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- Valvoline Inc VVV reported fourth-quarter FY22 sales growth of 13.6% year-on-year to $335.40 million.
- System-wide SSS increased 9.2%, and net system-wide unit additions increased 1% during the quarter.
- Gross profit climbed 8.1% to $129.1 million, with a profit margin of 38.5%.
- The operating margin was 20%, and operating income for the quarter declined 23.3% to $67.2 million.
- The company held $83.9 million in cash and equivalents as of September 30, 2022.
- Operational cash flow for FY22 totaled $284.2 million, with a free cash flow of $125.3 million.
- Valvoline returned $61.2 million in cash to shareholders via dividends and share repurchases.
- Adjusted EPS of $0.59 beat the analyst consensus of $0.51.
- Buyback: The company also announced that its board of directors approved a new share repurchase authorization of $1.6 billion.
- The new authorization is in addition to Valvoline's $300 million share repurchase authorization announced in May 2021, of which $85.5 million remained as of November 11, 2022.
- The company said its sale of the Global Products business remains on track, with the close expected in early calendar year 2023.
- Outlook: Valvoline sees FY23 System-wide SSS growth of 8% - 12%.
- The company expects FY23 revenue of $1.4 billion - $1.5 billion and adjusted EBITDA of $370 million - $390 million.
- Price Action: VVV shares are trading higher by 6.23% at $34.17 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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