Another earnings result, this one from Ashland, parent company of Valvoline. For the quarter ended June 30, Valvoline saw operating income decline by 6 percent, from $27.9 million to $26.1 million versus the same period a year ago. Sales and operating revenues of $428 million increased 5 percent, largely due to price increases, the company noted.
“Valvoline’s total lubricant volume increased 1 percent, primarily from the Do-It-F0r-Me installer channel and international sales, partially offset by reduced volumes in the Do-It-Yourself channel,” the company’s release announced.
Ashland president James O’Brien noted that further price increases by Valvoline would result in increased earnings for the company, but that the quarter ending September 30 will likely be less than earnings from the prior year.