Valvoline, Inc. Reports Q1 Growth - aftermarketNews

Valvoline, Inc. Reports Q1 Growth

Valvoline saw an increase in system-wide stores to 1,890, including 895 company-operated stores and 995 franchised stores in Q1.

Valvoline Inc. has announced its financial outcomes for the first quarter of fiscal 2024, which concluded on December 31, 2023. The company reported a 7.1% increase in system-wide same-store sales, highlighting a positive start to the fiscal year. The company also grew its Valvoline Instant Oil Change (VIOC) network by adding 38 stores in the quarter, with half of these being franchised locations. In addition, Valvoline continued its shareholder return strategy by repurchasing over $170 million of its stock, with $40 million remaining under the current authorization.

Financial highlights from the quarter include a 12% increase in net revenues to $373.4 million, a 114% jump in operating income to $62.8 million, and a 26% rise in income from continuing operations to $33.9 million. Earnings per share (EPS) saw a significant increase of 73% to $0.26, with adjusted EPS up 81% to $0.29. Adjusted EBITDA rose by 23% to $90.2 million.

The quarter also saw an increase in system-wide stores to 1,890, including 895 company-operated stores and 995 franchised stores. System-wide same-store sales (SSS) grew by 7.1% year-over-year.

On the balance sheet, Valvoline reported a cash and cash equivalents balance of $540 million, with total debt standing at $1.6 billion. Cash flow from continuing operations was $22 million, with free cash flow at negative $20 million. The company also highlighted the return of $171 million to shareholders through share repurchases.

Looking ahead, Lori Flees, CEO and director of Valvoline, Inc., said she remains optimistic about the company’s direction, stating, “For the first quarter we delivered profitability results consistent with our expectations. We remain on track with our full-year guidance while continuing to make progress across our critical priorities of driving the full potential of our existing business, accelerating network growth, and expanding services to meet the needs of an evolving customer base and car parc.”

The company uses various key business measures to track performance, including store counts and SSS, with management believing these metrics are useful in evaluating operating performance. Net revenues include sales at company-operated stores and royalties and fees from franchised and Express Care stores, with system-wide and franchised SSS, store counts, and total system-wide store sales providing insights into market position and performance. For more information, click here.

You May Also Like

Auto Parts 4 Less Reports Substantial Revenue Growth

The company attributes the growth to strategic initiatives and its platform, which was reactivated five months ago.

Auto Parts 4 Less Group Inc. Announces Growth Strategy

Auto Parts 4 Less Group Inc. announced significant revenue growth following its strategic initiatives.

Christopher Davenport, CEO and Founder of Auto Parts 4 Less Group Inc. stated, "We are thrilled to report a significant increase in our revenue over the first quarter of this year. Our revenue climbed from $48,573 in January to $102,409 in March, marking an impressive growth of 111%. This success is primarily driven through our platform, which we reactivated just five months ago. Additionally, while our subsidiary, Auto Parts for Less Inc., reported a P&L net loss of approximately $5,500 for March, we are very close to achieving a break-even point, which is a testament to our efforts in controlling the burn rate.

Auto Parts 4 Less Announces Investment from RB Capital

Auto Parts 4 Less announced it has completed the first tranche of funding from RB Capital Partners.

Auto Parts 4 Less Group Inc. Announces Growth Strategy
Advance Auto Parts Reports Q4, Full Year 2023 Results

President and CEO Shane O’Kelly said Advance continues to act with a sense of urgency to “return to profitable growth.”

financial results
AutoZone Reports Q2 Results with Increases in Same Store Sales

During the quarter, AutoZone opened 19 new stores in the U.S., while adding six new stores in Mexico and four in Brazil.

Dana Inc. Reports 2023 Record Sales and Q4 Earnings

For the full-year 2023, Dana reported sales of $10.6 billion, up from $10.2 billion in 2022.

AAM Reports Q1 2024 Financial Results
Other Posts
Valvoline Announces Winners of Oilympics Competition

Valvoline awarded a first place, gold winning team for both the U.S. and Canada.

Valvoline Announces Winners of Oilympics Competition
LKQ Corp. Announces Q4, Full Year 2023 Results

President and CEO Dominick Zarcone expressed satisfaction with the company’s results amid macroeconomic challenges.

Standard Motor Products Releases Q4, 2023 Year-End Results

Eric Sills, chairman and CEO, said the company is looking to continue to find ways to better service customers and explore opportunities to partner for growth in 2024.

AAM Reports Q1 2024 Financial Results
Phinia Reports Q4 Results & 2024 Outlook

Phinia reported that it expects strong earnings and cash generation in 2024, driven by operational efficiencies, and growth in aftermarket sales.

financial results