Civeo Corporation (NYSE:CVEO) Q3 2024 Earnings Conference Call October 30, 2024 11:00 AM ET Company Participants Regan Nielsen - Vice President, Corporate Development and Investor Relations Bradley Dodson - President and CEO Collin Gerry - Chief Financial Officer and Treasurer Conference Call Participants Stephen Gengaro - Stifel Steve Ferazani - Sidoti & Company Dave Storms - Stonegate Sean Mitchell - Daniel Energy Partners Operator Greetings, and welcome to the Civeo Corporation Third Quarter 2024 Earning ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |------------------------------------------------------------------------------|------------------------------------------| | | | | For the transition period from ________ ...

Civeo (CVEO) reported $176.34 million in revenue for the quarter ended September 2024, representing a yearover-year decline of 3.9%. EPS of -$0.36 for the same period compares to $0.61 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $172.59 million, representing a surprise of +2.18%. The company delivered an EPS surprise of -1300.00%, with the consensus EPS estimate being $0.03. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall ...

Civeo Reports Third Quarter 2024 Results Third Quarter Highlights include: • Reported revenues of $176.3 million, net loss of $5.1 million and operating cash flow of $35.7 million; • Delivered Adjusted EBITDA of $18.8 million and free cash flow of $28.3 million; • Returned $17.8 million of capital to shareholders in the quarter through the quarterly dividend and share repurchases; • Australian segment continues to deliver strong growth, with revenues up 33% on a year-over-year basis, driven by both increase ...

Civeo (CVEO) came out with a quarterly loss of $0.36 per share versus the Zacks Consensus Estimate of $0.03. This compares to earnings of $0.61 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -1,300%. A quarter ago, it was expected that this provider of remote-site workforce housing would post earnings of $0.21 per share when it actually produced earnings of $0.56, delivering a surprise of 166.67%. Over the last four quarters ...

Civeo (CVEO) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 30. On ...

Guido Mieth/DigitalVision via Getty Images Like any investor who has been in the game for a while, I've had my fair share of wins and losses. One of my biggest calls that so far has achieved fantastic results involves a small niche business by the name of Civeo Corporation (NYSE:CVEO). For the uninitiated, the company provides accommodation services in remote areas for natural resource extraction firms. This makes it easy for those businesses to provide suitable living conditions for workers instead of havi ...

Understanding business fundamentals is crucial for identifying the best stocks. In August 2024, seven companies across various sectors stand out due to their solid attributes. In specialty chemicals, a firm has grown significantly due to the high demand for its fire safety products, driven by stricter regulations. The diversified support services sector includes a company with notable revenue increases from strategic pricing adjustments and rising demand. In the competitive home furnishings market, a compan ...

Stonegate Capital Partners Updates Coverage on Civeo Corporation (CVEO) 2024 Q2 To view the full announcement, including downloadable images, bios, and more, click here. . . Dallas, Texas--(Newsfile Corp. - July 31, 2024) - Civeo Corporation (NYSE: CVEO): Stonegate Capital Partners updates their coverage on Civeo Corporation. About Stonegate Capital Partners Stonegate Capital Partners is a Dallas-based corporate advisory firm dedicated to serving the specialized needs of small-cap public companies. Since ou ...

Financial Data and Key Metrics Changes - Total revenues for the second quarter were $188.7 million, with net income of $8.2 million or $0.56 per diluted share [6] - Adjusted EBITDA was $31.3 million, with a year-over-year increase of 10% from $19.6 million [7][32] - Operating cash flow was $32.4 million, and free cash flow was $30.9 million [6] - The net leverage ratio decreased to 0.3 times as of June 30, 2024, with total liquidity of approximately $159 million [19] Business Line Data and Key Metrics Changes - Australian segment revenues increased to $108.6 million from $82.5 million in the second quarter of 2023 [16] - Canadian segment revenues decreased to $79.5 million from $95.5 million year-over-year, with adjusted EBITDA down to $17.2 million from $19.8 million [17] - Daily room rate for the Canadian segment decreased to $96 from $100 year-over-year [8] Market Data and Key Metrics Changes - Australian billed rooms increased to 625,000, up 6% from 588,000 in the second quarter of 2023 [36] - Billed rooms in Canadian lodges totaled 752,000, up from 724,000 in the second quarter of 2023 [37] Company Strategy and Development Direction - The company aims to grow Australian Integrated Services revenues to AUD500 million by 2027 [25][45] - The focus is on winning additional contracts and expanding existing customer relationships in the Integrated Services business [29][25] - The company is exploring opportunities to acquire additional villages to augment its portfolio [80] Management's Comments on Operating Environment and Future Outlook - Management expects occupancy in Australian villages to remain consistent through the third quarter, with a slight downtick in the fourth quarter due to holiday downtimes [27] - The company anticipates modest results in the latter half of 2024 for Canada due to the shift in turnaround activity [23] - Management remains cautious about the impact of wildfires in Western Canada but does not expect a material financial impact [42] Other Important Information - The company returned $10.3 million to shareholders through dividends and share repurchases during the second quarter [4] - Capital expenditures for the second quarter were $5.3 million, down from $6.9 million in the same period in 2023 [38] - The company is maintaining its full-year 2024 revenue guidance of $625 million to $700 million and adjusted EBITDA guidance of $80 million to $90 million [40] Q&A Session Summary Question: What are the growth opportunities in Australia for the next couple of years? - Management expects occupancy in Australian villages to remain consistent and is looking to add capacity in Bowen Basin [27][49] Question: Can you frame the opportunities for future LNG expansions? - Management noted that the LNG Canada project is nearing first production, impacting activity at Sitka [55] Question: What are the high-level factors influencing 2025 outlook? - Management indicated that capital investment in own villages and winning new contracts in Integrated Services will be key [62] Question: What is the status of the source gas opportunity for LNG Canada? - Management stated that entry into the source gas market would likely require an acquisition [65] Question: How do you view the Canadian room rates and potential rebound? - Management explained that lower prices are tied to higher volumes due to tiered pricing structures, and prices are expected to rise as turnaround volumes decrease [101][102]