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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.
Valvoline Great Canadian Oil Change has ranked highest among aftermarket service facilities in J.D. Power's 2024 Canada Customer Service Index–Long-Term Study. The study, conducted from May-June 2024, measured service usage and satisfaction of owners of vehicles from 4-12 years old, analyzing both warranty and non-warranty services.
The survey evaluated overall satisfaction based on five key factors: service quality, vehicle pick-up, service facility, service initiation, and service advisor. Great Canadian Oil Change scored 834 on a 1,000-point scale, based on responses from 8,750 vehicle owners.
Valvoline Inc. (NYSE: VVV) owns and franchises about 130 locations in five Canadian provinces. These service centers offer stay-in-your-car oil changes in approximately 15 minutes, along with various preventive maintenance services including tire rotations, fluid and battery replacements.
Valvoline (NYSE: VVV), a leader in automotive maintenance, will participate in the Piper Sandler Growth Frontiers Conference on September 10, 2024. The company will engage in a fireside chat at 4 p.m. ET. Investors can access a live audio webcast of the event on Valvoline's investor relations website. An archived version of the webcast will be available after the live event for those unable to attend.
This participation highlights Valvoline's commitment to investor engagement and transparency. The conference provides an opportunity for the company to showcase its growth strategies and market position in the automotive maintenance sector.
Valvoline Inc. (NYSE: VVV) has announced its partnership as the official oil change provider for the Boise State University Broncos. The collaboration kicks off on August 22, 2024, with a special event featuring Buster Bronco and the Bronco Spirit Squad at the Apple Street Valvoline Instant Oil Change location. Throughout the 2024-2025 school year, 'Bronco Fan Fridays' will offer a 20% discount to customers wearing Broncos Blue or Boise State spirit wear at all 14 Valvoline locations in Boise.
The partnership includes plans for special events at home football games. Valvoline aims to provide quick, easy, and trusted automotive preventive maintenance services to the Boise community, particularly targeting college students who may be unsure about car maintenance. The kick-off event on August 22 will run from 8 a.m. to 7 p.m., featuring Buster Bronco and opportunities to win tickets to the September 21 home-opener game against Portland State.
Valvoline Inc. (NYSE: VVV), a leader in preventive automotive maintenance, has announced its participation in Goldman Sachs' 31st Annual Global Retailing Conference. The company will engage in a fireside chat on Thursday, September 5, at 2:35 p.m. ET.
Investors and interested parties can access a live audio webcast of the event through Valvoline's investor relations website at http://investors.valvoline.com. For those unable to attend the live session, an archived version of the webcast will be made available on the same website following the event.
This participation highlights Valvoline's commitment to engaging with investors and sharing insights about its business operations and strategies in the automotive maintenance sector.
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.