Valvoline Inc. announced unaudited earnings results for the first quarter ended December 31, 2016. For the quarter, the company reported sales of $489 million against $456 million a year ago. Operating income was $120 million against $96 million a year ago. Income before income taxes was $110 million against $96 million a year ago. Net income was $72 million or $0.35 per basic and diluted share against $65 million or $0.32 per basic and diluted share a year ago. Total cash provided by operating activities was $88 million against $40 million a year ago. Additions to property, plant and equipment was $9 million against $5 million a year ago. Adjusted operating income was $118 million against $96 million a year ago. Adjusted EBITDA was $127 million against $105 million a year ago. EBITDA was $129 million against $105 million a year ago. Adjusted diluted income earnings per share from net income were $0.35 against $0.32 a year ago. Free cash flow was $79 million against $35 million a year ago. The increase was primarily driven by the timing of cash settlements of separation-related working capital accounts. The results were driven by growth in premium product sales, the increase in VIOC stores versus prior year, exceptional performance in SSS and continued volume growth in international markets. Net debt was $504 million.

For second-quarter fiscal 2017, the company anticipates EBITDA from operating segments of $106 million to $111 million.

For the year of 2017, the company expects revenues of 4% to 7% against previously reported guidance of 3% to 5%. EBITDA from operating segments is expected to be in the range of $440 million to $455 million against previously reported guidance of $435 million at mid-point of previous range. Diluted adjusted earnings per share are expected to be $1.36 to $1.43 against previously reported guidance of $1.31 to $1.41. Capital expenditure is expected to be in the range of $70 million to $80 million and free cash flow is expected to be in the range of $130 million to $150 million against previously reported guidance of $90 million to $100 million.