Valvoline reports Q3 adjusted EPS 45c, consensus 47c

Reports Q3 revenue $421M, consensus $425.2M. “We delivered 12% growth in sales in the third quarter driven by system-wide same-store sales growth of 6.5%,” said Lori Flees, President & CEO. “We are pleased with the continued momentum in non-oil change revenue service penetration which was the largest driver of same-store sales growth this quarter.” Flees continued, “This quarter we added 33 new stores, 15 of which came from our franchise partners. This brings our year-to-date net additions to 109 stores, resulting in a system-wide store count of 1,961. We are also pleased to announce the refranchising of 17 company-owned stores subsequent to the end of the third quarter, an action that is consistent with our priority to accelerate network growth in a more capital efficient manner and drive long-term shareholder returns.”