Axalta Coating Systems: 4Q Earnings Snapshot
PHILADELPHIA (AP) _ Axalta Coating Systems Ltd. (AXTA) on Thursday reported fourth-quarter net income of $41.7 million, after reporting a loss in the same period a year earlier.
The Philadelphia-based company said it had profit of 18 cents per share. Earnings, adjusted for non-recurring costs and asset impairment costs, were 42 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.
The high-performance coating system maker posted revenue of $1.1 billion in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $1.11 billion.
For the year, the company reported profit of $249 million, or $1.06 per share. Revenue was reported as $4.48 billion.
Axalta Coating Systems expects full-year earnings in the range of $1.85 to $2 per share.
Axalta Coating Systems shares have fallen 7.5% since the beginning of the year. The stock has risen 10% in the last 12 months.