VAL - Valaris beats Q1 top and bottom line estimates; reaffirms FY23 outlook
2023-05-02 01:39:07 ET
- Valaris press release ( NYSE: VAL ): Q1 GAAP EPS of $0.61 beats by $0.98 .
- Revenue of $430.1M (+35.1% Y/Y) beats by $15.02M .
- Adjusted EBITDA of $24M and Adjusted EBITDAR of $51M.
- Delivered revenue efficiency of 99%.
- Total liquidity, which includes cash and cash equivalents and restricted cash, increased to $844 million as of March 31, 2023, from $749 million as of December 31, 2022.
- Capital expenditures increased to $56 million from $54 million in the fourth quarter 2022.
- 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.
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Valaris beats Q1 top and bottom line estimates; reaffirms FY23 outlook