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LEXINGTON, Ky. (AP) _ Valvoline Inc. (VVV) on Wednesday reported fiscal first-quarter net income of $87 million.
The Lexington, Kentucky-based company said it had net income of 47 cents per share. Earnings, adjusted for non-recurring gains, came to 41 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.
The automotive and industrial lubricants maker posted revenue of $653 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $633 million.
Valvoline expects full-year earnings in the range of $1.57 to $1.67 per share.
Valvoline shares have climbed 8% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $25, a rise of 17% in the last 12 months.