For the quarter ended March 2024, Civeo (CVEO) reported revenue of $166.12 million, down 0.9% over the same period last year. EPS came in at -$0.26, compared to -$0.42 in the year-ago quarter.The reported revenue represents a surprise of +7.36% over the Zacks Consensus Estimate of $154.73 million. With the consensus EPS estimate being -$0.20, the EPS surprise was -30.00%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine the ...

Civeo (CVEO) came out with a quarterly loss of $0.26 per share versus the Zacks Consensus Estimate of a loss of $0.20. This compares to loss of $0.42 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -30%. A quarter ago, it was expected that this provider of remote-site workforce housing would post a loss of $0.27 per share when it actually produced earnings of $0.06, delivering a surprise of 122.22%.Over the last four quarters, ...

Financial Performance - Civeo reported revenues of $166.1 million for Q1 2024, a slight decrease from $167.6 million in Q1 2023[2][10] - The company experienced a net loss of $5.1 million, or $0.35 per diluted share, compared to a net loss of $6.4 million, or $0.42 per diluted share in the same quarter last year[4][10] - Adjusted EBITDA for Q1 2024 was $17.3 million, down from $20.2 million in Q1 2023, primarily due to the wind-down of LNG-related Canadian mobile camp activity[2][10] - EBITDA for Q1 2024 was $15,505, down 23.1% from $20,166 in Q1 2023[29] - Adjusted EBITDA for Q1 2024 was $17,253, compared to $20,166 in Q1 2023, reflecting a decrease of 14.5%[29] - Net loss attributable to Civeo for Q1 2024 was $(5,133), an improvement from a net loss of $(6,353) in Q1 2023[31] - Free Cash Flow for Q1 2024 was $7,150, a significant recovery from $(2,149) in Q1 2023[29] - Net Cash Flows Provided by Operating Activities for Q1 2024 was $5,985,000, a significant increase from $358,000 in Q1 2023[34] - Free Cash Flow for Q1 2024 was $7,150,000, compared to a negative $2,149,000 in Q1 2023[34] Segment Performance - The Australian segment generated revenues of $91.7 million, a 19% increase year-over-year, with Adjusted EBITDA up 43% driven by increased activity and improved margins[6][7][9] - The Canadian segment saw revenues decrease by 25% to $67.2 million, with Adjusted EBITDA down 54% due to reduced LNG-related mobile camp activity[5][11] - Total Canadian revenues for Q1 2024 were $67,160,000, down from $89,453,000 in Q1 2023, primarily due to a decrease in accommodation revenue[38] - Total Australian revenues for Q1 2024 increased to $91,737,000 from $76,989,000 in Q1 2023, driven by higher accommodation and food service revenues[38] Guidance and Projections - Civeo maintains its full-year 2024 revenue guidance of $625 million to $700 million and Adjusted EBITDA guidance of $80 million to $90 million[17] - The company expects EBITDA for the year ending December 31, 2024, to range between $78.3 million and $88.3 million[37] - The estimated net loss for the year ending December 31, 2024, is projected to be between $(13.7) million and $(5.7) million[37] Debt and Liquidity - Civeo's total debt outstanding increased by $13.0 million to $78.6 million as of March 31, 2024, while net debt decreased by $0.4 million to $61.8 million[8] - Civeo's total liquidity as of March 31, 2024, was approximately $136.9 million, consisting of $120.1 million available under revolving credit facilities and $16.8 million in cash[13] - Net debt as of March 31, 2024, was $61,845,000, with a net leverage ratio of 0.6x, indicating strong debt management[36] - Long-term debt increased to $78,597 as of March 31, 2024, up from $65,554 at the end of 2023[25] Shareholder Returns - The company declared a quarterly cash dividend of $0.25 per common share, payable on June 17, 2024[16] Asset and Equity Changes - Total current assets decreased to $168,872 as of March 31, 2024, down from $175,246 at the end of 2023[25] - Total liabilities decreased to $212,960 as of March 31, 2024, compared to $225,024 at the end of 2023[25] - Total shareholders' equity decreased to $300,110 as of March 31, 2024, from $323,038 at the end of 2023[25] Capital Expenditures - Capital expenditures for Q1 2024 were $5.6 million, compared to $4.8 million in Q1 2023, with a portion allocated to customer-funded infrastructure upgrades[15] Currency and Pricing - Average daily rates in the Canadian segment increased to $98 in Q1 2024 from $96 in Q1 2023, indicating improved pricing power[38] - The Australian dollar to U.S. dollar exchange rate was 0.657 in Q1 2024, compared to 0.684 in Q1 2023, reflecting currency fluctuations[38]

Civeo (CVEO) is expected to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended March 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 April 26. On the o ...

