Valvoline stock falls 8% on company's earnings miss, restructuring
Shares of Valvoline Inc. fell more than 8% in the extended session Wednesday after the lubricant maker and auto services provider reported fiscal first-quarter results below expectations and announced a restructuring, hoping to "reduce costs, simplify processes and ensure that the organization's structure and resource allocation are focused on key growth initiatives." Valvoline said it earned $53 million, or 28 cents a share, in the quarter, versus a loss of $10 million, or 5 cents a share, in the year-ago quarter. Adjusted for one-time items, Valvoline earned $51 million, or 27 cents a share, compared with $59 million, or 29 cents a share, a year ago. Sales rose 2% to $557 million from $545 million. Analysts polled by FactSet had expected GAAP and adjusted earnings of 31 cents a share on sales of $585 million. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.