Valvoline Reports Second-Quarter Results
•Reported net income of $63 million and earnings per diluted share (EPS) of $0.33
•Adjusted EPS grew 3% to $0.35
•Adjusted EBITDA of $122 million, flat to prior year and up 21% sequentially
•Sales grew 4% to $591 million, while lubricant volume declined 2% to 44.4 million gallons
•Valvoline Instant Oil Change (VIOC) system-wide same-store sales (SSS) grew 10.8%
•Reduces full-year guidance for adjusted EBITDA to $460 million to $470 million
LEXINGTON, Ky., May 1, 2019 – 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, 2019.
"Our best-in-class Quick Lubes business delivered another strong quarter, with double-digit same-store sales growth and the addition of 26 net new stores," Chief Executive Officer Sam Mitchell said. "In Core North America, the actions we implemented in response to difficult DIY market dynamics drove notable improvement in our branded volume in the retail channel, leading to better overall sequential performance for the segment. Challenges in the market remain and impacted year-over-year results, and we continue to work to stabilize performance in Core North America. The recent increases in raw material costs have reduced our earnings expectations for the year."
Reported second-quarter 2019 net income and EPS were $63 million and $0.33, respectively, compared to reported second-quarter 2018 net income and EPS of $67 million and $0.33, respectively. Second-quarter 2019 adjusted net income and adjusted EPS were $67 million and $0.35, respectively, compared to adjusted net income of $68 million and adjusted EPS of $0.34 in the prior-year period.
Second-quarter 2019 adjusted results exclude, among other items, $7 million ($0.04 per diluted share) of restructuring and related expenses, recorded in selling, general, and administrative (SG&A) expenses. (For a full reconciliation of adjusted results see table 7.) Second-quarter adjusted EBITDA of $122 million increased 21 percent sequentially and was flat to the prior-year period.
The following information was filed by Valvoline Inc (VVV) on Wednesday, May 1, 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.