Financial Data and Key Metrics Changes - In Q4 2023, total revenues were $170.8 million, with GAAP net income of $23 million or $1.55 per diluted share, and adjusted EBITDA of $17.4 million [42][39][56] - For the full year 2023, revenues totaled $700.8 million, net income was $30.2 million or $2.01 per diluted share, and adjusted EBITDA decreased to $102 million from $112.8 million in 2022 [56][39] - The total debt outstanding as of December 31, 2023, was $65.6 million, a decrease of $37.7 million from September 30, 2023 [45][86] - Free cash flow for 2024 is expected to be in the range of $45 million to $60 million [61] Business Segment Data and Key Metrics Changes - The Australian segment saw revenues of $89.3 million in Q4 2023, up from $73.1 million in Q4 2022, with adjusted EBITDA increasing 64% to $21.5 million [44][39] - The Canadian segment reported revenues of $72.7 million in Q4 2023, down from $88 million in Q4 2022, with adjusted EBITDA decreasing to $3.4 million from $11.8 million [49][84] Market Data and Key Metrics Changes - Australian billed rooms increased to 638,000 in Q4 2023, up 23% from 519,000 in Q4 2022, indicating strong demand [85] - The average daily rate for Australian villages in US dollars was $74 in Q4 2023, slightly up from $73 in the same quarter last year [85] Company Strategy and Development Direction - The company aims to grow its Integrated Services business in Australia to $500 million in revenues by 2027, leveraging existing infrastructure and pursuing new contracts [82][93] - The capital allocation strategy focuses on returning capital to shareholders while maintaining a target leverage ratio of 1.0 to 1.25 times [59][86] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Australian business, citing strong performance and margin improvements, while acknowledging macroeconomic factors [4][39] - The Canadian segment is expected to be a transition year, with improved macroeconomic conditions anticipated for oil sands and increased customer capital spending [62][90] Other Important Information - The company completed the sale of the McClelland Lake Lodge in January 2024, with proceeds recognized in Q4 2023 [41][53] - A quarterly dividend of $0.25 per share was declared, payable on March 18, 2024 [46] Q&A Session Summary Question: What is the outlook for Australia? - Management is constructive on the Australian business, expecting continued strength in occupancy and integrated services [4][39] Question: Any changes to target range or uses of capital? - The company is focused on growth opportunities and may increase leverage to pursue accretive growth [10][86] Question: What is the expected cadence of cash flow? - The company anticipates a typical seasonal pattern, with Q1 being the lowest cash flow quarter [26][32] Question: How is the integrated services business performing? - The integrated services business has seen significant margin improvements due to inflation mitigation efforts, with a goal to reach $500 million in revenues by 2027 [82][93]

Civeo Reports Fourth Quarter and Full Year 2023 Results Highlights: HOUSTON and CALGARY, February 29, 2024 (BUSINESS WIRE) -- Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the fourth quarter and year ended December 31, 2023. "We ended 2023 in a solid financial position. Our continued discipline in capital allocation and strong cash flow enabled us to reach our target leverage ratio and return capital to shareholders through continued share repurchases and the initiation of ...

