Axalta ting Systems .(US:AXTA)2019-01-30 17:35Financial Performance - Q4 2018 - Net sales were $1158 million, a decrease of 0.6% year-over-year, but increased by 2.7% excluding FX impacts, driven by price and mix improvement[7] - Net income attributable to Axalta was $75 million, compared to a loss of $62 million in Q4 2017; Adjusted net income was $80 million compared to $90 million in Q4 2017[7] - Adjusted EBITDA was $235 million, a 4.3% decline compared to $245 million in Q4 2017[7] Financial Performance - FY 2018 - Net sales were $4670 million, up 7.3% year-over-year; 6.7% excluding FX impact, driven by acquisition contribution and price and mix benefits[8] - Net income attributable to Axalta was $207 million, compared to $37 million in 2017; Adjusted net income was $310 million compared to $294 million in 2017[8] - Adjusted EBITDA was $937 million, a 5.9% increase compared to $885 million in 2017[8] Balance Sheet & Cash Flow - Operating cash flow was $496 million in 2018 versus $540 million in 2017[10] - Free cash flow was $362 million in 2018 versus $415 million in 2017[10] - Net leverage ratio decreased to 3.4x in Q4 2018 from 3.5x in Q3 2018[10] Capital Deployment - Share repurchases totaled $254 million in 2018 at an average price of $27.95, with $106 million repurchased in Q4[11] - $110 million was used for M&A in 2018[11] 2019 Guidance - 2018 net sales included 3.5% acquisition contribution while minimal assumed in 2019[32] - FX headwind of ~1-2% is anticipated[32]