Axalta Coating Systems (NYSE: AXTA) reported Q1 EPS of $0.28, $0.04 better than the analyst estimate of $0.24. Revenue for the quarter came in at $1.17 billion versus the consensus estimate of $1.15 billion.

"We are pleased to report financial results for the first quarter that are solidly on plan with our full year objectives, including strong top and bottom line performance across both segments globally," said Charles W. Shaver, Axalta\'s Chairman and Chief Executive Officer. "In spite of persistent raw material cost inflation, Axalta\'s execution on our initiatives including targeted cost reduction, focus on customer service and commitment to innovation remains firm, giving us confidence in our outlook for the remainder of 2018."

"We are pleased with Axalta\'s first quarter results, with execution on plan for our guided ranges and demand stable across the businesses," said Robert W. Bryant, Axalta's Executive Vice President and Chief Financial Officer. "Our focus for the remainder of the year continues to be on offsetting raw material inflation with price increases, by achieving ongoing productivity savings, and by executing our growth initiatives across our global markets. We remain committed to efficient capital allocation and shareholder value creation and are optimistic based on identified opportunities and current execution."

2018 Guidance Update

We are updating our previous outlook for the full year 2018 as follows:

• Net sales growth of 9-10% as-reported; 6-7% ex-FX, including acquisition contribution of 3%
• Adjusted EBITDA of $950-980 million
• Interest expense of ~165 million
• Income tax rate, as adjusted, of 19-21%
• Free cash flow of $420-460 million
• Capital expenditures of ~$160 million
• Depreciation and amortization of ~$370 million
• Diluted shares outstanding of ~247 million

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