins expanding 70 basis points year-over-year to 22.8%. This marks the company’s 12th consecutive quarter of adjusted EBITDA and margin growth.
Net income increased 8% to $110 million, while adjusted diluted earnings per share rose 6% to $0.67. The company repurchased $100 million in shares
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