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Valvoline Inc. reports preliminary financial results for fourth quarter of fiscal 2016
November 08, 2016
Fourth Quarter Financial Highlights
|||Completed initial public offering of 34,500,000 Valvoline Inc. shares on September 28th at $22.00 per share, raising $759 million in equity capital; Valvoline also completes $750 million in corporate debt issuance|
|||Net income of $65 million leads to earnings of $0.32 per diluted share|
|||Adjusted earnings grow 4 percent to $0.29 per diluted share|
|||Lubricant volumes increase 2 percent|
|||Adjusted EBITDA of $111 million, an increase of 12 percent|
|||Adjusted EBITDA as a percentage of sales increases 200 basis points|
Fiscal 2016 Financial Highlights
|||Net Income of $273 million leads to earnings of $1.33 per diluted share|
|||Adjusted earnings grow 6 percent to $1.31 per diluted share|
|||Lubricant volumes increase 4 percent|
|||Adjusted EBITDA of $457 million, an increase of 9 percent|
|||Adjusted EBITDA as a percentage of sales increases 230 basis points|
LEXINGTON, Ky. Valvoline Inc. (NYSE: VVV), a leading supplier of premium branded lubricants, today announced preliminary financial results for the fourth quarter and fiscal year ended September 30, 2016.
In its first quarter as a public company, Valvoline reported increases in lubricant volumes and sales of 2 percent, or 43.5 million gallons to 44.5 million gallons and $484 million to $494 million, respectively. Net income for the quarter was $65 million, leading to earnings per diluted share of $0.32. The Company also reported a 12 percent increase in adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) and adjusted earnings per diluted share growth of 4 percent from $0.28 to $0.29.
These solid fourth quarter results were driven by growth in premium product sales, sound execution with channel partners, significant increases in same store sales and store count, and by the February acquisition of 89 Oil Can Henrys stores. Continued volume growth in emerging markets also contributed to Valvolines productive quarter.
The following information was filed by Valvoline Inc (VVV) on Tuesday, November 8, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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