PHILADELPHIA (AP) — PHILADELPHIA (AP) — Axalta Coating Systems Ltd. (AXTA) on Wednesday reported third-quarter net income of $101 million.
The Philadelphia-based company said it had net income of 46 cents per share. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, came to 59 cents per share.
The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.
The high-performance coating system maker posted revenue of $1.32 billion in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $1.31 billion.
Axalta Coating Systems expects full-year earnings to be $2.15 per share, with revenue expected to be $5.28 billion.
Axalta Coating Systems shares have risen 4% since the beginning of the year. The stock has increased 37% in the last 12 months.