Valaris (VAL) Q1 FY2024 earnings: revenue $525 million, up 22.1% on the year

Valaris Ltd. (VAL) reported revenue of $525 million for Q1 FY2024, the quarter ended 31 March 2024, up 22.1% on the same quarter a year earlier. Net income was $26 million, down 45.4% on the year, and diluted earnings per share $0.35. The figures are the company's own, from the 10-Q it filed with the SEC on 2 May 2024.

Revenue$525 millionup 22.1%

Net income$26 milliondown 45.4%

Diluted EPS$0.35

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	525	484	n/a	n/a
Cost of revenue	445	402	n/a	n/a
Gross profit	80.2	81.8	n/a	n/a
Gross margin	15.3%	16.9%	n/a
Operating income	29.3	38.3	n/a	n/a
Operating margin	5.6%	7.9%	n/a
Pre-tax income	38.4	38.3	n/a	n/a
Income tax	12.9	-790	n/a	n/a
Effective tax rate	33.6%	-2063.2%	n/a
Net income	25.5	835	n/a	n/a
Net margin	4.9%	172.6%	n/a
Diluted EPS	$0.35	$11.30	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	26.3	96.7	n/a	n/a
Capital expenditure	151	463	n/a	n/a
Free cash flow	-125	-366	n/a	n/a
Free cash flow margin	-23.8%	-75.7%	n/a
Cash from investing	-151	-462	n/a	n/a
Cash from financing	-1.6	-56.4	n/a	n/a
Share-based compensation	8.0	7.8	n/a	n/a
Diluted shares, weighted	74m	74m	n/a	n/a
Shares outstanding at period end	72m	72m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	2,021	1,988	n/a	n/a
Non-controlling interest	9.4	9.4	n/a	n/a
Debt	1,080	1,079	n/a	n/a
Operating lease liabilities	49.8	48.9	n/a	n/a
Other liabilities	1,194	1,197	n/a	n/a
Total liabilities and equity	4,354	4,322	n/a	n/a
Fixed assets	1,732	1,634	n/a	n/a
Cash and equivalents	494	620	n/a	n/a
Receivables	511	459	n/a	n/a
Other assets	1,617	1,609	n/a	n/a
Total assets	4,354	4,322	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	455	484	525	610	643	584	621	615	596	537	465	539
Cost of revenue	391	402	445	439	462	415	415	396	406	413	373	416
Gross profit	64.2	81.8	80.2	171	181	169	206	220	190	124	92.0	124
Gross margin	14%	17%	15%	28%	28%	29%	33%	36%	32%	23%	20%	23%
Operating income	16.6	38.3	29.3	109	94.9	119	143	164	130	39.4	20.0	51.1
Operating margin	4%	8%	6%	18%	15%	20%	23%	27%	22%	7%	4%	9%
Pre-tax income	27.7	38.3	38.4	121	87.2	124	154	146	216	36.4	10.4	80.6
Tax rate	39%	-2063%	34%	-25%	28%	-5%	125%	22%	13%	-1869%	273%	42%
Net income	12.9	835	25.5	150	64.6	134	-37.9	115	188	718	-16.4	50.4
Net margin	3%	173%	5%	25%	10%	23%	-6%	19%	32%	134%	-4%	9%
Diluted EPS	$0.17	$11.30	$0.35	$2.03	$0.88	$1.88	-$0.53	$1.61	$2.65	$10.26	-$0.24	$0.72
Operating cash flow	48.2	96.7	26.3	11.5	193	125	156	120	198	72.2	75.0	13.1
Capital expenditure	106	463	151	110	81.9	112	100	67.2	69.8	106	101	106
Free cash flow	-57.6	-366	-125	-98.7	111	12.9	55.7	52.8	128	-34.1	-25.9	-92.4
Buybacks	83.0	n/a	n/a	n/a	100	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	73m	72m	72m	72m	71m	71m	71m	71m	70m	69m	69m	69m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 2 May 2024, accession 0000314808-24-000062: the filing on EDGAR. All of Valaris Ltd.'s filings: EDGAR company page.

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