Highlights
- Reported diluted EPS of $1.44
(includes pre-tax merger related costs of $5 million)
- Adjusted diluted EPS increased 18%
to $1.57
- Total volumes increased 2%, Paints
segment volume up 3%, Coatings segment up 1%
- Net sales declined 1% (includes a
negative 2% impact from F/X translation)
- Reported earnings before interest
and taxes (EBIT) increased 3%
- Adjusted EBIT increased 7% (Adjusted
EBIT margin rate up 114 bps)
Valspar (NYSE: VAL):
Summary Financials
Fiscal Third Quarter 2016 (Ended July 29,
2016) Reported %
Adjusted* % Results
Change Results
Change 2016
2015 2016
2015 Net Sales
$1,141.9 $1,149.1 (1%)
$1,141.9 $1,149.1 (1%) Gross Profit
$421.9 $411.3 3%
$429.8 $415.6 3% EBIT
$170.2 $165.7 3%
$186.0 $174.1 7% Net Income
$117.0 $102.9 14%
$127.3 $108.8 17% EPS (diluted)
$1.44 $1.25 15%
$1.57 $1.33 18%
$ millions except EPS
Notes on Net Sales and Volume:
Acquisitions added 2% to net sales and 1% to volume for fiscal Q3
2016 (2% and 2% respectively for fiscal Q3 2015). Foreign currency
translation negatively impacted net sales by 2% for fiscal Q3 2016
(5% for fiscal Q3 2015).
* Adjusted Results exclude certain items which are detailed in
the “Reconciliation of Non-GAAP Financial Measures” included in
this release. In addition to restructuring and other charges, the
excluded items in fiscal Q3 2016 include $5 million of pre-tax
costs incurred in connection with the proposed merger with The
Sherwin-Williams Company.
CEO Comment“In the third quarter,
adjusted EBIT increased 7 percent and adjusted EPS grew 18 percent.
These results were highlighted by volume growth, new business wins
across the portfolio and effective cost management. Coatings
segment performance was led by strong volume growth in the Coil and
Wood product lines. In the Paints segment, volumes grew 3 percent
led by each of our International regions, and EBIT increased 28
percent,” said Gary E. Hendrickson, chairman and chief executive
officer.
Coatings Segment ResultsFiscal
third quarter 2016 net sales in the Coatings segment decreased 1
percent to $631 million. This includes the effects of foreign
currency translation that negatively impacted net sales by 3
percent. Acquisitions added 1 percent to net sales in the quarter.
Volumes increased 1 percent in the fiscal third quarter of 2016.
Acquisitions added 1 percent to volume in the quarter. Coatings
segment EBIT of $126 million increased 8 percent. Adjusted EBIT of
$127 million increased 6 percent, primarily driven by benefits from
productivity initiatives. Adjusted EBIT as a percent of net sales
increased to 20.1% from 18.7% in the prior year.
Paints Segment ResultsFiscal third
quarter 2016 net sales of $445 million in the Paints segment
increased slightly compared to the prior year. This includes the
effects of foreign currency translation that negatively impacted
net sales by 2 percent. Acquisitions added 4 percent to net sales
in the quarter. Volume increased 3 percent in the fiscal third
quarter of 2016. Acquisitions added 2 percent to volume in the
quarter. Paints segment EBIT of $59 million increased 28 percent.
Paints segment adjusted EBIT of $68 million increased 30 percent,
driven by the benefits from productivity initiatives and the impact
of the Quest acquisition. Adjusted EBIT as a percent of net sales
increased to 15.2% from 11.7% in the prior year.
DividendsDuring the quarter, the
company paid a quarterly dividend of $0.33 per common share
outstanding, or $26 million. Valspar is a member of the S&P
High Yield Dividend Aristocrats®, which is comprised of companies
increasing dividends every year for at least 20 consecutive
years.