Financial Performance - For the year ended December 31, 2023, the company generated $700.8 million in revenues, a slight increase from $697.1 million in 2022, and significantly up from $594.5 million in 2021, representing a 17.7% increase from 2021 to 2023[30] - Operating income for 2023 was $39.5 million, compared to $17.0 million in 2022 and $6.1 million in 2021, indicating a substantial improvement in profitability[30] - Approximately 50% of the company's revenue for the year ended December 31, 2023, was generated from Canadian operations[47] - The Athabasca oil sands region accounted for approximately 67% of Canadian revenue, equating to 34% of consolidated revenue[57] - During the year ended December 31, 2023, revenues from lodges and villages represented over 63% of consolidated revenues[94] - The company’s largest customers in 2023 were Suncor Energy and Fortescue Metals Group Ltd., each accounting for more than 10% of total revenues[90] - The company experienced approximately C$39 million in revenues associated with room commitments at the McClelland Lake Lodge through July 2023[182] - Approximately 98% of the company's revenues for the year ended December 31, 2023, originated from subsidiaries outside the U.S., primarily in Canadian and Australian dollars[214] Operational Highlights - Hospitality services at lodges and villages accounted for 63% of total revenue in 2023, highlighting the importance of this segment to the company's overall performance[30] - The total accommodation revenue for 2023 was $455.965 million, up from $435.227 million in 2022, reflecting a growth of 4.0% year-over-year[31] - The company operates 24 lodges and villages with approximately 26,000 rooms and manages about 14,200 rooms owned by customers, indicating a significant scale of operations[29] - The company operates 16,952 rooms across its Canadian lodges as of December 31, 2023, a decrease from 18,949 rooms in 2022[66] - In Australia, the company owned 8,910 rooms across eight villages as of December 31, 2023, with 7,488 rooms servicing the Bowen Basin[70] - The Australian operations contributed 48% of the company's revenue for the year ended December 31, 2023[70] - The five villages in the Bowen Basin generated 47% of Australian revenue, equating to 23% of consolidated revenue for the year ended December 31, 2023[74] - The company provides hospitality services at 18 customer-owned locations, representing over 12,600 rooms, primarily in the Pilbara region of Western Australia[82] Strategic Initiatives - The company has a strategic focus on expanding its services in the Canadian LNG market, particularly with the Sitka Lodge positioned to support the Kitimat LNG Facility expected to be operational in 2024[35] - The acquisition of Noralta Lodge Ltd. in 2018 expanded the company's capacity in Canada, adding over 5,700 owned rooms and enhancing its position as the largest third-party provider of accommodations in the Canadian oil sands region[34] - The company’s growth plan includes enhancing occupancy and expanding properties where there is durable long-term demand[79] Sustainability and Compliance - The company emphasizes sustainability initiatives, including water conservation and reducing carbon footprint through infrastructure improvements and alternative water supply options[27] - The company’s operations are significantly affected by stringent environmental laws and regulations, which could increase compliance costs and impact demand for its services[107] - The Alberta Energy Regulator requires operators to reduce methane emissions by 45% by 2025, impacting operational costs for customers[113] - The federal government plans to reduce methane emissions in the oil and gas sector by at least 75% below 2012 levels by 2030, which may impose additional costs on customers[120] - The Greenhouse Gas Pollution Pricing Act's backstop price will increase to $65 per tonne of CO2e in 2024, with a planned rise to $170 by 2030, affecting operational costs[121] - The proposed cap-and-trade system for oil and gas emissions in Canada may result in additional costs or liabilities for customers, with emissions limits phased in between 2026 and 2030[123] - The Alberta government increased the carbon price and annual benchmark tightening rates under the TIER Regulation, which may lead to additional costs for customers' operations[125] Workforce and Labor - The company had approximately 1,600 full-time employees and 1,000 hourly employees as of December 31, 2023, with 47% located in Canada and 52% in Australia[101] - The company is committed to competitive compensation and benefits to attract and retain employees, including short- and long-term incentive packages[104] - The company emphasizes safety as a foundational pillar of its corporate culture, with initiatives aimed at eliminating harm and achieving exceptional performance[105] - The company prioritizes training and career development, focusing on technical and managerial competencies to support its industry leadership position[106] - The company has collective bargaining agreements covering 1,818 employees in Canada and Australia, which could increase costs or limit operational flexibility[196] - The company has experienced a shortage of skilled labor, leading to increased reliance on more expensive temporary labor resources[193] Risks and Challenges - The company is exposed to commodity price volatility, which can impact customer spending and demand for services[170] - Public health crises, such as the COVID-19 pandemic, have significantly disrupted global economic activity and may continue to affect operations and demand for oil and natural gas[174] - The company is subject to extensive environmental laws and regulations, which could impose additional costs and operational challenges[171] - The willingness of natural resources companies to invest in projects is sensitive to commodity price outlooks, which can lag behind market changes by three to six months[170] - The company is highly dependent on significant customers in the natural resources industry, which poses a risk of substantial revenue loss if any major customer is lost[179] - The company may face challenges in retaining customers and renewing contracts, particularly during periods of market volatility[181] - The company’s profitability may be constrained by increased operating costs that cannot be fully recovered through pricing or contract terms[190] Asset Management - The company recorded impairments of long-lived assets totaling $1.4 million in 2023, with previous impairments of $5.7 million in 2022 and $7.9 million in 2021[216] - Goodwill at the Australian reporting unit represented 1% of total assets, or $7.7 million, as of December 31, 2023[216] - The total ARO liabilities on the balance sheet amounted to $16.2 million, with potential for significantly larger cash obligations if remediation requirements are accelerated[202] - The company’s major Canadian lodges are located on leased land, with potential risks associated with lease renewals and compliance with regulations[200] Financial Position - The company had approximately $65.6 million outstanding under the revolving portion of its Credit Agreement as of December 31, 2023[221] - An additional $133.1 million remained available to borrow under the revolving portion of the Credit Agreement[221]

HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--Civeo Corporation (NYSE:CVEO) announced today that it has scheduled its fourth quarter 2023 earnings conference call for Thursday, February 29, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). During the call, Civeo will discuss financial and operating results for the fourth quarter 2023, which will be released before the market opens on Thursday, February 29, 2024. By Phone: Dial 877-423-9813 inside the U.S. or 201-689-8573 internationally and ask for the ...

HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--Civeo Corporation (NYSE:CVEO) announced today that its board of directors has declared a quarterly cash dividend of $0.25 per common share, payable on March 18, 2024 to shareholders of record as of close of business on February 26, 2024. For purposes of the Income Tax Act (Canada), the Company has designated this dividend to be an "eligible dividend". About Civeo Civeo Corporation is a leading provider of hospitality services with prominent market positions in ...

Civeo Corporation (NYSE:CVEO) Q3 2023 Earnings Conference Call October 27, 2023 11:00 AM ET Company Participants Regan Nielsen - Vice President, Corporate Development and Investor Relations Bradley Dodson - President and Chief Executive Officer Carolyn Stone - Senior Vice President, Chief Financial Officer and Treasurer Conference Call Participants Steve Ferazani - Sidoti & Company Alec Scheibelhoffer - Stifel David Storms - Stonegate Capital Markets Operator Greetings, and welcome to Civeo Corporation Thir ...