Valaris PLC (NYSE: VAL) reported fourth-quarter and full-year 2019 earnings results after market close on Feb. 20, and when the market opened on Feb. 21, investors sent its shares sinking. By early afternoon, the offshore drilling contractor's stock had lost more than 25% of its value. At 2:12 p.m. EST, it were still down more than 23%.
Investors were clearly displeased with Valaris' earnings. The company reported fourth-quarter revenue of $512 million, down $39 million from the prior quarter following the sale of one of its vessels.
Image source: Getty Images.