Axalta Coating Systems (NYSE: AXTA) reported Q1 EPS of $0.13, $0.05 worse than the analyst estimate of $0.18. Revenue for the quarter came in at $955.6 million versus the consensus estimate of $964.61 million.

“We are pleased that our first quarter results met our expectations and that our core markets continued to perform well,” said Charles W. Shaver, Axalta’s Chairman and Chief Executive Officer. “Our team continues to execute well and deliver on our key goals in spite of ongoing foreign currency volatility and uneven economic conditions in certain emerging markets.” Mr. Shaver added, “We remain on track with our productivity programs, which continued to drive incremental margin contribution, while also focusing on long-term opportunities to refine our operating strengths with solid investments and management concentrating on reducing complexity across our global businesses.”

2016 Guidance Update

We are reiterating our outlook for the full year 2016 as follows:

• Net sales growth of 4-6% in constant currency; flat to down slightly as-reported

• Adjusted EBITDA of $900-940 million

• Interest expense of $180-190 million

• Income tax rate, as adjusted, of 25-27%

• Diluted shares of 242-245 million

• Working capital as a percentage of net sales of 11-13%

• Capital expenditures of ~$150 million

For earnings history and earnings-related data on Axalta Coating Systems (AXTA) click here.