Shares of Valaris Ltd (VAL.N) soared 5.70% in pre-market trading on Wednesday, despite the offshore drilling contractor reporting mixed results for the third quarter ended September 30.
Valaris missed Wall Street's earnings estimates, posting adjusted earnings per share (EPS) of $0.88, lower than analysts' consensus of $1.04 per share. However, the company's revenue of $643.1 million surpassed expectations of $615.24 million, representing a 41.3% year-over-year increase.
Despite the EPS miss, investors appeared to focus on Valaris' robust top-line growth, driven by strong demand for offshore drilling services amid elevated oil and gas prices. The company reported net income of $64.6 million for the quarter.
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