Revenue during the quarter went up marginally by 2.48 percent to $1,034.60 million from $1,009.60 million in the previous year period. Gross margin for the quarter expanded 128 basis points over the previous year period to 37.97 percent. Total expenses were 96.73 percent of quarterly revenues, up from 90.08 percent for the same period last year. That has resulted in a contraction of 666 basis points in operating margin to 3.27 percent.

Operating income for the quarter was $33.80 million, compared with $100.20 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $226.50 million compared with $212.80 million in the prior year period. At the same time, adjusted EBITDA margin improved 81 basis points in the quarter to 21.89 percent from 21.08 percent in the last year period.

"Axalta's 2016 financial period ended on a strong note, with fourth quarter net sales and operating performance slightly exceeding the expectations set in October, driven by volume and favorable product mix. For the full year, we also met our key objectives in terms of financial and operating performance, despite a somewhat greater foreign currency headwind." said Charles W. Shaver, Axalta's chairman and chief executive officer. "We are proud of the progress we made this year, including achieving positive growth in a tough global economy, successfully executing on our M&A strategy, meeting our leverage target ahead of plan, and improving productivity through our Axalta Way initiatives. Key milestones were also met in new product technology introduction, refinancing our capital structure, and progressing our product globalization and commercial excellence objectives. We look forward to ongoing momentum in each of these areas in 2017."

For the financial year 2017, Axalta Coating Systems expects revenue to grow in the range of 1 percent to 3 percent.

The company has spent $257 million cash to meet investing activities during the year as against cash outgo of $166.20 million in the last year.

The company has spent $232.60 million cash to carry out financing activities during the year as against cash outgo of $84.70 million in the last year period.

Cash and cash equivalents stood at $538.10 million as on Dec. 31, 2016, up 10.33 percent or $50.40 million from $487.70 million on Dec. 31, 2015.

Debt comes down
Axalta Coating Systems has recorded a decline in total debt over the last one year. It stood at $3,263.90 million as on Dec. 31, 2016, down 5.16 percent or $177.60 million from $3,441.50 million on Dec. 31, 2015. Total debt was 55.75 percent of total assets as on Dec. 31, 2016, compared with 58.79 percent on Dec. 31, 2015. Debt to equity ratio was at 2.60 as on Dec. 31, 2016, down from 3.02 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 0.90 for the quarter from 2.15 for the same period last year.