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Jun 30, 2023
Valvoline Q3 2023 Earnings Report
Valvoline demonstrated resilience in preventive maintenance with sales growing and adjusted EBITDA increasing.
Key Takeaways
Valvoline Inc. reported a 19% increase in sales from continuing operations, reaching $376.2 million, and a 62% increase in reported income from continuing operations, totaling $64.5 million. Adjusted EPS increased by 105% to $0.43, and adjusted EBITDA grew by 28% to $110.4 million. The company added a net of 23 stores, bringing the total system-wide stores to 1,804. Valvoline returned $1.39 billion to shareholders through share repurchases and expects to execute the remaining repurchase authorization over the next 12 months.
Sales from continuing operations grew 19% to $376.2 million, with system-wide same-store sales increasing 12.5%.
Reported income from continuing operations increased by 62% to $64.5 million, and EPS increased by 82% to $0.40.
Adjusted EPS from continuing operations increased by 105% to $0.43, and adjusted EBITDA grew by 28% to $110.4 million.
Net store additions totaled 23, bringing the total system-wide stores to 1,804.
Valvoline
Valvoline
Forward Guidance
Valvoline narrowed the range of its EBITDA guidance and raised its net income guidance.