Valspar: If it matters, we’re on it.®Valspar is a
global leader in the coatings industry providing customers with
innovative, high-quality products and value-added services. Our
11,100 employees worldwide deliver advanced coatings solutions with
best-in-class appearance, performance, protection and
sustainability to customers in more than 100 countries. Valspar
offers a broad range of superior coatings products for the consumer
market, and highly-engineered solutions for the construction,
industrial, packaging and transportation markets. Founded in 1806,
Valspar is headquartered in Minneapolis. Valspar’s reported net
sales in fiscal 2015 were $4.4 billion and its shares are traded on
the New York Stock Exchange (symbol: VAL). For more information,
visit www.valspar.com and follow @valspar on Twitter.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
(PSLRA). The PSLRA provides a safe harbor for forward-looking
statements.
Forward-looking statements are based on management’s current
expectations, estimates, assumptions and beliefs about future
events, conditions and financial performance. Forward-looking
statements are subject to risks, uncertainties and other factors,
many of which are outside our control and could cause actual
results to differ materially from such statements. Any statement
that is not historical in nature is a forward-looking statement. We
may identify forward-looking statements with words and phrases such
as “expect,” “project,” "forecast," "outlook," “estimate,”
“anticipate,” “believe,” “could,” “may,” “will,” “plan to,”
“intend,” “should” and similar words or expressions.
These risks, uncertainties and other factors include, but are
not limited to, deterioration in general economic conditions, both
domestic and international, that may adversely affect our business;
fluctuations in availability and prices of raw materials, including
raw material shortages and other supply chain disruptions, and the
inability to pass along or delays in passing along raw material
cost increases to our customers; dependence of internal sales and
earnings growth on business cycles affecting our customers and
growth in the domestic and international coatings industry; market
share loss to, and pricing or margin pressure from, larger
competitors with greater financial resources; significant
indebtedness that restricts the use of cash flow from operations
for acquisitions and other investments; our access to capital is
subject to global economic and capital market conditions;
dependence on acquisitions for growth, and risks related to future
acquisitions, including adverse changes in the results of acquired
businesses, the assumption of unforeseen liabilities and
disruptions resulting from the integration of acquisitions; risks
and uncertainties associated with operating in foreign markets,
including achievement of profitable growth in developing markets;
impact of fluctuations in foreign currency exchange rates on our
financial results; loss of business with key customers; our ability
to innovate in order to meet customers' product demands, which may
change based on customers' preferences and competitive factors;
damage to our reputation and business resulting from product claims
or recalls, litigation, customer perception and other matters; our
ability to respond to technology changes and to protect our
technology; possible interruption, failure or compromise of the
information systems we use to operate our business; our reliance on
the efforts of vendors, government agencies, utilities and other
third parties to achieve adequate compliance and avoid disruption
of our business; changes in governmental regulation, including more
stringent environmental, health and safety regulations; changes in
accounting policies and standards and taxation requirements such as
new tax laws or revised tax law interpretations; the nature, cost
and outcome of pending and future litigation and other legal
proceedings; unusual weather conditions adversely affecting sales;
civil unrest and the outbreak of war and other significant national
and international events; risks relating to our merger with
Sherwin-Williams including, the possibility that the closing
conditions to the contemplated transaction may not be satisfied or
waived, including that a governmental entity may prohibit, delay or
refuse to grant a necessary regulatory approval; delay in closing
the transaction or the possibility of non-consummation of the
transaction; the potential for regulatory authorities to require
divestitures in connection with the proposed transaction and the
possibility that Valspar stockholders consequently receive $105 per
share instead of $113 per share; the occurrence of any event that
could give rise to termination of the merger agreement; the risk
that stockholder litigation in connection with the contemplated
transaction may affect the timing or occurrence of the contemplated
transaction or result in significant costs of defense,
indemnification and liability; risks inherent in the achievement of
cost synergies and the timing thereof; risks related to the
disruption of the transaction to Valspar and its management; the
effect of announcement of the transaction on Valspar’s ability to
retain and hire key personnel and maintain relationships with
customers, suppliers and other third parties; and other factors set
forth in the risk factors section of our Annual Report on Form 10-K
for the fiscal year ended October 30, 2015, as well as Valspar’s
Quarterly Reports on Form 10-Q and other documents filed by Valspar
with the Securities and Exchange Commission.
We caution investors not to place undue reliance on any such
forward-looking statements, which speak only as of the date on
which such statements were made. We undertake no obligation to
subsequently revise any forward-looking statement to reflect new
information, events or circumstances after the date of such
statement, except as required by law.
