Valvoline Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Valvoline Inc. has submitted its quarterly report (10-Q) for the period ending December 31, 2023, detailing its financial performance and operations.</b>

AI Summary

VALVOLINE INC (VVV) filed a Quarterly Report (10-Q) with the SEC on February 6, 2024. Valvoline Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 30th. Valvoline Inc. is classified under SIC code 2990 (Miscellaneous Products of Petroleum & Coal). The filing was submitted on February 6, 2024.

Why It Matters

For investors and stakeholders tracking VALVOLINE INC, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data for Valvoline Inc., crucial for assessing the company's performance and making informed investment decisions. Understanding the company's financial health and operational status as of Q1 FY2024 is essential for evaluating its strategic direction and future growth prospects.

Risk Assessment

Risk Level: low — VALVOLINE INC shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not inherently contain significant new risks beyond those typically associated with publicly traded companies in the automotive and petroleum products sector.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Valvoline's performance in the latest quarter and identify any emerging trends or risks.

Key Numbers

• 20231231 — CONFORMED PERIOD OF REPORT (10-Q filing)
• 20240206 — FILED AS OF DATE (10-Q filing)
• 2024 Q1 — Fiscal Quarter (Reporting period)
• 0930 — FISCAL YEAR END (Valvoline Inc.)

Key Players & Entities

• VALVOLINE INC (company) — FILER
• 0001674910 (company) — CENTRAL INDEX KEY
• 2990 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• 300939371 (company) — IRS NUMBER
• 100 VALVOLINE WAY (company) — BUSINESS ADDRESS STREET 1
• LEXINGTON (company) — BUSINESS ADDRESS CITY
• KY (company) — BUSINESS ADDRESS STATE
• 40509 (company) — BUSINESS ADDRESS ZIP

Forward-Looking Statements

• Valvoline will continue to show strong profit retention in the next quarter. (Valvoline Inc.) — medium confidence, target: 2024-03-31

FAQ

Industry Context

Valvoline Inc. operates in the automotive maintenance and services industry, with a focus on oil changes and related automotive products.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for the quarter ended December 31, 2023.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and strategic initiatives.
3. Identify any new risk factors or changes in existing risks disclosed in the filing.

Key Dates

• 2023-12-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-02-06: Filing Date — Date Valvoline Inc. submitted its 10-Q report.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the fiscal year end report for 2023.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share VVV New York Stock Exchange

Filing Documents

• vvv-20231231.htm (10-Q) — 917KB
• exhibit311-certificationof.htm (EX-31.1) — 14KB
• exhibit312-certificationof.htm (EX-31.2) — 15KB
• exhibit32-certificationofl.htm (EX-32) — 7KB
• vvv-20231231_g1.jpg (GRAPHIC) — 6KB
• vvv-20231231_g2.jpg (GRAPHIC) — 55KB
• vvv-20231231_g3.jpg (GRAPHIC) — 54KB
• 0001674910-24-000033.txt (&nbsp;) — 5605KB
• vvv-20231231.xsd (EX-101.SCH) — 27KB
• vvv-20231231_cal.xml (EX-101.CAL) — 91KB
• vvv-20231231_def.xml (EX-101.DEF) — 128KB
• vvv-20231231_lab.xml (EX-101.LAB) — 511KB
• vvv-20231231_pre.xml (EX-101.PRE) — 313KB
• vvv-20231231_htm.xml (XML) — 803KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS (Unaudited)

ITEM 1. FINANCIAL STATEMENTS (Unaudited) Condensed Consolidated Statements of Comprehensive Income 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Cash Flows 5 Condensed Consolidated Statements of Stockholders' Equity 6 Notes to Condensed Consolidated Financial Statements 7

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 15

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 26

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 26

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 26

– OTHER INFORMATION

PART II – OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 27

RISK FACTORS

ITEM 1A. RISK FACTORS 27

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 27

EXHIBITS

ITEM 6. EXHIBITS 28 SIGNATURE 29 2

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Valvoline Inc. and Consolidated Subsidiaries Condensed Consolidated Statements of Comprehensive Income Three months ended December 31 (In millions, except per share amounts - unaudited) 2023 2022 Net revenues $ 373.4 $ 332.8 Cost of sales 238.6 214.0 Gross profit 134.8 118.8 Selling, general and administrative expenses 74.5 66.0 Net legacy and separation-related expenses 0.1 25.4 Other income, net ( 2.6 ) ( 1.9 ) Operating income 62.8 29.3 Net pension and other postretirement plan expenses 3.4 3.7 Net interest and other financing expenses 13.6 18.7 Income before income taxes 45.8 6.9 Income tax expense (benefit) 11.9 ( 20.1 ) Income from continuing operations 33.9 27.0 (Loss) income from discontinued operations, net of tax ( 2.0 ) 54.9 Net income $ 31.9 $ 81.9 Net earnings per share Basic earnings (loss) per share Continuing operations 0.26 0.16 Discontinued operations ( 0.02 ) 0.31 Basic earnings per share $ 0.24 $ 0.47 Diluted earnings (loss) per share Continuing operations 0.26 0.15 Discontinued operations ( 0.02 ) 0.31 Diluted earnings per share $ 0.24 $ 0.46 Weighted average common shares outstanding Basic 131.8 175.2 Diluted 132.7 176.3 Comprehensive income Net income $ 31.9 $ 81.9 Other comprehensive income (loss), net of tax Currency translation adjustments 6.6 15.2 Amortization of pension and other postretirement plan prior service credits ( 0.5 ) ( 0.4 ) Unrealized loss on cash flow hedges ( 1.9 ) ( 1.3 ) Other comprehensive income 4.2 13.5 Comprehensive income $ 36.1 $ 95.4 The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these Condensed Consolidated Financial Statements. 3 Valvoline Inc. and Consolidated Subsidiaries Condensed Consolidated Balance Sheets (In millions, except per share amounts - unaudited) December 31 2023 September 30 2023 Assets Current assets Cash and cash equivalents $ 420.7 $ 409.1 Receivables, net 83.5

View Full Filing

View this 10-Q filing on SEC EDGAR