Valvolines second-quarter income increased 5.9 percent from the same period a year ago – to $18 million – thanks mostly to continued growth in sales of higher-margin products.
Parent company Ashland Inc. reported yesterday that the marketer of automotive lubes and car care products recorded sales of $301 million during the quarter ended March 31 – 10 percent higher than the same period of 2002.
In terms of volume, lubricant sales were unchanged at 48.6 million gallons. Volumes of premium products, however, rose 25 percent. Ashland does not report actual volumes of premium sales, but said they accounted for 18.7 percent of U.S. branded sales volumes during the second quarter, up from 15.6 percent.
Ashland said Valvolines second-quarter performance also benefited from improved international sales and higher average ticket prices from Valvoline Instant Oil Change.