Valvoline Q2 continuing ops sales +16%, adj EPS +64%; announces $1B Dutch auction tender offer

VALVOLINE INC

2023-Q2 EPS reported $7.50 revenue$677,300,000

Completed sale of Global Products on March 1 for $2.38B net proceeds; after-tax gain of $1.15B.
Continuing ops revenue $344.5M (+16% YoY); system-wide same store sales +13.5%.
Continuing ops net income $32.9M (+43%); adjusted EPS $0.23 (+64%); adjusted EBITDA $87.1M (+26%).
Net store additions of 35, total system-wide stores 1,781; long-term goal of 3,500+ stores.
Intends to commence modified Dutch auction tender offer for up to $1B of common stock under existing $1.6B repurchase authorization.

item 2.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

VALVOLINE INC reported the fiscal second quarter ended March 31, 2023 results: revenue $344.5 million, net income $32.9 million, EPS $0.19.

Period: the fiscal second quarter ended March 31, 2023
Revenue: $344.5 million
Net income: $32.9 million
EPS: $0.19
Result: reported results

Exact text from the filing

• Intend to commence a modified “Dutch auction” tender offer for up to $1 billion of Valvoline common stock, subject to market conditions • Sales from continuing operations of $344.5 million grew 16% and 19% on an adjusted basis 1 , while system-wide same store sales (SSS) increased 13.5% • Reported income from continuing operations of $32.9 million grew 43% and

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Source: SEC EDGAR

accession 0001193125-23-140004

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