THE VALSPAR CORPORATION CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED) For the Three and Nine
Months Ended July 29, 2016 and July 31, 2015 (Dollars in thousands,
except per share amounts)
Three Months Ended Nine Months Ended
July 29, July 31, July 29, July 31, 2016
2015 2016 2015 Net Sales
$ 1,141,942 $ 1,149,126 $ 3,084,495 $ 3,243,084 Cost of Sales
718,052 733,572 1,935,176 2,094,956 Restructuring Charges - Cost of
Sales 1,943 1,319 7,304 7,398 Acquisition-related Charges - Cost of
Sales — 2,952
— 2,952 Gross Profit
421,947 411,283
1,142,015 1,137,778 Research and
Development 36,211 34,951 104,330 99,590 Selling, General and
Administrative 207,461 206,432 610,006 600,310 Restructuring
Charges - Operating Expenses 3,302 3,280 8,708 5,994 Proposed
Merger-related Charges - Operating Expenses 4,616 — 22,856 —
Acquisition-related Charges - Operating Expenses
16 892 1,141
892 Operating Expenses 251,606 245,555 747,041
706,786 Gain on Sale of Certain Assets —
— —
48,001 Income From Operations 170,341 165,728 394,974 478,993
Interest Expense 23,082 22,622 68,286 59,178 Other (Income)
Expense, Net 103 70
1,469 799 Income Before
Income Taxes 147,156 143,036 325,219 419,016 Income Taxes
30,168 40,174
75,773 121,866 Net Income
$ 116,988 $ 102,862 $ 249,446
$ 297,150 Average Number of Shares O/S - basic
79,124,763 80,020,089 78,947,072 80,857,078 Average Number of
Shares O/S - diluted 81,185,695
81,999,701 80,904,905
82,910,996 Net Income per Common Share - basic
$ 1.48 $ 1.29 $ 3.16 $ 3.68 Net Income per Common Share - diluted
$ 1.44 $ 1.25 $ 3.08
$ 3.58
THE VALSPAR CORPORATION
SEGMENT INFORMATION (UNAUDITED AND SUBJECT TO
RECLASSIFICATION) For the Three and Nine Months Ended July 29,
2016 and July 31, 2015 (Dollars in thousands)
Three
Months Ended Nine Months Ended July 29, July 31, July 29, July 31,
2016 2015 2016
2015
Coatings
Segment
Net Sales $ 631,034 $ 640,225 $ 1,762,033 $ 1,858,103 Earnings
Before Interest and Taxes (EBIT) 126,333 117,311 335,252 360,942
Key Metrics (GAAP): Sales Growth (1.4 %) (6.5 %) (5.2 %)
(0.7 %) EBIT, % of Net Sales 20.0 % 18.3 % 19.0 % 19.4 % Key
Metrics (non-GAAP)1: Adjusted EBIT $ 127,139 $ 119,911 $ 337,334 $
320,450 Adjusted EBIT, % of Net Sales 20.1 % 18.7 % 19.1 % 17.2 %
Paints
Segment
Net Sales $ 445,421 $ 443,844 $ 1,143,578 $ 1,209,346 EBIT 58,933
45,897 105,494 117,797 Key Metrics (GAAP): Sales Growth 0.4
% (7.5 %) (5.4 %) (8.5 %) EBIT, % of Net Sales 13.2 % 10.3 % 9.2 %
9.7 % Key Metrics (non-GAAP)1: Adjusted EBIT $ 67,500 $
51,740 $ 124,718 $ 127,533 Adjusted EBIT, % of Net Sales 15.2 %
11.7 % 10.9 % 10.5 %
Other and
Administrative
Net Sales $ 65,487 $ 65,057 $ 178,884 $ 175,635 EBIT (15,028 )
2,450 (47,241 ) (545 ) Key Metrics (GAAP): Sales Growth 0.7
% (0.0 %) 1.8 % 2.6 % EBIT, % of Net Sales (22.9 %) 3.8 % (26.4 %)
(0.3 %) Key Metrics (non-GAAP)1: Adjusted EBIT $ (8,657 ) $
2,450 $ (22,671 ) $ (554 ) Adjusted EBIT, % of Net Sales (13.2 %)
3.8 % (12.7 %) (0.3 %)
1
The information on this page includes non-GAAP
financial measures. Please refer to the "RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES" included in this release for detailed
information.
