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Operator
Greetings and welcome to the Axalta Coating Systems Fourth Quarter and Full Year 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] I would now like to turn the conference over to your host, Chris Mecray Vice President, Investor Relations.
Christopher Mecray
Vice President, Investor Relations, Treasury and Strategy
Thank you and good morning. This is Chris Mecray, VP of Investor Relations. We appreciate your continued interest in Axalta and welcome you to our fourth quarter and full year 2020 financial results conference call. Joining me today are Robert Bryant, CEO; and Sean Lannon, CFO. Last evening, we released our quarterly financial results and posted a slide presentation along with commentary to the Investor Relations section of our website at axalta.com which we ll be referencing during this call.
Fourth Quarter 2020 Highlights: Q4 2020 net sales 4.6% higher than Q3 2020; decreased 2.2% year-over-year to $1,074.5 million Income from operations of $163.2 million; Adjusted EBIT of $205.4 million up 18.4% from Q4 2019 Diluted EPS of $0.30 versus $0.18 in Q4 2019; Adjusted diluted EPS of $0.58 up 38.1% versus $0.42 in Q4 2019 Cash flow from operations of $278.4 million; record free cash flow result of $256.0 million in Q4 2020 Repurchased $25.0 million of stock during Q4 2020 at average price of $28.69 Net leverage ratio of 3.3x at December 31, 2020 versus 3.7x at September 30, 2020; ~$200 million debt pay-down as part of November refinancing; over $1.7 billion in total liquidity available at December 31, 2020 Full Year 2020 Highlights: Full year results included significant impacts from the global pandemic on demand and operating results, but strong 2H recovery driven by aggressive cost and cash flow actions
/PRNewswire/ Axalta (NYSE: AXTA), a leading global supplier of liquid and powder coatings, will release its fourth-quarter and full-year 2020 financial.