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Valvoline Inc. reports developments tied to its preventive automotive maintenance business, which operates and franchises service centers in the United States and Canada. The company’s updates center on Valvoline Instant Oil Change service centers, stay-in-your-car oil changes, manufacturer-recommended maintenance services such as wiper replacements and tire rotations, and the performance of its company-operated and franchised store network.
Valvoline announcements include quarterly financial results, system-wide same-store sales, new-store contributions, franchise-system recognition, customer-service ratings, and community programs under the company’s Happy to Help charitable giving initiatives. Updates also cover investor webcasts and strategic commentary on network growth, store productivity, and service offerings for changing vehicle maintenance needs.
On March 1, 2023, Valvoline Inc. (NYSE: VVV) announced the completion of its Global Products business sale to Aramco for $2.65 billion in cash. This strategic move allows Valvoline to focus solely on automotive services, backed by a $1.6 billion share repurchase plan aimed at returning capital to shareholders over the next 18 months. CEO Sam Mitchell expressed optimism about future growth and capital allocation. The sale enhances capital structure and is projected to provide significant returns. Goldman Sachs acted as the financial advisor for Valvoline during this transaction.
Valvoline's global products business has launched its 4th annual Mechanics Month campaign, starting in March 2023, to recognize the contributions of mechanics in over 60 countries. This initiative aims to enhance consumer awareness through social media, events, and paid advertising. Valvoline emphasizes the importance of mechanics in keeping vehicles operational. Additionally, the company announced a significant agreement to sell its global products business for $2.65 billion in cash, expected to close in early 2023. The campaign reflects growing community appreciation for mechanics as essential to the automotive industry.
Valvoline Inc. (NYSE: VVV) reported its Q1 financial results for the period ending December 31, 2022. Revenues from continuing operations reached $332.8 million, a 16% increase, with same-store sales (SSS) rising by 11.9%. However, reported income from continuing operations fell by 21% to $27.0 million, with earnings per diluted share (EPS) also decreasing by 21% to $0.15. The company reaffirmed its fiscal 2023 guidance for adjusted EBITDA at $370 million - $390 million and aims for 130-160 new store additions. The sale of its Global Products business is expected to complete in early 2023, returning $1.6 billion in cash through share repurchases in the following 18 months.
Valvoline has launched Vision Service Lane Technology at the 2023 NADA Show, aimed at enhancing fixed operations for automotive dealerships. This software provides a tailored, VIN-specific menu of services to increase revenue in service departments. It features remarketing capabilities to keep consumers engaged and streamline operations for pre-owned vehicle reconditioning.
Vision is exclusively available to dealerships purchasing Valvoline products, emphasizing their commitment to partnership and consumer loyalty. Previously, Valvoline announced an agreement to sell its global products business for $2.65 billion, expected to close in early 2023.
Valvoline Inc. (NYSE: VVV) has announced plans to report its fiscal first-quarter financial results on February 7, 2023. A live audio webcast for analysts and investors is scheduled at 9 a.m. ET on the same day, which will be accessible on the Company’s Investor Relations website. Following the call, a replay will also be available. Valvoline, a leader in vehicle care, operates over 1,700 service center locations and is known for its innovative automotive service solutions, reflected in a strong consumer rating of 4.6 out of 5 stars.
Valvoline announced a $1.6 billion share repurchase authorization following a strong fiscal 2022. The company reported net income of $424.3 million, up 1% year-over-year, and EPS of $2.35, a 3% increase. Continuing operations saw a 19% rise in net revenues to $1.2 billion. System-wide same-store sales increased 13.7%, marking 16 years of growth. For fiscal 2023, Valvoline anticipates net revenues of $1.4-$1.5 billion and adjusted EBITDA of $370-$390 million, driven by ongoing expansion and strategic investments. The sale of the Global Products business is expected to close early in 2023.
Valvoline Inc. (NYSE: VVV) will report its financial results for the fiscal fourth quarter on November 15, 2022. A live audio webcast will occur the same day from 8 a.m. to 9:30 a.m. ET, allowing analysts and investors to engage with the company's performance insights. The webcast will also be available for replay on Valvoline's Investor Relations website after the event concludes. Valvoline continues to be a leader in preventive automotive maintenance, operating over 1,700 service centers with a customer rating of 4.6 out of 5 stars.
Valvoline Inc. (NYSE: VVV) has announced that its full synthetic motor oils provide 24X stronger protection against engine contaminants compared to the industry-leading full synthetic oil. This was confirmed through extensive testing, highlighting the ability of Valvoline oils to emulsify water, fuel, and ethanol. The results indicate a significant improvement in emulsion stability, essential for preventing engine damage. Valvoline continues to establish itself as a leader in vehicle care, offering innovative solutions for various engine types and maintaining a global presence with over 80,000 locations.
Valvoline Instant Oil Change (VIOC) is partnering with the American Cancer Society in October to raise funds through their #DONTPUTITOFF! campaign. Customers can round up their purchases at participating locations in CA, DE, FL, MD, and VA to support the ACS's Road To Recovery program. Since 2017, VIOC has raised over $383,300 for ACS. The campaign aims to promote early cancer screenings, which have contributed to a 32% decline in cancer death rates since 1991. For every coupon redeemed, VIOC will donate $5 to ACS.
Valvoline Inc. (NYSE: VVV), a leader in vehicle care, will present at the Goldman Sachs 29th Annual Global Retailing Conference in New York on September 7, 2022, at 4 p.m. ET. A live audio webcast of the presentation will be available on Valvoline's website, with a replay accessible afterward. Valvoline, established in 1866, operates nearly 1,700 service centers and offers products globally for various engine types, including electric vehicles. The company is known for its innovative solutions and strong brand recognition.