Valvoline (VVV) came out with quarterly earnings of $0.46 per share, beating the Zacks Consensus Estimate of $0.44 per share. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 4.55%. A quarter ago, it was expected that this automotive and industrial lubricants maker would post earnings of $0.49 per share when it actually produced earnings of $0.45, delivering a surprise of -8.16%. Over the last ...

Sales Performance - Sales from continuing operations for fiscal year 2024 reached $1.6 billion, a 12% increase driven by system-wide same-store sales (SSS) growth of 6.7%[3] - Fourth quarter sales from continuing operations were $436 million, up 12%, with system-wide SSS growth of 5.4%[4] - Net revenues for the year ended September 2024 increased to $1,619.0 million from $1,443.5 million in 2023, representing a growth of 12.2%[28] - System-wide store sales for Q3 2024 reached $826.8 million, a 12.0% year-over-year growth[34] - Reported net revenues for Q3 2024 were $435.5 million, a 11.7% increase from $390.0 million in Q3 2023[40] Store Growth and Expansion - System-wide store count increased by 9% YoY to 2,010 stores, with 158 net stores added during the fiscal year[3][7] - Total system-wide store count as of September 30, 2024, was 2,010, an 8.5% year-over-year increase[34] - Company-operated stores opened 26 new locations in Q4 2024, bringing the total to 950[36] - Franchised stores opened 13 new locations in Q4 2024, reaching a total of 1,060[36] Financial Metrics and Profitability - Adjusted EBITDA for fiscal year 2024 grew 17% to $443 million, with an adjusted EBITDA margin improvement of 100 bps to 27.3%[3] - Fourth quarter adjusted EBITDA increased 14% to $124 million, and adjusted EPS rose 18% to $0.46[4] - Gross profit for the year ended September 2024 rose to $618.8 million from $544.5 million in 2023, an increase of 13.7%[28] - Operating income for the year ended September 2024 grew to $367.2 million from $247.2 million in 2023, a significant increase of 48.5%[28] - Net income for the year ended September 2024 was $211.5 million, compared to $1,419.7 million in 2023, primarily due to discontinued operations[28] - Diluted earnings per share from continuing operations for the year ended September 2024 increased to $1.63 from $1.23 in 2023[27] - Reported income from continuing operations for Q3 2024 was $89.1 million, up from $75.0 million in Q3 2023[38] - Adjusted income from continuing operations for Q3 2024 was $60.5 million, compared to $53.6 million in Q3 2023[38] - EBITDA from continuing operations for Q3 2024 was $162.1 million, up from $136.9 million in Q3 2023[40] - Adjusted EBITDA margin for Q3 2024 was 28.5%, slightly higher than the 28.0% in Q3 2023[40] Shareholder Returns and Capital Allocation - Company returned $227 million to shareholders via share repurchases in fiscal 2024, with $385 million remaining in share repurchase authorization[3][11] - Repurchases of common stock for the year ended September 2024 totaled $226.8 million, significantly lower than $1,524.8 million in 2023[32] Fiscal Year 2025 Outlook - Fiscal year 2025 outlook projects system-wide SSS growth of 5.0% to 7.0% and network growth of 160 to 185 stores[11] - Expected fiscal year 2025 net revenues are forecasted to grow 10 to 14% to $1.67 billion to $1.73 billion, with adjusted EBITDA of $450 million to $470 million[11] Refranchising and Transactions - Three announced refranchising transactions represented about $100 million of revenue and $24 million of adjusted EBITDA in fiscal year 2024[11] Cash Flow and Debt Management - Cash and cash equivalents balance stood at $68 million, with total debt of $1.1 billion following the repurchase of all outstanding 2030 Senior Notes in the third quarter[11] - Long-term debt decreased to $1,070.0 million as of September 2024 from $1,562.3 million in 2023, reflecting debt repayments[30] - Cash flows from operating activities for the year ended September 2024 were $265.1 million, compared to a negative $40.8 million in 2023[32] - Free cash flow from continuing operations for the year ended September 30, 2024 was $58.5 million, compared to $172.5 million in 2023[42] - Discretionary free cash flow from continuing operations for the year ended September 30, 2024 was $247.0 million, compared to $323.5 million in 2023[42] - Operating cash flows from continuing operations for the year ended September 30, 2024 were $282.9 million, down from $353.0 million in 2023[42] - Debt extinguishment and modification costs were incurred in connection with the 2030 Notes redemption and amended Senior Credit Agreement[55] Capital Expenditures - Additions to property, plant, and equipment for the year ended September 2024 were $224.4 million, up from $180.5 million in 2023[32] - Additions to property, plant and equipment for the year ended September 30, 2024 were $224.4 million, up from $180.5 million in 2023[42] - Maintenance additions to property, plant and equipment for the year ended September 30, 2024 were $35.9 million, up from $29.5 million in 2023[42] Asset and Liability Management - Total assets decreased to $2,438.7 million as of September 2024 from $2,889.9 million in 2023, mainly due to a reduction in current assets[30] - A former Global Products business was classified as held for sale and impaired as of September 30, 2023, and subsequently sold in Q1 2024[53] Tax and Expense Recognition - The company recognized $25.7 million of pre-tax expense for increased estimated indemnity obligation in fiscal 2023, resulting in a $29.0 million income tax benefit[51] Information Technology Transition - Information technology transition costs were incurred in fiscal 2023 and 2024 for implementing stand-alone ERP and HRIS systems[52]

