For the quarter, Valvoline Instant Oil Change (VIOC) delivers system-wide same-store sales (SSS) growth of 9.6 percent, Core North America premium mix increases 320 basis points and International volume, including unconsolidated joint ventures, grows 3 percent
Reported net income of $67 million and earnings per diluted share (EPS) of $0.33
Adjusted EPS of $0.34 and a 6 percent increase in adjusted EBITDA to $122 million
Lubricant volume growth of 1 percent to 45.5 million gallons
VIOC system-wide SSS growth of 9.6 percent
Repurchased 3.7 million shares for $87 million
Narrows adjusted EBITDA guidance to $480 to $490 million
LEXINGTON, Ky., May 2, 2018 – Valvoline Inc. (NYSE: VVV), a leading supplier of premium branded lubricants and automotive services, today reported financial results for its second fiscal quarter ended March 31, 2018.
Reported second-quarter 2018 net income and EPS were $67 million and $0.33, respectively. These results included after-tax income of $7 million ($0.03 per diluted share) related to non-service pension and other post-employment benefit (OPEB) income and after-tax expenses of $6 million ($0.03 per diluted share) for legacy and other separation-related costs and $2 million ($0.01 per diluted share) related to U.S. tax reform.
Reported second-quarter 2017 net income and EPS were $71 million and $0.35, respectively, which included after-tax income of $10 million ($0.05 per diluted share) related to non-service pension and OPEB income and after-tax expenses of $4 million ($0.02 per diluted share) for legacy and other separation-related costs.
Adjusted second-quarter 2018 net income and adjusted EPS, excluding the impact of tax reform, pension income and legacy and other separation-related costs, were $68 million and $0.34, respectively, compared to adjusted net income of $65 million and adjusted EPS of $0.32 in the prior year period. (See Table 7 for reconciliation of adjusted net income and adjusted EPS.)
Second-quarter results were driven by the ongoing strength of SSS in VIOC and strong margin and joint venture performance in International, which were partially offset by weaker Core North America branded volumes and margin. Adjusted EBITDA of $122 million grew 6 percent compared to the prior year period.
The following information was filed by Valvoline Inc (VVV) on Wednesday, May 2, 2018 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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Ticker: VVV CIK: 1674910 Form Type:10-Q Quarterly Report Accession Number: 0001674910-18-000030 Submitted to the SEC: Thu May 03 2018 5:03:51 PM EST Accepted by the SEC: Thu May 03 2018 Period: Saturday, March 31, 2018 Industry: Miscellaneous Products Of Petroleum And Coal