NYSE$VAL
Valaris Limited · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Second quarter 2023 results were reported.
Valaris reported a net loss of $27 million and revenues of $415 million. The company achieved a revenue efficiency of 97% and was awarded new contracts and extensions with associated contract backlog of approximately $180 million during the second quarter. The company increased its 2023 share repurchase target from $150 million to $200 million.
- Net loss of $27 million, Adjusted EBITDA of $15 million and Adjusted EBITDAR of $59 million.
- Delivered revenue efficiency of 97%.
- Awarded new contracts and extensions with associated contract backlog of approximately $180 million during the second quarter.
- Increased 2023 share repurchase target from $150 million to $200 million in conjunction with the VALARIS DS-7 contract award.
Headline financials
Revenue & EPS history
Valaris · Revenue · Quarterly
$415M
Revenue by segment
Valaris · $415M total across 3 segments · Q2 2023
- Floaters$227M+20.9%54.8%
- Jackups$145M-22.2%34.8%
- Other$43.2M+9.6%10.4%
Forward guidance
Valaris' outlook for the industry and their business remains very positive, with increasing demand and constrained supply tightening the market. Earnings and cash flow should grow meaningfully over the next few years as rigs roll from legacy day rate contracts to higher market rates and reactivated rigs return to work on attractive contracts.
Tailwinds
- Increasing demand.
- Constrained supply tightening the market.
- Increases in contract duration.
- Increases in lead times.
- Increases in day rates.
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 Q2 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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