Civeo (CVEO) Beats Q2 Earnings and Revenue Estimates

Group 1: Earnings Performance - Civeo reported quarterly earnings of $0.56 per share, significantly exceeding the Zacks Consensus Estimate of $0.21 per share, and up from $0.30 per share a year ago, representing an earnings surprise of 166.67% [1] - The company posted revenues of $188.71 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 8.64% and increasing from $178.84 million year-over-year [2] Group 2: Stock Performance and Outlook - Civeo shares have increased approximately 10.2% since the beginning of the year, while the S&P 500 has gained 14.5%, indicating underperformance relative to the broader market [3] - The current consensus EPS estimate for the upcoming quarter is $0.23 on revenues of $169.71 million, and for the current fiscal year, it is -$0.51 on revenues of $665.18 million [6] Group 3: Industry Context - The Hotels and Motels industry, to which Civeo belongs, is currently ranked in the top 35% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [7] - Hilton Worldwide Holdings Inc., another company in the same industry, is expected to report quarterly earnings of $1.85 per share, reflecting a year-over-year increase of 13.5%, with revenues anticipated to be $2.97 billion, up 11.8% from the previous year [8][9]