Valvoline (Ashland Consumer Markets) reported a strong fiscal third quarter driven by improved results across all business units. The international business reported continued growth, as improvements in Asia and Latin America contributed a 6 percent gain in volume. The Do-It-Yourself business unit reported modest growth, with several promotions helping to drive higher volumes for premium lubricants. Overall lubricant volumes increased 1 percent from the prior year. While year-over-year sales decreased 1 percent to $513 million, EBITDA rose 26 percent to $86 million. EBITDA as a percent of sales was 16.8 percent, an increase of 360 basis points versus the year-ago quarter. On a sequential basis, lubricant volume rose 5 percent and sales gained 4 percent.

"Ashland Consumer Markets delivered another strong quarter as international growth and several successful promotions helped fuel a 26 percent increase in EBITDA compared to a year ago", said James J. O'Brien, Ashland chairman and chief executive officer.

Valvoline's parent Ashland reported income from continuing operations of $117 million on sales of $2.1 billion. These results included several key items that together reduced income from continuing operations by approximately $15 million, net of tax. The largest key item was a $10 million after-tax charge from adjustments made to environmental reserves primarily related to legacy non-operating sites. Excluding all key items, Ashland's adjusted earnings per share declined 19 percent when compared to the year-ago quarter. These adjusted results include a non-cash write-down of $17 million on elastomers inventory within Ashland Performance Materials. For the year-ago quarter, Ashland reported income from continuing operations of $160 million on sales of $2.1 billion. The year-ago results included three key items that had a combined negative effect of $3 million, net of tax. Excluding these three items, adjusted income from continuing operations was $163 million.