NYSE$VAL
Valaris Limited · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Reported strong revenue efficiency and increased liquidity through refinancing.
Valaris reported a net income of $49 million for Q1 2023. The company achieved a revenue efficiency of 99% and secured new contracts and extensions, increasing contract backlog to $2.8 billion. A refinancing transaction enhanced liquidity by almost $500 million, and the share repurchase authorization was increased to $300 million.
- Generated Net Income of $49 million, Adjusted EBITDA of $24 million and Adjusted EBITDAR of $51 million.
- Delivered revenue efficiency of 99%.
- Awarded new contracts and extensions with associated contract backlog of approximately $820 million, increasing total contract backlog to $2.8 billion.
- Enhanced capital structure and liquidity through a refinancing in April 2023, including the addition of a $375 million revolving credit facility.
Headline financials
Revenue & EPS history
Valaris · Revenue · Quarterly
$430M
Revenue by segment
Valaris · $430M total across 3 segments · Q1 2023
- Floaters$215M+115.4%49.9%
- Jackups$170M-6.0%39.5%
- Other$45.5M+19.7%10.6%
Forward guidance
The Company's first quarter 2023 results were better than prior guidance primarily due to timing of anticipated projects moving from the first quarter to subsequent quarters. The Company's full-year 2023 guidance remains unchanged.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2023
+0.2%
Avg return
Earnings day
-3.1%
Avg return
5 days after
+0.6%
Avg return
30 days after
55%
11 / 20 earnings
Positive
+11.9%
Q1 2022
Best reaction
-9.0%
Q4 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| Q1 2026 | +0.0% | -7.2% | -9.3% | |
| Q4 2025 | +3.3% | +1.8% | +0.0% | |
| Q3 2025 | +2.3% | -3.1% | -0.1% | |
| Q1 2025 | +3.5% | -24.7% | -9.4% | |
| Q4 2024 | -4.4% | -8.7% | -11.5% | |
| Q3 2024 | +4.3% | +2.5% | -4.8% | |
| Q2 2024 | -4.9% | -17.1% | -21.1% | |
| Q1 2024 | -0.0% | +8.8% | +19.0% | |
| Q4 2023 | +8.8% | +5.1% | +16.7% | |
| Q3 2023 | -5.4% | -0.8% | -6.0% | |
| Q2 2023 | -2.4% | -0.7% | -1.9% | |
| Q1 2023 | -5.2% | -4.9% | -3.8% | |
| Q4 2022 | -9.0% | -11.6% | -15.2% | |
| Q3 2022 | -3.2% | -3.7% | +1.6% | |
| Q2 2022 | +1.5% | -4.1% | +1.6% | |
| Q1 2022 | +11.9% | +12.8% | +21.8% | |
| Q4 2021 | +0.1% | -1.4% | +25.1% | |
| Q3 2021 | +1.2% | -0.9% | -13.9% | |
| Q4 2020 | -0.0% | -1.0% | +14.9% | |
| Q2 2021 | +1.1% | -4.1% | +8.5% | |
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