PHILADELPHIA, PA — Axalta Coating Systems Ltd. (NYSE: AXTA) announced record-breaking financial results for the fourth quarter and full year of 2024, driven by strong net income growth, robust Adjusted EBITDA improvements, and solid segment performance.
For the fourth quarter, net sales hit $1.3 billion, a 1% year-over-year increase despite foreign currency challenges. Net income soared 85% to $137 million, and Adjusted EBITDA reached a record $275 million, reflecting a 10% rise. Full-year results were equally impressive, with net sales reaching $5.3 billion, net income growing to $391 million (a 45% increase), and Adjusted EBITDA hitting $1.116 billion—a 17% year-over-year improvement.
“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,” said Chris Villavarayan, Axalta’s CEO and President. “Consistent outperformance in Refinish and Light Vehicle and excellent execution across the company, resulted in an Adjusted EBITDA margin of over 21% as we continue down the path to delivering against our commitments outlined in the 2026 A Plan.”
Segment Performance
Performance Coatings reported fourth-quarter net sales of $843 million, a 1% decline from the prior year. Growth in the Refinish Coatings segment, aided by the integration of CoverFlexx and favorable pricing, offset volume declines and foreign currency headwinds. Adjusted EBITDA for the segment rose to $198 million, delivering a margin expansion to 23.5%.
Mobility Coatings posted fourth-quarter net sales of $468 million, reflecting a 4% year-over-year increase. Strong Light Vehicle sales, particularly in China and Latin America, drove this growth, while Commercial Vehicle sales faced pressures from weaker demand. Adjusted EBITDA for the segment grew to $77 million, supported by favorable price-mix, volume gains, and operational efficiencies.
Moving Forward
Axalta’s record-breaking performance in 2024 underscores its resilience and ability to execute effectively in a challenging global environment. With significant contributions from its strategic initiatives and acquisitions like CoverFlexx, Axalta is well-positioned to achieve its goals under the 2026 A Plan. The company’s focus on operational excellence and innovation is expected to sustain its momentum, paving the way for continued success in 2025 and beyond.
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