Valvoline

Operating income from continuing operations for Lexington, Kentucky-based Valvoline was up 25% at $76.4 million for the second quarter of its fiscal year, compared to $61.2 million during the same period last year.

Net sales revenue rose 13% to $388.7 million in the quarter, while system-wide store sales grew 13% to $746.1 million. Net sales revenues are limited to sales at company-operated stores, in addition to royalties and other fees from independent franchised Express Care oil change shops.

In March 2023, Valvoline completed the $2.4 billion sale of its Global Products business, which includes engine oil sales, to Saudi Aramco. The only segment remaining is its former Retails Services business, which consists of its oil change centers in the United States and Canada.

Quaker Chemical

Quaker Chemical – also known as Quaker Houghton – reported a 19% increase in net income to $35.2 million, compared to $29.5 million during its first quarter of 2023.

Net sales decreased 6% to $469.8 million – a development the company attributed primarily to a decrease in selling prices and lower sales volumes.

“The decrease in selling price and product mix was primarily attributable to our index-based customer contracts,” the company said in its earnings release. “The decline in sales volumes was primarily attributable to a continuation of softer end-market conditions that persisted throughout 2023 and have continued into the current year and are partially offset by an improvement in volumes in the Asia-Pacific segment and new business wins across all segments.”

Broken down by region, net sales were strongest in Asia-Pacific, rising 6% to $101.6 million. In the Americas, net sales declined 9% to $229.8 million, while net sales in Europe, the Middle East and Africa also fell by 9%, to $138.4 million.

Total first-quarter segment operating earnings in all regions rose 4% to $126.7 million. Americas segment earnings increased slightly to $66.8 million, compared to $66.1 million a year earlier. In the Europe, the Middle East and Africa region, segment operating earnings increased 7% to $29.6 million. In Asia-Pacific, operating earnings rose 10% to $30.4 million.

HF Sinclair

HF Sinclair Reported $64.1 million in income from operations for its lubricants and specialty products segment, an 18% decline from $78.4 million. Sales revenue from external customers decreased to $675.5 million, compared to $733.7 million in the first quarter of 2023.

The lubricants and specialty products segment includes Petro-Canada Lubricants and its refinery in Mississauga, Ontario – which makes such products as base oils, white oils, specialty products and finished lubricants – along with specialty lubricants from HollyFrontier’s refineries in Tulsa, Oklahoma. Acquired companies Red Giant Oil Co. and Sonneborn are also part of the company’s lubricants and specialty products segment.

Safety-Kleen

Norwell, Massachusetts-based Clean Harbors’ Safety-Kleen Sustainability Solutions segment – which includes oil rerefining, waste oil collection and finished lubricants sales – reported third-party revenues of $215.3 million for the first quarter, 13% less than the $246.3 million raked in for the same period of 2023.

“In SKSS, the year began with a challenging demand and pricing environment for both base oil and lubricants, particularly for non-contracted volumes,” Clean Harbors Co-CEO Mike Battles said in an earnings news release. “Demand recovered late in Q1, and prices began an upward trajectory as we exited the quarter.”

He added that the segment continued working hard to reduce its waste oil collection costs to help offset pricing weakness.

“In Q1, we collected 55 million gallons of waste oil – averaging a net charge for oil compared with a net pay for oil in the prior-year period,” Battles said. “We also increased our blended sales volumes by 36% in the quarter as we continue to shift toward more value-added products. Along those lines, we recently partnered with Castrol on its nationwide MoreCircular program, a lower carbon footprint offering. MoreCircular, which uses our rerefined base oils, will also rely on Safety-Kleen to collect their customers’ waste oil.”

Within the segment, “we are encouraged by the recent improvement of the base oil pricing environment as the industry prepares for the start of the summer driving season,” he added. “Looking ahead, we are actively pursuing our strategy of stabilizing the performance of this business while growing its profitability.”

Valvoline Inc. reported higher revenue and a quarter bump in increases in operating income for the three months ended March 31, while Quaker Chemical’s net income headed in the opposoite direction.

