Valvoline: Fiscal 1Q Earnings Snapshot
LEXINGTON, Ky. (AP) _ Valvoline Inc. (VVV) on Wednesday reported fiscal first-quarter net income of $53 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Lexington, Kentucky-based company said it had profit of 28 cents. Earnings, adjusted for non-recurring gains, were 27 cents per share.
The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
The automotive and industrial lubricants maker posted revenue of $557 million in the period, which also missed Street forecasts. Four analysts surveyed by Zacks expected $584.3 million.
Valvoline expects full-year earnings in the range of $1.31 to $1.39 per share.
Valvoline shares have climbed 18 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $22.87, a drop of 3 percent in the last 12 months.