Valvoline achieved a 25 percent increase in profitability for the three-month period ended June 30, thanks mostly to increased sales of premium products and other branded lubricants.
Parent company Ashland Inc. said Monday that Valvoline had operating income of $30 million for the period, the third quarter of its fiscal year, up from $24 million for the same quarter last year.
Lubricant sales volumes rose just barely — from 49.2 million gallons in the third quarter of last year to 50 million gallons in the most recent period. But sales of premium products, as a percent of branded sales volumes in the United Sates, climbed from 19.8 percent to 22 percent. The shift in product mix helped push sales revenues to $330 million, up from $307 million in the same period of 2003.
Officials added that Valvoline’s international operations enjoyed a record quarter, with sales volumes jumping 9 percent and stronger foreign currencies padding the bottom line.