Valvoline Inc. (VVV) shares plummeted 5.15% in pre-market trading on Thursday following the release of its fiscal second-quarter earnings report and the announcement of a new Chief Financial Officer. The automotive maintenance service provider's results fell short of analyst expectations, raising concerns among investors.

The company reported adjusted earnings of $0.34 per share for the quarter ended March 31, down from $0.37 a year earlier and below the FactSet analyst consensus estimate of $0.36. While net revenue rose to $403.2 million from $388.7 million in the previous year, it still fell short of the $404.9 million expected by analysts. Additionally, Valvoline's adjusted EBITDA of $104 million missed the IBES estimate of $106.1 million.

In a separate announcement, Valvoline revealed that Kevin Willis will succeed Mary Meixelsperger as the company's new CFO, effective May 19, 2025. This leadership change, coupled with the disappointing earnings results, appears to have shaken investor confidence. Despite the challenges, Valvoline reaffirmed its guidance for fiscal year 2025 and maintained its target of opening 160 to 185 new stores this year, indicating some optimism for future growth.