Valvoline Inc. VVV reported fourth-quarter FY23 sales growth of 16% year-on-year to $390 million, beating the analyst consensus of $388.81 million. System-wide same-store sales increased 10%.
The automotive services provider registered an adjusted EPS of $0.39, missing the analyst consensus of $0.41.
Gross profit climbed 14.9% to $148.3 million, while adjusted EBITDA jumped 25% to $109 million.
In the quarter under review, net store additions totaled 48 (26 franchised and 22 company-operated), bringing the total system-wide additions for the year to 137 and the total store count to 1,852.
The company exited the quarter with $757 million in cash and equivalents; total debt was $1.6 billion.
"As we enter fiscal 2024, we expect to deliver results in line with our long-term growth algorithm..," said Lori Flees, President & CEO.
Outlook: For FY24, the company sees adjusted EPS of $1.40- $1.65 versus the $1.66 estimate.
The company sees net revenue of $1.6 billion-$1.7 billion versus the $1.65 billion estimate, with adjusted EBITDA of $420 million-$460 million. The company projects System-wide store additions of 140 to 170.
Price Action: VVV shares are trading higher by 7.27% at $32.18 on the last check Thursday.
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