Valvoline Inc (NYSE:VVV)
$ 41.425 0.395 (0.96%) Market Cap: 5.34 Bil Enterprise Value: 6.64 Bil PE Ratio: 33.68 PB Ratio: 49.91 GF Score: 85/100
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Q3 2024 Valvoline Inc Earnings Call Transcript

Aug 07, 2024 / 01:00PM GMT
Release Date Price: $38.64 (-10.14%)

Key Points

Positve
  • System-wide store sales grew 12.4% to $809 million.
  • Same-store sales growth for the quarter was 6.5%.
  • Adjusted EBITDA improved almost 12% to $123 million.
  • Operating income increased 8% to $93 million.
  • Added 33 new stores to the network this quarter, bringing year-to-date net additions to 109.
Negative
  • Growth moderated in customer base for same stores in Q3.
  • Increased competitive advertising spend impacted growth.
  • Adjusted net income decreased 16% to $58 million.
  • Adjusted SG&A as a percentage of sales increased 40 basis points over the prior year.
  • Gross margin rate declined by 40 basis points year-over-year.
Operator

Hello, all, and welcome to Valvoline's third-quarter fiscal 2024 conference call and webcast. My name is Lydia, and I will be your operator today. (Operator Instructions) I'll now hand you over to Elizabeth Russell with Valvoline to begin. Please go ahead.

Elizabeth Russell
Valvoline Inc - Investor Relations

Thanks. Good morning, and welcome to Valvoline's third-quarter fiscal 2024 conference call and webcast. This morning, Valvoline released results for the third quarter ended June 30, 2024. This presentation should be viewed in conjunction with that earnings release. A copy of which is available on our Investor Relations website at investors.valvoline.com.

Please note that these results are preliminary until we file our Form 10-Q with the Securities and Exchange Commission. On this morning's call is Lori Flees, our CEO and President; and Mary Meixelsperger, our CFO.

As shown on slide 2, any of our remarks today that are not statements of historical facts are forward-looking statements. These forward-looking statements are based on current

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