Sales of $1.6 billion and system-wide store sales of $3.1 billion each growing 12%, delivering 18th fiscal year of system-wide SSS growth Fiscal year highlights Sales from continuing operations of $1.6 billion grew 12%, driven by system-wide same-store sales (SSS) growth of 6.7% Store count increased nearly 9% YoY, bringing system-wide total to 2,010 Reported income from continuing operations of $215 million grew 8% and earnings per diluted share (EPS) of $1.63 increased 33% Continuing operations adjusted E ...

LEXINGTON, Ky., Nov. 19, 2024 /PRNewswire/ -- Valvoline Inc. (NYSE: VVV), the quick, easy, trusted leader in preventive automotive maintenance, announces it intends to refranchise 38 existing Valvoline Instant Oil ChangeSM service centers to a new franchisee, Velocity Auto Care. The service centers are located in Austin, San Antonio, El Paso and west Texas. "One of our strategic priorities is accelerating our network growth," said Lori Flees, Valvoline Inc. President and Chief Executive Officer. "We are ple ...

Customers can donate at participating Valvoline Instant Oil Change or Great Canadian Oil Change locations through November 30. LEXINGTON, Ky., Nov. 1, 2024 /PRNewswire/ -- Valvoline Inc. (NYSE: VVV), the quick, easy, trusted leader in preventive automotive maintenance, kicks off its annual in-store fundraising campaign for Children's Miracle Network Hospitals, Nov. 1-30, 2024. This marks 15 years of Valvoline Inc. supporting Children's Miracle Network Hospitals. To date, the Company has raised more than $6 ...

LEXINGTON, Ky., Oct. 28, 2024 /PRNewswire/ -- Valvoline Inc. (NYSE: VVV), the quick, easy, trusted leader in preventive automotive maintenance, today announced that it plans to report financial results for its fiscal fourth quarter on November 19, 2024. A live audio webcast with analysts and investors will also be held on November 19, 2024 at 9 a.m. ET.The webcast and slide presentation will be available on the company's Investor Relations website at http://investors.valvoline.com. Shortly after the call co ...

LEXINGTON, Ky., Oct. 21, 2024 /PRNewswire/ -- Valvoline Inc. (NYSE: VVV), the quick, easy, trusted leader in preventive automotive maintenance, today announced that Valvoline Instant Oil Change℠ ranks 40th in the Franchise Times Top 400. The Franchise Times Top 400 is the most comprehensive ranking of the largest U.S. franchise systems. Its results are determined by global systemwide sales from the previous year and based on a five-month research and reporting process that considers a variety of factors."We ...

LEXINGTON, Ky., Oct. 18, 2024 /PRNewswire/ -- Valvoline Inc. (NYSE: VVV), the quick, easy, trusted leader in preventive automotive maintenance announces the planned retirement of its Chief Financial Officer Mary Meixelsperger. Meixelsperger will continue as CFO until a successor is hired and will remain with the Company through the subsequent transition period. The Company has initiated a comprehensive search with the assistance of a leading executive search firm to identify a successor for this position, w ...

Valvoline Inc. (VVV) recently announced that in September, it inaugurated its 2,000th location under the Valvoline Instant Oil Change and Great Canadian Oil Change brands. This broadens its network of service centers across the United States and Canada to 3,500. This company-run two-bay service center in Centerville, OH, is the sixth Valvoline Instant Oil Change location in the Dayton, OH, metro area. Valvoline Instant Oil Change is ranked #1 in automobile preventive maintenance service providers on Entrepr ...

The company continues its accelerated growth toward goal of 3,500 service centers LEXINGTON, Ky., Oct. 3, 2024 /PRNewswire/ -- Valvoline Inc. (NYSE: VVV), the quick, easy, trusted leader in preventive automotive maintenance, announces that in September it opened its 2,000th location under the Valvoline Instant Oil ChangeSM and Great Canadian Oil Change brands. This advances the Company's efforts to expand its network of services centers to 3,500 in the United States and Canada. "I am proud that we are bring ...