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Valvoline's (VVV) Earnings and Revenues Beat Estimates in Q2
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Valvoline Inc. (VVV - Free Report) reported earnings from continuing operations of 33 cents per share in second-quarter fiscal 2024 (ended Mar 31, 2024), up from the year-ago quarter's earnings of 19 cents.
Barring one-time items, adjusted earnings were 37 cents per share for the quarter, up from 23 cents per share a year ago. It beat the Zacks Consensus Estimate of 36 cents.
Net sales increased around 13% year over year to $388.7 million in the quarter. The metric beat the Zacks Consensus Estimate of $388.5 million. In the fiscal second quarter, system-wide same-store sales (SSS) increased 7.7%.
Financials
At the end of the quarter, Valvoline had cash and cash equivalents of $494.5 million, up around 18% sequentially. Long-term debt was $951.3 million, down roughly 39% sequentially.
For the six months ended Mar 31, 2024, operating cash flows from continuing operations were $92 million and free cash flow was $5 million.
In the second quarter, VVV repurchased $40 million of shares, thereby completing the $1.6 billion share buyback authorization.
Outlook
The company expects net revenues in the band of $1.6-$1.65 billion for fiscal 2024. System-wide SSS growth is expected to be 6-8%. Adjusted EBITDA is forecast be in the range of $430-$455 million for fiscal 2024. VVV also sees fiscal 2024 adjusted earnings of $1.45-$1.65 per share.
Price Performance
Valvoline’s shares have increased 8.9% in the past year compared with a 10.2% decline of the industry.
Celanese Corporation (CE - Free Report) logged adjusted earnings for the first quarter of $2.08 per share, up 3.5% from $2.01 reported a year ago. The bottom line surpassed the Zacks Consensus Estimate of $1.91.
Celanese sees adjusted earnings in the band of $2.60 to $3 per share for the second quarter of 2024. CE expects to deliver higher earnings performance in the second quarter and into the second half of 2024.
Ingevity Corporation (NGVT - Free Report) reported adjusted earnings of 52 cents per share for the first quarter, down from $1.09 in the year-ago quarter. The figure beat the Zacks Consensus Estimate of 37 cents.
NGVT sees its sales for 2024 in the band of $1.4-$1.55 billion and adjusted EBITDA in the range of $365-$390 million.
Element Solutions Inc’s (ESI - Free Report) adjusted earnings of 34 cents per share for the first quarter beat the Zacks Consensus Estimate of 32 cents.
ESI now expects adjusted EBITDA in the range of $515-$530 million for 2024. For second-quarter 2024, it sees adjusted EBITDA to be around $125 million.
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Valvoline's (VVV) Earnings and Revenues Beat Estimates in Q2
Valvoline Inc. (VVV - Free Report) reported earnings from continuing operations of 33 cents per share in second-quarter fiscal 2024 (ended Mar 31, 2024), up from the year-ago quarter's earnings of 19 cents.
Barring one-time items, adjusted earnings were 37 cents per share for the quarter, up from 23 cents per share a year ago. It beat the Zacks Consensus Estimate of 36 cents.
Valvoline Price, Consensus and EPS Surprise
Valvoline price-consensus-eps-surprise-chart | Valvoline Quote
Revenues
Net sales increased around 13% year over year to $388.7 million in the quarter. The metric beat the Zacks Consensus Estimate of $388.5 million. In the fiscal second quarter, system-wide same-store sales (SSS) increased 7.7%.
Financials
At the end of the quarter, Valvoline had cash and cash equivalents of $494.5 million, up around 18% sequentially. Long-term debt was $951.3 million, down roughly 39% sequentially.
For the six months ended Mar 31, 2024, operating cash flows from continuing operations were $92 million and free cash flow was $5 million.
In the second quarter, VVV repurchased $40 million of shares, thereby completing the $1.6 billion share buyback authorization.
Outlook
The company expects net revenues in the band of $1.6-$1.65 billion for fiscal 2024. System-wide SSS growth is expected to be 6-8%. Adjusted EBITDA is forecast be in the range of $430-$455 million for fiscal 2024. VVV also sees fiscal 2024 adjusted earnings of $1.45-$1.65 per share.
Price Performance
Valvoline’s shares have increased 8.9% in the past year compared with a 10.2% decline of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Other Chemicals Releases
VVV currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Celanese Corporation (CE - Free Report) logged adjusted earnings for the first quarter of $2.08 per share, up 3.5% from $2.01 reported a year ago. The bottom line surpassed the Zacks Consensus Estimate of $1.91.
Celanese sees adjusted earnings in the band of $2.60 to $3 per share for the second quarter of 2024. CE expects to deliver higher earnings performance in the second quarter and into the second half of 2024.
Ingevity Corporation (NGVT - Free Report) reported adjusted earnings of 52 cents per share for the first quarter, down from $1.09 in the year-ago quarter. The figure beat the Zacks Consensus Estimate of 37 cents.
NGVT sees its sales for 2024 in the band of $1.4-$1.55 billion and adjusted EBITDA in the range of $365-$390 million.
Element Solutions Inc’s (ESI - Free Report) adjusted earnings of 34 cents per share for the first quarter beat the Zacks Consensus Estimate of 32 cents.
ESI now expects adjusted EBITDA in the range of $515-$530 million for 2024. For second-quarter 2024, it sees adjusted EBITDA to be around $125 million.