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News Release Axalta Coating Systems 2001 Market Street Suite 3600 Philadelphia , PA 19103 USA Immediate Release Contact Christopher Mecray D +1 215 255 7970 Christopher.Mecray@axalta.com Axalta Releases First Quarter 2021 Results Strong Adjusted First Quarter Earnings Driven by Demand Recovery and Strong Execution Despite Discrete Macro Headwinds ▪ Exhibit 99 A AXALTA First Quarter 2021 Highlights : Q1 2021 net sales increased 8.1 % year - over - year to $ 1,063.6 million with positive contributions from all end - markets Income from operations of $ 52.6 million includes a significant operating charge detailed below ; Adjusted EBIT increased 37.8 % to $ 182.8 million , a record for first quarter results Diluted EPS of $ 0.06 versus $ 0.22 in Q1 2020 ; Adjusted diluted EPS of $ 0.50 versus $ 0.31 in Q1 2020 Cash flow from operations of $ 39.6 million in Q1 2021 ; free cash flow of $ 11.3 million Acquired Anhui Shengran Insulating Materials Co. Ltd. , a Chinese producer of wire enamels for electric motors on April 1 , 2021 Repurchased $ 63.6 million of stock during Q1 2021 at an average price of $ 27.94 PHILADELPHIA , PA , April 26 , 2021 - Axalta Coating Systems Ltd. ( NYSE : AXTA ) ( “ Axalta ” ) , a leading global coatings company , announced its financial results for the first quarter ended March 31 , 2021 . First Quarter 2021 Consolidated Financial Results First quarter net sales of $ 1,063.6 million increased 8.1 % year - over - year , including a 3.2 % foreign currency benefit , driven by 4.6 % higher volumes and 0.3 % higher average price and product mix . Volume growth across all end - markets was driven by ongoing recovery from pandemic - related macroeconomic impacts . Price and product mix increased a modest 0.3 % year - over year , including positive pricing with slightly negative product mix effects largely from geographic and end - business mix differences . Performance Coatings recorded a 9.2 % net sales increase , including double - digit Industrial end - market growth and a rebound in Refinish from Q1 2020 , which was notably higher in China by 90.4 % . The 6.1 % net sales increase for Mobility Coatings also benefited from Light Vehicle production comparisons in China , which saw pandemic impacts in the prior year quarter , offset partly by volume impacts from the ongoing semiconductor chip and other material shortages . Income from operations for Q1 2021 totaled $ 52.6 million versus $ 65.1 million in Q1 2020. Net income to common shareholders was $ 15.2 million for the quarter compared with $ 52.2 million in Q1 2020 , and diluted earnings per share was $ 0.06 compared with $ 0.22 in Q1 2020. The current year results included a charge for the Mobility Coatings operational matter of $ 94.4 million partially offset by continued net sales recovery combined with lower operating expenses , including benefits from incremental structural as well as temporary cost savings continued from the 2020 COVID - 19 - related response actions . The operational matter , which was disclosed in our Annual Report on Form 10 - K for the year ended December 31 , 2020 , occurred during a discrete period of time in the fourth quarter of 2020 at certain North America Mobility Coatings customer manufacturing sites . The actual costs for this matter , which will be described in greater detail in our Quarterly Report on Form 10 - Q for the quarter ended March 31 , 2021 , could be materially lower or greater than the $ 94.4 million . Prior year results also included a $ 50.5 million one - time tax benefit associated with an intra - entity transfer of certain intellectual property assets . Robert W. Bryant , Axalta's President and CEO , commented , " We are pleased to report excellent first quarter net sales , adjusted profit , and cash flow metrics , which were generated despite ongoing demand challenges in select business lines . We reported year - over - year growth from all end - markets in the quarter , which was particularly gratifying given ongoing headwinds from global Refinish , supply chain shortages related to severe weather in the U.S. , and the semiconductor chip shortages impacting Light Vehicle production globally . Results were supported by strong demand conditions in global industrial coatings markets , and we expect ongoing market and demand stability for the balance of 2021. " 1 " Axalta is committed to driving organic growth as well as inorganic growth . We closed our first M & A deal in China in April . The Anhui Shengran acquisition substantially boosts our Energy Solutions business presence in China and helps enable sustainable infrastructure development , including electric vehicles and wind energy , among other markets , " Mr. Bryant noted .