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GLEN MILLS, Pa. (AP) — GLEN MILLS, Pa. (AP) — Axalta Coating Systems Ltd. (AXTA) on Tuesday reported first-quarter net income of $60.5 million.
The Glen Mills, Pennsylvania-based company said it had net income of 27 cents per share. Earnings, adjusted for non-recurring costs, were 35 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
The high-performance coating system maker posted revenue of $1.28 billion in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $1.24 billion.
For the current quarter ending in June, Axalta Coating Systems expects its per-share earnings to range from 34 cents to 40 cents.
Axalta Coating Systems shares have climbed 22% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $31.16, a rise of 19% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a AXTA">Zacks stock report on AXTA at https://www.zacks.com/ap/AXTA