The company reported full-year revenue of $15.9 billion, an increase of 10% with organic growth of 12%.
Valvoline also said the sale of its Global Products business is expected to close in early 2023.
Net income for the quarter increased 36.4% over the same period last year to $471.8 million.
Fourth quarter 2021 revenue of $3.2 billion (up 7.9% year-over-year); annual revenue of $13.1 billion (up 12.6% year-over-year).
Sales and Adjusted EBIT came in ahead of expectations in the fourth quarter of 2021, as vehicle production was better than forecasted, says Magna’s CEO Swamy Kotagiri.
Retail services sales growth of 36% and a global products sales increase of 28% were among the highlights of the first-quarter report.
Record net sales up 32% for the quarter and 31% for nine months.
The oil and additive specialist says it sailed through the pandemic with stable growth, overcoming supply bottlenecks.
Manufacturers report double-digit sales increases at independent specialty shops and through online direct-to-consumer.
CEO Bill Rhodes said the same-store sales growth “was a record for any quarter since we became a publicly traded company in 1991.”
Net Sales Increased 23.4% to $3.3 billion, Comparable Store Sales Increased by 24.7%
During the third quarter of 2017, the company generated net income of $24.6 million, or $1.32 per diluted share, and adjusted EBITDA of $96 million on sales of $869 million.