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Mar 31, 2023
Valvoline Q2 2023 Earnings Report
Valvoline's Q2 2023 results reflected a focus on its retail platform after completing the sale of its Global Products business, with sales and earnings growth driven by strong same-store sales and strategic store expansion.
Key Takeaways
Valvoline reported a 16% increase in sales from continuing operations to $344.5 million and a 43% increase in income from continuing operations to $32.9 million. Adjusted EPS increased by 64% to $0.23, and adjusted EBITDA grew by 26% to $87.1 million. The company added 35 net new stores, bringing the total system-wide store count to 1,781, and system-wide same-store sales increased by 13.5%.
Completed the sale of the Global Products business for $2.38 billion net proceeds.
Announced intention to commence a tender offer for up to $1 billion of Valvoline common stock.
Sales from continuing operations increased by 16%, with system-wide same-store sales growing by 13.5%.
Net store additions totaled 35, expanding the system-wide store network to 1,781 locations.
Forward Guidance
Valvoline expects the margin improvement seen in Q2 to continue in the back half of the year and remains on track to meet its FY23 targets. The company is focused on driving growth of the new Valvoline through expanding the network and evolving with the car parc.
Historical Earnings Impact
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