Valvoline Inc. Files Q1 2025 10-Q

TL;DR

Valvoline's Q1 2025 10-Q is in. Key balance sheet items updated.

AI Summary

Valvoline Inc. reported its financial results for the quarter ending December 31, 2024. The company's fiscal year ends on September 30th. Key financial data points such as common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income were reported as of December 31, 2024, and September 30, 2024.

Why It Matters

This filing provides investors with an update on Valvoline's financial health and performance for the first quarter of fiscal year 2025, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial updates.

Key Numbers

• 2024-12-31 — Period End Date (Financial reporting period)
• 2024-09-30 — Previous Period End Date (Comparison point for financial changes)
• 2023-12-31 — Prior Year Period End Date (Year-over-year comparison point)

Key Players & Entities

• VALVOLINE INC (company) — Filer
• 20241231 (date) — Period of Report
• 20250206 (date) — Filed as of Date
• LEXINGTON (location) — Business Address City
• KY (location) — Business Address State

FAQ

Key Financial Figures

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

Filing Documents

• vvv-20241231.htm (10-Q) — 800KB
• exhibit311-certificationof.htm (EX-31.1) — 14KB
• exhibit312-certificationof.htm (EX-31.2) — 15KB
• exhibit32-certificationofc.htm (EX-32) — 7KB
• vvv-20241231_g1.jpg (GRAPHIC) — 18KB
• vvv-20241231_g2.jpg (GRAPHIC) — 58KB
• vvv-20241231_g3.jpg (GRAPHIC) — 59KB
• 0001674910-25-000034.txt ( ) — 4712KB
• vvv-20241231.xsd (EX-101.SCH) — 24KB
• vvv-20241231_cal.xml (EX-101.CAL) — 69KB
• vvv-20241231_def.xml (EX-101.DEF) — 85KB
• vvv-20241231_lab.xml (EX-101.LAB) — 406KB
• vvv-20241231_pre.xml (EX-101.PRE) — 265KB
• vvv-20241231_htm.xml (XML) — 591KB

– 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 14

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 23

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 23

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 25

– OTHER INFORMATION

PART II – OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 26

RISK FACTORS

ITEM 1A. RISK FACTORS 26

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 26

EXHIBITS

ITEM 6. EXHIBITS 27 SIGNATURE 28 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) 2024 2023 Net revenues $ 414.3 $ 373.4 Cost of sales 261.4 238.6 Gross profit 152.9 134.8 Selling, general and administrative expenses 82.8 74.5 Net legacy and separation-related expenses 0.4 0.1 Other income, net ( 74.1 ) ( 2.6 ) Operating income 143.8 62.8 Net pension and other postretirement plan (income) expenses ( 0.9 ) 3.4 Net interest and other financing expenses 17.5 13.6 Income before income taxes 127.2 45.8 Income tax expense 33.3 11.9 Income from continuing operations 93.9 33.9 Loss from discontinued operations, net of tax ( 2.3 ) ( 2.0 ) Net income $ 91.6 $ 31.9 Net earnings per share Basic earnings (loss) per share Continuing operations $ 0.73 $ 0.26 Discontinued operations ( 0.02 ) ( 0.02 ) Basic earnings per share $ 0.71 $ 0.24 Diluted earnings (loss) per share Continuing operations $ 0.73 $ 0.26 Discontinued operations ( 0.02 ) ( 0.02 ) Diluted earnings per share $ 0.71 $ 0.24 Weighted average common shares outstanding Basic 128.7 131.8 Diluted 129.5 132.7 Comprehensive income Net income $ 91.6 $ 31.9 Other comprehensive (loss) income, net of tax Currency translation adjustments ( 6.5 ) 6.6 Amortization of pension and other postretirement plan prior service credits ( 0.4 ) ( 0.5 ) Unrealized loss on cash flow hedges — ( 1.9 ) Other comprehensive (loss) income ( 6.9 ) 4.2 Comprehensive income $ 84.7 $ 36.1 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 2024 September 30 2024 Assets Current assets Cash and cash equivalents $ 60.0 $ 68.3 Recei

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements in this Quarterly Report on Form 10-Q, other than statements of historical fact, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include, without limitation, executing on the growth strategy to create shareholder value by driving the full potential in the Company's core business, accelerating network growth and innovating to meet the needs of customers and the evolving car parc; realizing the benefits from the refranchising transactions; and future opportunities for the stand-alone retail business; and any other statements regarding Valvoline's future operations, financial or operating results, capital allocation, debt leverage ratio, anticipated business levels, dividend policy, anticipated growth, market opportunities, strategies, competition, and other expectations and targets for future periods. Valvoline has identified some of these forward-looking statements with words such as "anticipates," "believes," "expects," "estimates," "is likely," "predicts," "projects," "forecasts," "may," "will," "should," and "intends," and the negative of these words or other comparable terminology. These forward-looking statements are based on Valvoline's current expectations, estimates, projections, and assumptions as of the date such statements are made and are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed under the headings "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Quantitative and Qualitative Disclosures about Market Risk" in this Quarterly Report on Form 10-Q and Valvoline's most recently filed Annual Report on Form 10-K. Valvoline assumes no obligation to update or revise these f

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 The following discussion and analysis should be read in conjunction with the Annual Report on Form 10-K for the fiscal year ended September 30, 2024, as well as the condensed consolidated financial statements and the accompanying Notes to Condensed Consolidated Financial Statements included in Item 1 of Part I in this Quarterly Report on Form 10-Q. Unless otherwise noted, disclosures within Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations relate solely to the Company's continuing operations. BUSINESS OVERVIEW AND PURPOSE As the quick, easy, trusted leader in automo

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