Valvoline Inc. Announces Increase in Share Repurchase Authorization
LEXINGTON, Ky.--( BUSINESS WIRE)--Valvoline Inc. (NYSE: VVV), the quick, easy, trusted leader in preventive automotive maintenance, today announced that its board of directors authorized the Company to repurchase an additional $175 million of its common stock, bringing the total remaining authorization to $500 million.
"This expanded authorization reflects our confidence in the long-term trajectory of our business and our ability to grow free cash flow," said Lori Flees, President and CEO of Valvoline Inc. "Performance is in line with our outlook, we are pleased with our progress toward returning to our target leverage range, and we expect to resume share repurchases following the release of our fiscal year results. Our capital allocation priorities remain clear: fund growth, maintain a healthy balance sheet, and return excess free cash flow to shareholders."
The timing and amount of any repurchases of common stock will be solely at the discretion of the Company and is subject to general business and market conditions, as well as other factors. The authorization permits the Company to repurchase its common stock from time to time in open market or privately negotiated transactions, including accelerated share repurchase transactions and the use of Rule 10b5-1 trading plans. The authorization has no expiration date.
About Valvoline Inc.
Valvoline Inc. (NYSE: VVV) delivers quick, easy, trusted service at more than 2,500 franchised and company-operated service centers across the United States and Canada. The Company completes more than 30 million services annually system-wide, from about 15-minute stay-in-your-car oil changes to a variety of manufacturer-recommended maintenance services such as wiper replacements and tire rotations. At Valvoline Inc., it all starts with our people, including the over 13,500 team members who are working to drive the full potential of our core business, deliver sustainable network growth and innovate to meet the evolving needs of our customers and the car parc. For more information, visit vioc.com.
Forward-Looking Statements
Certain statements herein, other than statements of historical fact, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include, without limitation, statements about the timing, amount, price, method and extent of any repurchases of Valvoline’s common stock under its share repurchase authorization, including Valvoline’s expectation that it will resume share repurchases following the release of its fiscal year results; Valvoline’s expectations regarding its long-term business trajectory, growth in free cash flow and capital allocation priorities; execution of Valvoline’s growth strategy; and any other statements regarding Valvoline’s future financial and operating performance, leverage, growth and expectations for future periods. Valvoline has identified some of these forward-looking statements with words such as “anticipates,” “believes,” “expects,” “estimates,” “is likely,” “predicts,” “projects,” “forecasts,” “may,” “will,” “should,” and “intends,” and the negative of these words or other comparable terminology. These forward-looking statements are based on Valvoline’s current expectations, estimates, projections, and assumptions as of the date such statements are made and are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. Additional information regarding these risks and uncertainties are described in Valvoline’s filings with the Securities and Exchange Commission (the “SEC”), including in the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Quantitative and Qualitative Disclosures about Market Risk” sections of Valvoline’s most recently filed periodic reports on Forms 10-K and 10-Q, which are available on Valvoline’s website at http://investors.valvoline.com/sec-filings or on the SEC’s website at http://www.sec.gov. Valvoline assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future, unless required by law.
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