Valvoline - VVV STOCK NEWS

Valvoline (NYSE: VVV) reported its third quarter 2024 results, showcasing a 12% increase in sales to $421 million, driven by a 6.5% growth in system-wide same-store sales (SSS). Despite this, income from continuing operations declined 25% to $48 million, and EPS decreased 8% to $0.37. Adjusted EBITDA rose 12% to $123 million, and adjusted EPS increased 5% to $0.45. The company added 33 new stores, bringing the system-wide total to 1,961. Additionally, 17 stores were refranchised in July 2024. Valvoline’s cash and cash equivalents were $66 million, with a total debt of $1.1 billion following the repurchase of the 2030 Senior Notes. The company also announced a new $400 million share repurchase authorization and expects to meet or slightly fall below the midpoint of its adjusted EBITDA and EPS guidance.

Valvoline Inc. (NYSE: VVV), a leader in automotive maintenance, has announced a $400 million share repurchase authorization by its board of directors. CEO Lori Flees stated that this decision reflects confidence in the company's strategy and ability to generate strong free cash flow. The repurchase program aligns with Valvoline's disciplined capital allocation framework, which aims to grow the business, lower leverage, and return excess free cash flow to shareholders.

The authorization allows Valvoline to repurchase shares at its discretion, considering market conditions and other factors. Repurchases can be made through open market or privately negotiated transactions, including accelerated share repurchase and Rule 10b5-1 trading plans. Notably, the authorization has no expiration date, providing flexibility in its implementation.

Valvoline Inc. (NYSE: VVV), a leader in preventive automotive maintenance, has announced plans to report its fiscal third quarter financial results on August 7, 2024. The company will host a live audio webcast with analysts and investors at 9 a.m. ET on the same day. Interested parties can access the webcast and accompanying slide presentation on Valvoline's Investor Relations website. A replay of the webcast will be available shortly after the call concludes.

Valvoline Inc. (NYSE: VVV) has been recognized by the U.S. Environmental Protection Agency (EPA) as one of the leading green power users in the automotive preventive maintenance industry. The company joined the EPA's Green Power Partnership, acknowledging its use of over 7 million kilowatt-hours (kWh) of green power annually, which represents 15% of its total electricity use. This effort is equivalent to the annual electricity consumption of more than 700 average American homes.

Valvoline's green power comes primarily from U.S.-based wind and solar projects developed in the last 15 years. The company invested over $1.1 million in fiscal 2023 on preventive maintenance and energy efficiency upgrades, such as replacing HVAC systems and upgrading to LED lighting. Additionally, Valvoline's recycling programs diverted nearly 500 tons of waste from landfills in fiscal 2023. These initiatives aim to reduce greenhouse gas emissions and promote environmental sustainability.

Valvoline (NYSE: VVV) has unveiled its Corporate Social Responsibility (CSR) report for fiscal year 2023. This first report as a pure-play retailer post the sale of Valvoline Global Products outlines significant advancements in people, safety, environmental, and innovation initiatives. Key highlights include a diversified management team with women making up 48% of directors and above, and 57% of executive officers. The company also raised over $1.2 million for the Children's Miracle Network Hospitals and achieved substantial recycling milestones, diverting nearly 500 tons of trash from landfills and increasing recycled waste oil by 39% over the previous year.

Valvoline (NYSE: VVV) announced that its U.S. quick lube service brand, Valvoline Instant Oil Change, has been named an 11-time winner of the Association for Talent Development (ATD) Best of the BEST Award. This year, 79 organizations from around the globe were honored, with eight companies, including Valvoline, recognized for winning the award 10 times or more.

Jon Caldwell, Chief People Officer, emphasized the importance of their staff, noting that service center members complete at least 270 hours of training through an ASE-accredited program. The BEST Award, the highest recognition in talent development, acknowledges organizations that significantly impact business challenges through innovative talent development practices.

Valvoline announced the winners of its 30th Oilympics competition, held in Lexington, Kentucky. The U.S. team from Valvoline Instant Oil Change in Lexington, Kentucky, and the Canada team from Great Canadian Oil Change in East Gwillimbury, Ontario, took top honors.

The U.S. team included Dean Hadi, Enzo Addondante, PJ Pettyjohn, and Chase Bablitz, while the Canadian team comprised Jay Dobariya, Jay Malaviya, Austin Pompeo, and Marco Aviles.

The Oilympics saw 39 regional teams from the U.S. and Canada compete to perform a perfect quick lube service in the shortest time, with quality of service determining the winners. The competition is a long-standing tradition since 1994, involving over 1,900 service centers in North America.

Valvoline (NYSE: VVV) announces the 30th annual Oilympics competition in Lexington, Kentucky, on June 11, 2024. This event highlights the top talent in automotive preventive maintenance, with 39 regional teams from the U.S. and Canada competing. Originating in 1994, the competition now includes over 1,900 service centers. Competitors will undergo Valvoline's SuperPro™ process, focusing on both speed and quality. Winners will receive gold, silver, and bronze medals, with additional awards for the most valuable player and best overall service experience.

Valvoline Inc. reported strong second-quarter results with system-wide same-store sales growth of 7.7%, $389 million in sales, and 38 net store additions. The company saw a 13% revenue increase, 32% growth in income from continuing operations, and a 74% rise in earnings per diluted share. Adjusted EBITDA grew by 21% and adjusted EPS by 61%. Valvoline also repurchased $40 million of shares in the quarter, completing a $1.6 billion repurchase authorization.