Operating income from continuing operations for Lexington, Kentucky-based Valvoline increased 4% to $70.2 million for the quarter ended Sept. 30, which is the fourth quarter of Valvoline’s fiscal year.  Net sales revenues jumped 16% to $390 million in the quarter. Net sales revenues are limited to sales at company-operated stores, in addition to royalties and other fees from independent franchised and Express Care stores. 

For the company’s full fiscal year, operating income from continuing operations rose 12% to $247.2 million, and net sales climbed 17% to $1.4 billion. 

“Fiscal year 2023 was a transformational year for Valvoline as it was our first year as a pure-play retail business,” Valvoline President and CEO Lori Flees said in a news release. “Our system-wide store sales grew nearly 20% to $2.8 billion, driven by an 11.9% increase in system-wide same store sales.” 

In March Valvoline completed the sale of its Global Products business, which includes engine oil sales, to Saudi Aramco. The transaction generated $2.38 billion of net proceeds and an after-tax gain of $1.15 billion. That deal was first announced in August 2022. 

In light of the transaction, the company began excluding Global Products from its earnings reports last year, instead comparing performance by the remaining business to prior results for the same operations. The only segment remaining is its Retails Services business, which consists of its oil change centers in the United States and Canada. 

Calumet 

Indianapolis-based Calumet’s net income surged 556% to $103 million in the third quarter, compared to $15.7 million. Sales decreased 0.01% to $1.1 billion. 

Calumet reported base oil and process sales revenues of $175.8 million in the third quarter, a 30% decline from $250.4 million, according to its filing with the U.S. Securities and Stock Exchange. The performance brands category, which includes packaged and synthetic specialty products, reported sales of $75.2 million in the third quarter, a 2% increase. 

Specialty products production included a 21% decrease in lubricating oils to 9,528 barrels per day and a 12% decline in wax production to 1,417 barrels. “At Shreveport, plugging of our catalytic dewaxing unit resulted in the loss of approximately 300,000 barrels of specialty production during the quarter,” Calumet CEO Todd Borgmann said in its earnings news release. “The unit was fully repaired, and our Shreveport plant is back to normal production levels.” Borgmann noted the specialties business continued to benefit from a supportive demand environment and effective commercial execution despite crude costs increasing roughly $20 per barrel during the quarter. 

A separate performance brands category that includes packaged and synthetic specialty products rose 136% to 3,066 b/d. 

Moove 

Moove, the lubricants business of Sao Paul-based Cosan, reported that net income fell 44% to 131.8 million Brazilian reals, compared to 235.9 million reals.  

Net revenue declined 4% to 2.6 billion reals.  

Volume sold increased 9% to 172.8 million liters (155 metric tons), compared to 158.2 million liters. Moove posted higher sales volume of lubricants and better sales mix at all the markets, Cosan said in its earnings release. 

Perimeter Solutions 

Perimeter Solution’s specialty products segment – formerly known as oil additives – reported that adjusted earnings before interest, taxes, depreciation and amortization fell 64% to $5.4 million, compared to $15.3 million. 

Net sales for specialty products dropped 37% to $24.4 million, down from $38.5 million. 

Based in Clayton, Missouri, Perimeter’s specialty products business manufactures and sells phosphorus pentasulfide, which is mainly used in preparation of lubricant additives, including zinc dialkyldithiophosphates that provide anti-wear protection to engine components. The company manufactures the chemical at its plants in Sauget, Illinois, and Hurth, Germany.