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NEWS RELEASE

Valvoline Inc. Reports Second Quarter Fiscal 2017 Financial Results and Announces $150 Million Share Repurchase Program
Net income growth of 4 percent, operating income growth of 13 percent
Reported net income of $71 million and reported earnings per diluted share (EPS) of $0.35
Adjusted EPS of $0.37, up 6 percent
Reported operating income of $117 million
EBITDA from operating segments (Core North America, Quick Lubes and International) was in line with prior year at $115 million
Lubricant volume grew 3 percent to 45.0 million gallons
Valvoline Instant Oil ChangeSM (VIOC) system-wide same-store sales (SSS) growth of 3.9 percent
Full-year guidance remains unchanged, including adjusted EPS of $1.36-$1.43

LEXINGTON, Ky., April 25, 2017 – Valvoline Inc. (NYSE: VVV), a leading supplier of premium branded lubricants and automotive services, today reported financial results for the second fiscal quarter ended March 31, 2017.
ValvolineTM results were driven by growth in premium product mix, strong sales in VIOC and continued volume gains in international markets.
Volume growth and favorable mix were partially offset by cost increases announced during the quarter, resulting in gross profit growth of 3 percent to $198 million. Valvoline announced price increases to offset the higher raw material costs, reflecting the company's disciplined approach to margin management. EBITDA from operating segments was flat with the prior year, as the growth in gross profit was offset by planned increases in SG&A.
Reported second-quarter EPS increased 2 cents to $0.35 as compared to the prior year period. Adjusted EPS of $0.37 also increased 2 cents, attributable to the new capital structure resulting from the planned separation from Ashland, with pension income increases partially offset by additional interest expense.
All comparisons in this news release are with the second quarter of fiscal year 2016, unless otherwise stated. To aid in the understanding of Valvoline's ongoing business performance, certain items in this news release are presented on an adjusted basis. For a reconciliation of


The following information was filed by Valvoline Inc (VVV) on Tuesday, April 25, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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