Valvoline reports Q1 adjusted EPS 29c, consensus 29c

Reports Q1 revenue $373M, consensus $380.3M. Reports Q1 SSS up 7.1%. Store additions totaled 38 (19 franchised and 19 company-operated) bringing total system-wide stores to 1,890. Lori Flees, CEO, said: “We began the year delivering another quarter of growth with a 7.1% increase in system-wide same-store sales. Our network growth is off to a great start for the year with 38 total store additions this quarter, with half coming from franchise. We also continue to deliver on our commitment to return a substantial amount of the net proceeds from the sale of the Global Products business to shareholders by repurchasing over $170M of our stock this quarter, with $40M remaining on the current share repurchase authorization.”