THE VALSPAR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of July
29, 2016 and July 31, 2015 (Dollars in thousands)
July 29, July 31,
2016 2015
Assets
Current Assets: Cash and Cash Equivalents $ 170,223 $ 342,647
Restricted Cash 836 1,628 Accounts and Notes Receivable, Net
828,689 876,800 Inventories 523,637 512,609 Deferred Income Taxes
32,898 28,120 Prepaid Expenses and Other
137,228 103,241 Total Current Assets
1,693,511 1,865,045 Goodwill
1,286,591 1,304,831 Intangibles, Net 627,939 653,020 Other Assets
125,462 117,415 Long-Term Deferred Income Taxes 10,056 6,893
Property, Plant & Equipment, Net 646,522
630,814 Total Assets $ 4,390,081
$ 4,578,018
Liabilities and
Stockholders' Equity
Current Liabilities: Short-term Debt $ 242,208 $ 474,169 Current
Portion of Long-Term Debt 150,101 158,091 Trade Accounts Payable
563,078 554,493 Income Taxes Payable 19,485 43,530 Other Accrued
Liabilities 421,717
390,590 Total Current Liabilities 1,396,589
1,620,873 Long-Term Debt, Net of Current
Portion 1,557,001 1,706,950 Long-term Deferred Income Taxes 242,977
226,798 Other Long-Term Liabilities 152,112
139,188 Total Liabilities
3,348,679 3,693,809 Stockholders' Equity
1,041,402 884,209 Total
Liabilities and Stockholders' Equity $ 4,390,081
$ 4,578,018
THE VALSPAR
CORPORATION SELECTED INFORMATION (UNAUDITED AND SUBJECT TO
RECLASSIFICATION) For the Three and Nine Months Ended July 29,
2016 and July 31, 2015 (Dollars in thousands)
Three Months Ended
Nine Months Ended July 29, July 31, July 29, July 31,
2016 2015 2016
2015 Depreciation and Amortization $ 23,480 $ 22,566 $ 71,163 $
68,058 Capital Expenditures 28,605 19,647 89,159 60,846
Dividends Paid 26,152 24,105 78,307 73,056
THE VALSPAR CORPORATION RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES (UNAUDITED) For the Three Months Ended July
29, 2016 and July 31, 2015 (Dollars in thousands, except per share
amounts) The following information provides reconciliations
of non-GAAP financial measures from operations, which are presented
in the accompanying news release, to the most comparable financial
measures calculated and presented in accordance with accounting
principles generally accepted in the U.S. (“GAAP”). The company has
provided non-GAAP financial measures, which are not calculated or
presented in accordance with GAAP, as information supplemental and
in addition to the financial measures presented in the accompanying
news release that are calculated and presented in accordance with
GAAP. Such non-GAAP financial measures should not be considered
superior to, as a substitute for, or as an alternative to, and
should be considered in conjunction with, the GAAP financial
measures presented in the news release. The non-GAAP financial
measures in the accompanying news release may differ from similar
measures used by other companies. The following tables reconcile
gross profit, operating expenses, net income (GAAP financial
measures) and earnings before interest and taxes (EBIT) for the
periods presented to adjusted gross profit, adjusted operating
expenses, adjusted net income and adjusted EBIT (non-GAAP financial
measures) for the periods presented.
