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Valvoline Inc (VVV) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Valvoline Inc

CIK: 1674910 Ticker: VVV

Exhibit 99.1

vvvlogo917a011.jpg
PRESS RELEASE

Valvoline Reports Second-Quarter Results, Raises Fiscal 2021 Guidance
Reported net income of $68 million grew 8% and earnings per diluted share (EPS) of $0.37 grew 12%
Adjusted EPS of $0.46 grew 18% and adjusted EBITDA of $152 million grew 13%
Excluding unfavorable, non-cash changes in variable compensation and LIFO inventory totaling $30 million, adjusted EBITDA grew 38% and adjusted EPS grew 49%
Sales grew 21% to $701 million driven by International and Quick Lubes; Quick Lubes' system-wide same-store sales (SSS) grew 20.2%
Quick Lubes represented 52% of total company adjusted EBITDA for the quarter
Returned $65 million of cash to shareholders via dividends and share repurchases
Raises full-year guidance for adjusted EBITDA to $590 million to $610 million and adjusted EPS to $1.72 to $1.82

LEXINGTON, Ky., April 28, 2021 – 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, 2021. All comparisons in this press release are made to the same prior-year period unless otherwise noted.

“We continue to see healthy demand and loyalty to our brand from consumers and customers," said Sam Mitchell, CEO. "Quick Lubes had record 20% system-wide same-store sales growth and improved margins for the quarter, and International saw robust volume, top-line and earnings growth. Core North America generated top-line growth and continued to provide significant operating cash flow. This strong cash generation is a key component of our strategic transformation to a more service-driven company by funding our growth initiatives in Quick Lubes and International.

“Based on our strong results and confidence in the business, we are increasing our outlook for the year to $590 million to $610 million in adjusted EBITDA.”

Second-Quarter Results

1

The following information was filed by Valvoline Inc (VVV) on Wednesday, April 28, 2021 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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Inside Valvoline Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
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)
Acquisitions And Divestitures
Acquisitions And Divestitures (Tables)
Acquisitions And Divestitures - Narrative (Details)
Acquisitions And Divestitures - Schedule Of Aggregate Cash Consideration And Total Assets Acquired And Liabilities Assumed (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 - China Credit Facility (Details)
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 (Details)
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)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Income Tax Expense And Effective Tax Rate (Details)
Litigation, Claims And Contingencies
Reportable Segment Information
Reportable Segment Information (Tables)
Reportable Segment Information - Disaggregation Of Revenues By Geographical Market (Details)
Reportable Segment Information - Disaggregation Of Revenues By Reportable Segments (Details)
Reportable Segment Information - Narrative (Details)
Reportable Segment Information - Sales And Operating Income By Reportable Segment (Details)
Subsequent Events
Subsequent Events (Details)
Supplemental Financial Information
Supplemental Financial Information (Tables)
Supplemental Financial Information - Cash, Cash Equivalents And Restricted Cash (Details)
Supplemental Financial Information - Inventory (Details)
Supplemental Financial Information - Revenue Recognition And Deferred Revenue (Details)
Supplemental Financial Information - Summary Of Accounts Receivable (Details)
Ticker: VVV
CIK: 1674910
Form Type: 10-Q Quarterly Report
Accession Number: 0001674910-21-000060
Submitted to the SEC: Thu Apr 29 2021 5:01:59 PM EST
Accepted by the SEC: Thu Apr 29 2021
Period: Wednesday, March 31, 2021
Industry: Miscellaneous Products Of Petroleum And Coal

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