Valvoline's Q3: Earnings Beat, Margin Improvement, CEO Change & More
Portfolio Pulse from Nabaparna Bhattacharya
Valvoline Inc. (NYSE:VVV) reported Q3 FY23 sales growth of 19% YoY to $376.20 million, beating the analyst consensus. Adjusted EPS was $0.43, also beating the consensus. The company announced CEO Sam Mitchell's retirement, effective September 30, 2023, with Lori Flees named as the incoming CEO. Valvoline raised its FY23 adjusted net income outlook to $185 million-$200 million. However, VVV shares are trading lower by 1.86%.
August 09, 2023 | 3:39 pm
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Despite beating Q3 FY23 sales and EPS estimates and raising its FY23 net income outlook, Valvoline's shares are trading lower. The company also announced a CEO change.
Valvoline's strong Q3 results and raised FY23 outlook indicate a positive financial performance. However, the announcement of the CEO's retirement could introduce uncertainty, potentially contributing to the stock's decline. The overall impact is negative in the short term due to the immediate stock price drop.
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