Valvoline Reports Third-Quarter Results
•Reported net income of $65 million and earnings per diluted share (EPS) of $0.34
•Adjusted EPS grew 16% to $0.37
•Adjusted EBITDA of $126 million, up 10%
•Sales grew 6% to $613 million, while lubricant volume declined 1% to 45.6 million gallons
•Valvoline Instant Oil Change (VIOC) system-wide same-store sales (SSS) grew 9.7%
•Narrows full-year guidance for adjusted EBITDA to $465 million to $470 million
LEXINGTON, Ky., July 31, 2019 – Valvoline Inc. (NYSE: VVV), a leading supplier of premium branded lubricants and automotive services, today reported financial results for its third fiscal quarter ended June 30, 2019.
“We are pleased with the 10 percent growth in adjusted EBITDA in the third quarter,” CEO Sam Mitchell said. "Quick Lubes had another strong quarter, with ongoing unit additions and system-wide same-store sales growth of nearly 10 percent, while Core North America saw improved third-quarter performance, despite market dynamics that remain challenging, and International had improved profitability.
"At our recent investor day, we presented our long-term strategy to aggressively grow Quick Lubes, maintain Core North America and develop International. As our results in the third quarter show, Quick Lubes continues to grow, while we take actions designed to stabilize Core North America and build our market share in International.”
Reported third-quarter 2019 net income and EPS were $65 million and $0.34, respectively, compared to reported third-quarter 2018 net income and EPS of $64 million and $0.33, respectively. Third-quarter 2019 adjusted net income and adjusted EPS were $70 million and $0.37, respectively, compared to adjusted net income of $62 million and adjusted EPS of $0.32 in the prior-year period.
Third-quarter 2019 adjusted results exclude $4 million ($0.02 per diluted share) of restructuring and related expenses recorded in selling, general and administrative (SG&A) expenses and $5
The following information was filed by Valvoline Inc (VVV) on Wednesday, July 31, 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.