NYSE$VAL
Valaris Limited · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Reported third quarter 2023 results with increased revenues and adjusted EBITDA.
Valaris reported a net income of $17 million and revenues of $455 million for the third quarter of 2023. The company was awarded new contracts and extensions with associated contract backlog of approximately $465 million during the quarter. The outlook for Valaris is positive, with increasing demand and constrained supply tightening the market.
- Net income of $17 million, Adjusted EBITDA of $40 million and Adjusted EBITDAR of $91 million.
- Delivered revenue efficiency of 94% during the quarter and 97% year to date.
- Awarded new contracts and extensions with associated contract backlog of approximately $465 million during the third quarter.
- Repurchased $85 million of shares during the third quarter and $171 million to date.
Headline financials
Revenue & EPS history
Valaris · Revenue · Quarterly
$455M
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
The outlook for Valaris is positive, with increasing demand and constrained supply tightening the market. The company expects to deliver meaningfully improved earnings in both 2024 and 2025 due to the impact of recent and ongoing drillship reactivations at attractive day rates, as well as the repricing of rigs from legacy day rate contracts to higher markets rates.
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 Q3 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 |
|---|---|---|---|---|
| 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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