Three Months Ended Three Months Ended July 29, 2016 July 31, 2015
Dollars % of Net Sales
Dollars % of Net Sales
Coatings
Segment
EBIT $ 126,333 20.0 % $ 117,311 18.3 %
Restructuring Charges - Cost of Sales 22 0.0 % 825 0.1 %
Restructuring Charges - Operating Expense 768 0.1 % 1,775 0.3 %
Acquisition-related Charges - Operating Expense 16 0.0 % - 0.0 %
Gain on Sale of Certain Assets - 0.0 % -
0.0 % Adjusted EBIT1 $ 127,139 20.1 % $ 119,911 18.7 %
Paints
Segment
EBIT $ 58,933 13.2 % $ 45,897 10.3 % Restructuring Charges - Cost
of Sales 1,921 0.4 % 494 0.1 % Acquisition-related Charges - Cost
of Sales - 0.0 % 2,952 0.7 % Impairment of Certain Long-lived
Assets - Cost of Sales 5,867 1.3 % - 0.0 % Restructuring Charges -
Operating Expense 779 0.2 % 1,505 0.3 % Acquisition-related Charges
- Operating Expense - 0.0 % 892 0.2 %
Adjusted EBIT1 $ 67,500 15.2 % $ 51,740 11.7 %
Other and
Administrative
EBIT $ (15,028 ) (22.9 %) $ 2,450 3.8 % Restructuring Charges -
Operating Expense 1,755 2.7 % - 0.0 % Proposed Merger-related
Charges - Operating Expenses 4,616 7.0 % -
0.0 % Adjusted EBIT1 $ (8,657 ) (13.2 %) $ 2,450 3.8 %
Total
Gross Profit $ 421,947 36.9 % $ 411,283 35.8 % Restructuring
Charges - Cost of Sales 1,943 0.2 % 1,319 0.1 % Acquisition-related
Charges - Cost of Sales - 0.0 % 2,952 0.3 % Impairment of Certain
Long-lived Assets - Cost of Sales 5,867 0.5 %
- 0.0 % Adjusted Gross Profit1 $ 429,757 37.6 % $ 415,554
36.2 % Operating Expenses $ 251,606 22.0 % $ 245,555 21.4 %
Restructuring Charges - Operating Expense (3,302 ) (0.3 %) (3,280 )
(0.3 %) Proposed Merger-related Charges - Operating Expenses (4,616
) (0.4 %) - 0.0 % Acquisition-related Charges - Operating Expense
(16 ) (0.0 %) (892 ) (0.1 %) Adjusted Operating
Expenses1 $ 243,672 21.3 % $ 241,383 21.0 % EBIT $ 170,238 14.9 % $
165,658 14.4 % Restructuring Charges - Total 5,245 0.5 % 4,599 0.4
% Proposed Merger-related Charges - Total 4,616 0.4 % - 0.0 %
Acquisition-related Charges - Total 16 0.0 % 3,844 0.3 % Impairment
of Certain Long-lived Assets - Total 5,867 0.5 % - 0.0 % Gain on
Sale of Certain Assets - Total - 0.0 % -
0.0 % Adjusted EBIT1 $ 185,982 16.3 % $ 174,101 15.2 %
1 The data in this schedule has been individually rounded
and therefore may not sum.
THE VALSPAR
CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(UNAUDITED) For the Nine Months Ended July 29, 2016 and July
31, 2015 (Dollars in thousands, except per share amounts)
Nine Months Ended Nine Months Ended July 29, 2016
July 31, 2015 Dollars % of Net
Sales Dollars % of Net Sales
Coatings
Segment
EBIT $ 335,252 19.0 % $ 360,942 19.4 % Restructuring Charges - Cost
of Sales 94 0.0 % 3,776 0.2 % Restructuring Charges - Operating
Expense 1,062 0.1 % 3,733 0.2 % Acquisition-related Charges -
Operating Expense 926 0.1 % - 0.0 % Gain on Sale of Certain Assets
- 0.0 % (48,001 ) (2.6 %) Adjusted EBIT1 $
337,334 19.1 % $ 320,450 17.2 %
Paints
Segment
EBIT $ 105,494 9.2 % $ 117,797 9.7 % Restructuring Charges - Cost
of Sales 7,210 0.6 % 3,622 0.3 % Acquisition-related Charges - Cost
of Sales - 0.0 % 2,952 0.2 % Impairment of Certain Long-lived
Assets - Cost of Sales 5,867 0.5 % - 0.0 % Restructuring Charges -
Operating Expense 5,932 0.5 % 2,270 0.2 % Acquisition-related
Charges - Operating Expense 215 0.0 % 892
0.1 % Adjusted EBIT1 $ 124,718 10.9 % $ 127,533 10.5 %
Other and
Administrative
EBIT $ (47,241 ) (26.4 %) $ (545 ) (0.3 %) Restructuring Charges -
