Financial Performance
Consolidated Net Sales
Adjusted EBITDA
Net Sales by Region
Total 2015 consolidated net sales were $4.1 billion, down 6.3 percent over 2014 caused primarily by significant currency headwinds that had an unfavorable impact of 11.6 percent. Transportation Coatings net sales were $1.7 billion, down 4.2 percent over 2014. Performance Coatings net sales were $2.4 billion, down 7.7 percent over 2014. The reduction in Transportation Coatings and Performance Coatings net sales was due primarily to significant currency headwinds which had an unfavorable impact of 9.6 percent and 12.9 percent, respectively.
Total Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) in 2015 represented an increase of 3.2 percent over 2014. Transportation Coatings adjusted EBITDA was $328 million, up 12 percent over 2014. Performance Coatings adjusted EBITDA was $539 million, down 1.6 percent over 2014.
Net sales by region were strong despite weaker economic conditions in emerging markets and the impact of strong currency headwinds. In 2015, volume grew in each region led by North America and Asia-Pacific with both EMEA and Latin America also performing well.