Valvoline Q1 Report 2024

Valvoline Inc, the quick, easy, trusted leader in preventive automotive maintenance, today reported financial results for its first quarter of fiscal 2024, which ended December 31, 2023. All comparisons in this press release are made to the same prior-year period unless otherwise noted.

“I want to thank our team and franchise partners for their continued hard work to start fiscal 2024,” said Lori Flees, President and CEO. “We began the year delivering another quarter of growth with a 7.1% increase in system-wide same-store sales.”

Highlights

  • Delivers 7.1% system-wide SSS growth and 38 store additions
  • Sales from continuing operations of $373 million grew 12%, driven by system-wide same store sales (SSS) growth of 7.1%
  • Reported income from continuing operations of $34 million grew 26% and earnings per diluted share (EPS) of $0.26 increased 73%
  • Continuing operations adjusted EBITDA of $90 million increased 23% and adjusted EPS of $0.29 increased 81%
  • Store additions totaled 38 (19 franchised and 19 company-operated) bringing total system-wide stores to 1,890

Balance Sheet and Cash Flow

  • Cash, cash equivalents and short-term investments balance of $540 million; total debt of $1.6 billion
  • Continuing operations cash flow from operations of $22 million and free cash flow of $(20) million
  • Returned $171 million in cash to shareholders via share repurchases, with $40 million remaining on the authorization
  • Included in net interest expense is income of $8 million earned on invested net proceeds from the sale of Global Products

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