Operating Expense 1,714 1.0 % (9 ) (0.0 %) Proposed Merger-related
Charges - Operating Expenses 22,856 12.8 % -
0.0 % Adjusted EBIT1 $ (22,671 ) (12.7 %) $ (554 ) (0.3 %)
Total
Gross Profit $ 1,142,015 37.0 % $ 1,137,778 35.1 % Restructuring
Charges - Cost of Sales 7,304 0.2 % 7,398 0.2 % Acquisition-related
Charges - Cost of Sales - 0.0 % 2,952 0.1 % Impairment of Certain
Long-lived Assets - Cost of Sales 5,867 0.2 %
- 0.0 % Adjusted Gross Profit1 $ 1,155,186 37.5 % $
1,148,128 35.4 % Operating Expenses $ 747,041 24.2 % $ 706,786 21.8
% Restructuring Charges - Operating Expense (8,708 ) (0.3 %) (5,994
) (0.2 %) Proposed Merger-related Charges - Operating Expenses
(22,856 ) (0.7 %) - 0.0 % Acquisition-related Charges - Operating
Expense (1,141 ) (0.0 %) (892 ) (0.0 %) Adjusted
Operating Expenses1 $ 714,336 23.2 % $ 699,900 21.6 % EBIT $
393,505 12.8 % $ 478,194 14.7 % Restructuring Charges - Total
16,012 0.5 % 13,392 0.4 % Proposed Merger-related Charges - Total
22,856 0.7 % - 0.0 % Acquisition-related Charges - Total 1,141 0.0
% 3,844 0.1 % Impairment of Certain Long-lived Assets - Total 5,867
0.2 % - 0.0 % Gain on Sale of Certain Assets - Total -
0.0 % (48,001 ) (1.5 %) Adjusted EBIT1 $ 439,381 14.2
% $ 447,429 13.8 % 1 The data in this schedule has been
individually rounded and therefore may not sum.
THE VALSPAR CORPORATION RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES (UNAUDITED) For the Three and Nine Months
Ended July 29, 2016 and July 31, 2015 (Dollars in thousands, except
per share amounts)
Three Months Ended Nine Months Ended
July 29, 2016 July 31, 2015 July
29, 2016 July 31, 2015 Net Income $ 116,988 $ 102,862
$ 249,446 $ 297,150 Restructuring Charges - Total1 5,245 4,599
16,012 13,392 Proposed Merger-related Charges - Total2 4,616 -
22,856 - Acquisition-related Charges - Total3 16 3,844 1,141 3,844
Impairment of Certain Long-lived Assets - Total4 5,867 - 5,867 -
Gain on Sale of Certain Assets - Total5 - -
- (48,001 ) Total Pre-tax Adjustments $
15,744 $ 8,443 $ 45,876 $ (30,765 ) Income Taxes Impact - Total6
(5,414 ) (2,529 ) (16,500 ) 5,430
Adjusted Net Income $ 127,318 $ 108,776 $ 278,822 $ 271,815
Average Number of Shares O/S - diluted 81,185,695 81,999,701
80,904,905 82,910,996 Adjusted Net Income per Common Share -
diluted $ 1.57 $ 1.33 $ 3.45 $ 3.28 1 Represents
severance and employee benefits, asset-related charges and exit
costs related to restructuring activities. 2 Represents costs
incurred related to the pending merger with The Sherwin-Williams
Company including employee-related expenses, professional services
and regulatory fees. 3 Represents professional fees and
acquisition-related charges associated with other
acquisition-related activity. 4 Represents impairment of a certain
asset group in our Consumer Paints product line. 5 Represents gain
on sale of a non-strategic specialty product offering in our
Coatings segment.
6 Represents the tax effect of
restructuring charges, proposed merger-related charges,
acquisition-related charges, impairment of certain long-lived
assets and gain on sale of certain assets calculated using the
effective tax rate of the jurisdiction in which the charges were
incurred.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160907005271/en/
ValsparInvestor Contact:Bill Seymour,
612-656-1328william.seymour@valspar.comorMedia Contact:Kimberly A.
Welch, 612-656-1347kim.welch@valspar.com
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