VVV - Valvoline reports mixed Q4 earnings; initiates FY24 outlook

2023-11-09 07:08:12 ET

• Valvoline press release ( NYSE: VVV ): Q4 Non-GAAP EPS of $0.39 misses by $0.02 .
• Revenue of $390M (+16.3% Y/Y) beats by $1.19M .
• Continuing operations adjusted EBITDA of $109 million increased 25%.
• Net store additions total 48 (26 franchised and 22 company-operated) bringing total system-wide additions for the year to 137 and total store count to 1,852.
• "As we enter fiscal 2024, we expect to deliver results in line with our long-term growth algorithm, with top line sales of $1.6 - $1.7 billion vs. consensus of $1.44B and adjusted EBITDA of $420 - $460 million. We anticipate system-wide same store sales growth of 6-9%. In addition, we plan to add 140-170 stores to the network, with 55-70 coming from franchisees."
• Adjusted EPS of

  $1.40

  —

  $1.65  vs. consensus of $1.20

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