Valvoline Provides COVID-19 Business Update
April 23, 2020—Valvoline has provided a business update with the recent effects of the coronavirus pandemic, according to a press release.
Company sales declined by two percent, with lubricant volume declining by six percent, compared to the prior-year period.
In response to the COVID-19 challenges, Valvoline says it has taken precautionary steps to enhance its financial flexibility. Valvoline said in the release that it has responded quickly, adjusting shifts at its plants and throughout its distribution networks, decreasing marketing and other discretionary operating expenses, and flexing store labor.
The company also suspended its share repurchase program and deferred or reduced the company's non-essential maintenance capital expenditures.