NYSE$VAL
Valaris Limited · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Delivered strong safety and operational performance, benefited from drillship reactivation, and awarded new contracts and extensions.
Valaris reported first quarter 2024 results with a net income of $26 million and revenues of $525 million. The company achieved a fleetwide revenue efficiency of 97% and secured new contracts and extensions with associated contract backlog of more than $520 million. Total contract backlog increased to more than $4.0 billion as of April 30, 2024.
- Net income of $26 million, Adjusted EBITDA of $54 million and Adjusted EBITDAR of $84 million.
- Revenue efficiency of 97% during the quarter.
- Strong safety performance, including no Lost Time Incidents (LTI) during the quarter.
- Awarded new contracts and extensions with associated contract backlog of more than $520 million during the first quarter.
Headline financials
Revenue & EPS history
Valaris · Revenue · Quarterly
$525M
Revenue by segment
Valaris · $455M total across 3 segments · Q3 2023
- Floaters$243M+20.6%53.5%
- Jackups$166M-15.3%36.5%
- Other$45.9M+15.9%10.1%
Forward guidance
Valaris is focused on securing attractive contracts that support anticipated earnings and cash flow growth over the next few years and intends to return all future free cash flow to shareholders unless there is a better or more value accretive use for it.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+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 |
|---|---|---|---|---|
| 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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