Valvoline Q3 Report 2023
- Sales from continuing operations of $376.2 million grew 19%, while system-wide same-store sales (SSS) increased 12.5%
- Reported income from continuing operations of $64.5 million grew 62% and earnings per diluted share (EPS) of $0.40 increased 82%
- Continuing operations adjusted EPS of $0.43 increased 105% and adjusted EBITDA of $110.4 million increased 28%
- Net store additions total 23 (22 company-operated and 1 franchised) bringing total system-wide stores to 1,804
- Completed a modified “Dutch auction” tender offer to repurchase 27.0 million shares at $38.00 per share for an aggregate purchase price of $1.02 billion, excluding related fees and expenses.
- Balance Sheet and Cash Flow
- Cash, cash equivalents, and short-term investments balance of $950.8 million; total debt of $1.6 billion
- Year-to-date continuing operations cash flow from operations of $249.9 million and free cash flow of $124.0 million
- Returned $1.39 billion in cash to shareholders year-to-date via share repurchases with $340.4 million remaining on the existing authorization
- Interest income of $24.9 million earned during the quarter on invested net proceeds from the sale of Global Products