Meanwhile, HF Sinclair recorded lower income from operations for its lubricants and specialty products segment, and Clean Harbors’ Safety-Kleen Sustainability Solutions segment experienced a decrease in third-party revenues.

Valvoline

Operating income from continuing operations for Lexington, Kentucky-based Valvoline was up 25% at $76.4 million for the second quarter of its fiscal year, compared to $61.2 million during the same period last year.

Net sales revenue rose 13% to $388.7 million in the quarter, while system-wide store sales grew 13% to $746.1 million. Net sales revenues are limited to sales at company-operated stores, in addition to royalties and other fees from independent franchised Express Care oil change shops.

In March 2023, Valvoline completed the $2.4 billion sale of its Global Products business, which includes engine oil sales, to Saudi Aramco. The only segment remaining is its former Retails Services business, which consists of its oil change centers in the United States and Canada.

Quaker Chemical

Quaker Chemical – also known as Quaker Houghton – reported a 19% decline in net income to $35.2 million, compared to $29.5 million during its first quarter of 2023.

Net sales decreased 6% to $469.8 million – a development the company attributed primarily to a decrease in selling prices and lower sales volumes.

“The decrease in selling price and product mix was primarily attributable to our index-based customer contracts,” the company said in its earnings release. “The decline in sales volumes was primarily attributable to a continuation of softer end-market conditions that persisted throughout 2023 and have continued into the current year and are partially offset by an improvement in volumes in the Asia-Pacific segment and new business wins across all segments.”

Broken down by region, net sales were strongest in Asia-Pacific, rising 6% to $101.6 million. In the Americas, net sales declined 9% to $229.8 million, while net sales in Europe, the Middle East and Africa also fell by 9%, to $138.4 million.

Total first-quarter segment operating earnings in all regions rose 4% to $126.7 million. Americas segment earnings increased slightly to $66.8 million, compared to $66.1 million a year earlier. In the Europe, the Middle East and Africa region, segment operating earnings increased 7% to $29.6 million. In Asia-Pacific, operating earnings rose 10% to $30.4 million.

HF Sinclair

HF Sinclair Reported $64.1 million in income from operations for its lubricants and specialty products segment, an 18% decline from $78.4 million. Sales revenue from external customers decreased to $675.5 million, compared to $733.7 million in the first quarter of 2023.

The lubricants and specialty products segment includes Petro-Canada Lubricants and its refinery in Mississauga, Ontario – which makes such products as base oils, white oils, specialty products and finished lubricants – along with specialty lubricants from HollyFrontier’s refineries in Tulsa, Oklahoma. Acquired companies Red Giant Oil Co. and Sonneborn are also part of the company’s lubricants and specialty products segment.

Safety-Kleen

Norwell, Massachusetts-based Clean Harbors’ Safety-Kleen Sustainability Solutions segment – which includes oil rerefining, waste oil collection and finished lubricants sales – reported third-party revenues of $215.3 million for the first quarter, 13% less than the $246.3 million raked in for the same period of 2023.

“In SKSS, the year began with a challenging demand and pricing environment for both base oil and lubricants, particularly for non-contracted volumes,” Clean Harbors Co-CEO Mike Battles said in an earnings news release. “Demand recovered late in Q1, and prices began an upward trajectory as we exited the quarter.”

He added that the segment continued working hard to reduce its waste oil collection costs to help offset pricing weakness.

“In Q1, we collected 55 million gallons of waste oil – averaging a net charge for oil compared with a net pay for oil in the prior-year period,” Battles said. “We also increased our blended sales volumes by 36% in the quarter as we continue to shift toward more value-added products. Along those lines, we recently partnered with Castrol on its nationwide MoreCircular program, a lower carbon footprint offering. MoreCircular, which uses our rerefined base oils, will also rely on Safety-Kleen to collect their customers’ waste oil.”

Within the segment, “we are encouraged by the recent improvement of the base oil pricing environment as the industry prepares for the start of the summer driving season,” he added. “Looking ahead, we are actively pursuing our strategy of stabilizing the performance of this business while growing its profitability.”