Valvoline Inc. - VVV STOCK NEWS

Valvoline Inc. (NYSE: VVV) has acquired the remaining 50% interest in VCA Solutions, a distributor of automotive batteries, effective May 1, 2022. This acquisition positions Valvoline to enhance customer service at Valvoline Instant Oil Change and other service centers, meeting the growing demand for battery solutions alongside oil changes. With nearly 290 million vehicles in the U.S. utilizing lead-acid batteries, the acquisition expands Valvoline’s product offerings, including services for hybrid and electric vehicles, thus aligning with future mobility trends.

Valvoline reported a net income of $81 million, up 19%, with earnings per diluted share (EPS) increasing 22% to $0.45. Sales rose 26% to $886 million, driven by retail services and global product demand. Retail Services sales grew 23%, aided by a 13.1% same-store sales increase, while Global Products saw a 29% increase. The company returned $57 million to shareholders through dividends and share repurchases and reiterated its full-year adjusted EBITDA guidance of $675 to $700 million and adjusted EPS of $2.07 to $2.20.

Valvoline Inc. (NYSE: VVV) has appointed Jennifer Slater as an independent director to its Board of Directors effective July 1, 2022. Slater brings over 25 years of global leadership experience in the automotive industry, currently serving as Group VP at Clarios. She is expected to enhance Valvoline's strategic goals and insights into evolving vehicle trends. Stephen Kirk, the former chairman, will retire on June 30, 2022, after leading the company's transformation towards a more services-driven model. Valvoline continues to separate its Global Products and Retail Services business segments.

Valvoline Inc. (NYSE: VVV) has declared a quarterly cash dividend of $0.125 per share, payable on June 15, 2022, to shareholders on record as of May 31, 2022. This announcement underscores Valvoline's commitment to returning value to its shareholders while maintaining its position as a leader in vehicle care and innovative products.

Valvoline Inc. (NYSE: VVV) announced plans to report its fiscal second quarter financial results post-market close on May 9, 2022. A live audio webcast with analysts and investors is scheduled for 9 a.m. ET on May 10, 2022. Valvoline, a leader in vehicle care, services over 1,600 locations and operates in more than 140 countries. The company aims to enhance mobility through innovative automotive solutions, including battery fluids for electric vehicles. The webcast will be accessible on Valvoline's Investor Relations website, with a replay available shortly after.

Valvoline (NYSE: VVV) has renewed its partnership with the Toronto Blue Jays, expanding its marketing efforts in Canada. This multi-year agreement grants Valvoline national marketing rights for the 2022 season and beyond, enhancing visibility with signage at home games. The partnership includes various advertising initiatives, such as outdoor campaigns and digital promotions. Valvoline aims to elevate its marketing strategy, targeting Canadian vehicle owners and driving brand recognition through this collaboration, which builds on a successful first year.

Valvoline Inc. (NYSE: VVV) has appointed Lori Flees as president of its fast-growing Retail Services segment. Flees, previously a senior executive at Walmart, brings extensive experience in strategy and technology application to enhance Valvoline's operations. The Retail Services segment operates over 1,600 locations across the U.S. and Canada, employing nearly 9,000 people. Flees will lead a team focused on maintaining high-quality customer experiences, with the segment boasting 15 consecutive years of same-store sales growth. She starts her role on April 11, 2022.

Valvoline Inc. (NYSE: VVV) announces the March launch of its 3rd annual Mechanics' Month campaign aimed at honoring mechanics globally. This month-long initiative recognizes the essential role of mechanics in vehicle care and mobility. Expanding from 15 to 50 participating countries, the campaign will utilize social media, giveaways, and ads to celebrate these professionals. Valvoline, with over 150 years of history, has shown commitment to the mechanic community through various programs, enhancing consumer awareness and appreciation.

Valvoline (NYSE: VVV) announced the launch of its 3rd annual Mechanics' Month campaign set for March 2022. This month-long initiative aims to honor mechanics globally for their crucial role in vehicle maintenance. Expanding from 15 to 50 participating countries, the campaign will utilize social media, giveaways, and localized events to enhance consumer awareness. Valvoline emphasizes its long-standing commitment to the automotive industry and its significant growth in campaign participation, reinforcing its brand's unique position in vehicle care.