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Valvoline Inc (VVV) SEC Filing 10-Q Quarterly report for the period ending Monday, December 31, 2018

Valvoline Inc

CIK: 1674910 Ticker: VVV


Exhibit 99.1
vvvlogo917a01.jpg
NEWS RELEASE

Valvoline Reports First-Quarter Results
Reported net income of $53 million and earnings per diluted share (EPS) of $0.28 
Adjusted EPS declined 7% to $0.27, while adjusted EBITDA declined 6% to $101 million 
Sales grew 2% to $557 million, while lubricant volume declined 4% to 42 million gallons 
Valvoline Instant Oil Change (VIOC) system-wide same-store sales (SSS) grew 9.8%
Lowers full-year guidance for adjusted EBITDA to $470-$485 million
Announces broad-based restructuring program, expected to generate annualized pre-tax savings of approximately $40 to $50 million

LEXINGTON, Ky., Feb. 6, 2019 – Valvoline Inc. (NYSE: VVV), a leading supplier of premium branded lubricants and automotive services, today reported financial results for its first fiscal quarter ended Dec. 31, 2018.

We were pleased with the continued strong performance in Quick Lubes; however, overall results were below our expectations driven by weak performance in the Core North America retail channel,” said Chief Executive Officer Sam Mitchell. “We are moving decisively to address the continuing challenges in Core North America through aggressive trade promotion and pricing optimization, and we are confident that we will see improving performance in the business throughout the balance of the year. In response to industry headwinds and evolving customer trends, we are implementing a broad-based restructuring program to create a more agile organization with an improved competitive cost profile.

We remain committed to driving long-term value to shareholders by maintaining a balanced capital allocation program and have increased our quarterly dividend by 42 percent to 10.6 cents per share.

First-Quarter Results
Reported first-quarter 2019 net income and EPS were $53 million and $0.28, respectively. These results included after-tax income of $2 million ($0.01 per diluted share), primarily related to pension and other post-employment benefit (OPEB) impacts. Reported first-quarter 2018 net loss and diluted loss per share were $10 million and $0.05, respectively. These results included a charge of $75 million ($0.37 per diluted share) related to U.S. tax reform, after-tax income of $7 million ($0.03 per diluted share) related to pension and OPEB impacts and an after-tax charge of $1 million (negligible EPS impact) of separation-related expenses.

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The following information was filed by Valvoline Inc (VVV) on Wednesday, February 6, 2019 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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Document Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Stockholders' Deficit
Condensed Consolidated Statements Of Stockholders' Deficit (Parenthetical)
Accounts Receivable
Accounts Receivable (Tables)
Accounts Receivable - Narrative (Details)
Accounts Receivable - Summary Of Accounts Receivable (Details)
Acquisitions And Divestitures
Acquisitions And Divestitures (Tables)
Acquisitions And Divestitures - Additional Information (Details)
Acquisitions And Divestitures - Summary Of Consideration Paid And Assets And Liabilities Acquired (Details)
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (Details)
Basis Of Presentation And Significant Accounting Policies (Policies)
Debt
Debt (Tables)
Debt - Schedule Of Short-Term Borrowings And Long Term Debt (Details)
Debt - Senior Credit Agreement (Details)
Debt - Senior Notes (Details)
Debt - Trade Receivables Facility (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Components Of Pension And Other Postretirement Benefit Income (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Fair Value Of Debt (Details)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Schedule Of Assets And Liabilities At Fair Value (Details)
Goodwill And Other Intangibles
Goodwill And Other Intangibles (Tables)
Goodwill And Other Intangibles - Schedule Of Finite-Lived Intangible Assets (Details)
Goodwill And Other Intangibles - Summary Of Goodwill By Segment (Details)
Guarantor Financial Information
Guarantor Financial Information (Tables)
Guarantor Financial Information - Condensed Consolidating Balance Sheets (Details)
Guarantor Financial Information - Condensed Consolidating Statements Of Cash Flows (Details)
Guarantor Financial Information - Condensed Consolidating Statements Of Comprehensive Income (Details)
Income Taxes
Income Taxes - Narrative (Details)
Inventories
Inventories (Tables)
Inventories - Schedule Of Inventory (Details)
Litigation, Claims And Contingencies
Reportable Segment Information
Reportable Segment Information (Tables)
Reportable Segment Information - Narrative (Details)
Reportable Segment Information - Sales And Operating Income By Reportable Segment (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Cumulative Effect And Impact Of New Accounting Pronouncements (Details)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Narrative (Details)
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

Valvoline Inc provided additional information to their SEC Filing as exhibits

Ticker: VVV
CIK: 1674910
Form Type: 10-Q Quarterly Report
Accession Number: 0001674910-19-000039
Submitted to the SEC: Thu Feb 07 2019 5:01:58 PM EST
Accepted by the SEC: Thu Feb 07 2019
Period: Monday, December 31, 2018
Industry: Miscellaneous Products Of Petroleum And Coal

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