Valvoline’s parent company, Ashland, Inc., announced results for the end of its fiscal first quarter ended Dec. 31, 2008 last week. Overall, the company announced an operating loss of $7 million and a net loss of $119 million.
Things looked brighter in Ashland’s Consumer Markets (i.e. Valvoline) division, however. Consumer Markets reported sales and operating revenue of $388 million, up 2 percent year over year. While overall lubricant demand declined by 17 percent, Ashland noted most of this decline came from the do-it-yourself segment. Results for the company’s Valvoline Instant Oil Change division were positive, with company-owned stores increasing car counts and growing same-store sales by 9 percent year over year. Ashland reported net EBITDA of $28 million for its Consumer Markets division.