Q4 2024 Valvoline Inc Earnings Call Transcript
Key Points
- Valvoline Inc (VVV) reported a 12% increase in system-wide store sales, reaching $3.1 billion for fiscal year 2024.
- The company achieved its 18th consecutive year of system-wide same-store sales growth, with a 6.7% increase for the year.
- Adjusted EBITDA rose by 17% to $443 million, with an improved margin of 27.3%.
- Valvoline Inc (VVV) added 158 new stores in fiscal year 2024, demonstrating strong network growth.
- The company continues to see growth in its fleet business, with transactions growing at over a 14% compounded annual growth rate over the last three years.
- Net revenues and same-store sales came in just below the midpoint of the fiscal year 2024 guidance range.
- Capital expenditures were modestly above the planned range due to the timing of certain payments.
- The company reported a material weakness related to IT general controls, which requires further remediation.
- Valvoline Inc (VVV) faces potential margin pressure due to expected increases in labor costs and uncertainties around product costs.
- The company anticipates a more challenging consumer environment, which may impact its ability to take pricing actions at the same level as in the past.
Welcome to Valvoline's Fourth 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 Clevenger with Investor Relations to begin. Please go ahead.
Thank you. Good morning, and welcome to Valvoline's Fourth Quarter Fiscal 2024 Conference Call and Webcast.
This morning, Valvoline released results for the fourth quarter and fiscal year ended September 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-K with the Securities and Exchange Commission. On this morning's call is Lori Flees, our President and CEO; 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
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