Valvoline (VVV) Q1 FY2024 earnings: revenue $373 million, up 12.2% on the year

Valvoline Inc. (VVV) reported revenue of $373 million for Q1 FY2024, the quarter ended 31 December 2023, up 12.2% on the same quarter a year earlier. Net income was $32 million, down 61.1% on the year, and diluted earnings per share $0.24. The figures are the company's own, from the 10-Q it filed with the SEC on 6 February 2024.

Revenue$373 millionup 12.2%

Net income$32 milliondown 61.1%

Diluted EPS$0.24

QuarterQ1 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	373	390	n/a	n/a
Cost of revenue	239	242	n/a	n/a
Gross profit	135	148	n/a	n/a
Gross margin	36.1%	38.0%	n/a
Selling, general and administrative	74.5	70.3	n/a	n/a
Operating income	62.8	70.2	n/a	n/a
Operating margin	16.8%	18.0%	n/a
Pre-tax income	45.8	97.9	n/a	n/a
Income tax	11.9	22.9	n/a	n/a
Effective tax rate	26.0%	23.4%	n/a
Net income	31.9	48.9	n/a	n/a
Net margin	8.5%	12.5%	n/a
Diluted EPS	$0.24	n/a	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	19.9	7.6	n/a	n/a
Capital expenditure	42.3	54.6	n/a	n/a
Free cash flow	-22.4	-47.0	n/a	n/a
Free cash flow margin	-6.0%	-12.1%	n/a
Cash from investing	172	17.6	n/a	n/a
Cash from financing	-185	-138	n/a	n/a
Share-based compensation	2.4	3.4	n/a	n/a
Buybacks	172	129	n/a	n/a
Dividends paid	0.0	0.0	n/a	n/a
Diluted shares, weighted	133m	163m	n/a	n/a
Shares outstanding at period end	130m	135m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	64.8	203	n/a	n/a
Debt	1,581	1,586	n/a	n/a
Operating lease liabilities	254	247	n/a	n/a
Finance lease liabilities	0.7	199	n/a	n/a
Other liabilities	809	654	n/a	n/a
Total liabilities and equity	2,709	2,890	n/a	n/a
Fixed assets	842	818	n/a	n/a
Goodwill	n/a	578	n/a	n/a
Intangible assets	n/a	103	n/a	n/a
Investments	120	348	n/a	n/a
Cash and equivalents	421	409	n/a	n/a
Receivables	83.5	81.3	n/a	n/a
Inventory	31.5	33.3	n/a	n/a
Other assets	1,212	520	n/a	n/a
Total assets	2,709	2,890	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	390	373	389	421	436	414	403	439	454	462	504	545
Cost of revenue	242	239	242	254	265	261	253	261	276	289	317	330
Gross profit	148	135	146	168	170	153	150	178	178	172	187	215
Gross margin	38%	36%	38%	40%	39%	37%	37%	40%	39%	37%	37%	39%
SG&A	70.3	74.5	72.3	77.2	81.1	82.8	86.3	85.5	95.3	107	98.7	103
Operating income	70.2	62.8	76.4	93.4	135	144	66.9	94.7	84.5	18.3	86.0	112
Operating margin	18%	17%	20%	22%	31%	35%	17%	22%	19%	4%	17%	21%
Pre-tax income	97.9	45.8	57.3	65.2	115	127	50.9	77.0	37.2	-6.0	59.5	85.6
Tax rate	23%	26%	24%	26%	23%	26%	25%	26%	31%	n/a	24%	24%
Net income	48.9	31.9	41.4	45.9	92.3	91.6	37.6	56.5	25.0	-32.8	44.8	64.5
Net margin	13%	9%	11%	11%	21%	22%	9%	13%	6%	-7%	9%	12%
Diluted EPS	n/a	$0.24	$0.32	$0.35	$0.71	$0.71	$0.29	$0.44	$0.20	-$0.26	$0.35	$0.51
Operating cash flow	7.6	19.9	68.3	75.6	101	41.2	47.2	86.9	122	64.8	95.4	124
Capital expenditure	54.6	42.3	44.9	65.8	71.4	53.6	51.8	54.9	98.9	57.4	57.8	57.1
Free cash flow	-47.0	-22.4	23.4	9.8	29.9	-12.4	-4.6	32.0	23.0	7.4	37.6	67.3
Buybacks	129	172	40.5	0.0	14.6	45.7	31.1	0.0	0.0	0.0	0.0	0.0
Dividends paid	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	135m	130m	129m	129m	128m	128m	127m	127m	127m	127m	128m	128m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2023, filed 6 February 2024, accession 0001674910-24-000033: the filing on EDGAR. All of Valvoline Inc.'s filings: EDGAR company page.

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