GLEN MILLS, Pa. (AP) _ Axalta Coating Systems Ltd. (AXTA) on Wednesday reported fourth-quarter net income of $43.6 million.
The Glen Mills, Pennsylvania-based company said it had net income of 20 cents per share. Earnings, adjusted for non-recurring costs and to extinguish debt, were 38 cents per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.
The high-performance coating system maker posted revenue of $1.24 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $1.22 billion.
For the year, the company reported profit of $191.6 million, or 86 cents per share. Revenue was reported as $4.88 billion.
For the current quarter ending in March, Axalta Coating Systems expects its per-share earnings to range from 26 cents to 33 cents.
Axalta Coating Systems shares have climbed nearly 8% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $27.43, a fall of nearly 7% in the last 12 months.
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