Valvoline Half-Year Report 2024

“The second quarter saw growth of 7.7% in system-wide same-store sales, while adjusted EBITDA increased 21%,” said Lori Flees, President & CEO. “We delivered network growth of 38 net store additions this quarter, 14 of which came from our franchise partners.”

Flees continued, “We also repurchased $40 million of shares in the second quarter which completes the $1.6 billion share repurchase authorization. This fulfills our commitment to return a substantial amount of the net proceeds from the sale of the Global Products business to shareholders.”

Highlights

• Sales from continuing operations of $389 million grew 13%, driven by system-wide same store sales (SSS) growth of 7.7%
• Reported income from continuing operations of $43 million grew 32% and earnings per diluted share (EPS) of $0.33 increased 74%
• Continuing operations adjusted EBITDA of $105 million increased 21% and adjusted EPS of $0.37 increased 61%
• Net store additions in the quarter totaled 38 (14 franchised and 24 company-operated) bringing total system-wide stores to 1,928
• Updating guidance to narrow the range for certain key metrics