Civeo Corporation - CVEO STOCK NEWS

Civeo (NYSE: CVEO) continues to demonstrate strong financial performance in Q3 2024, generating $28.3M in free cash flow, following $30.9M in Q2. The company has raised its full-year 2024 FCF guidance range to $50.0M-$60.0M, up from $45.0M-$60.0M. Notable achievements include a 33% year-over-year revenue growth in the Australian segment and a significant 33-month contract renewal with a major Canadian oil sands producer valued at approximately C$150 million through June 2027. The company has also updated its 2024 guidance, projecting revenue between $675M-$700M and adjusted EBITDA of $83M-$88M.

Civeo (NYSE:CVEO) reported Q3 2024 financial results with revenues of $176.3 million, a net loss of $5.1 million, and operating cash flow of $35.7 million. The company delivered Adjusted EBITDA of $18.8 million and free cash flow of $28.3 million. The Australian segment showed strong growth with revenues up 33% year-over-year, while Canadian operations declined due to LNG activity wind-down and wildfire impacts. Civeo announced a 33-month contract renewal worth approximately C$150 million with a major Canadian oil sands producer through June 2027. The company returned $17.8 million to shareholders through dividends and share repurchases.

Civeo (NYSE:CVEO) has announced its upcoming third quarter 2024 earnings conference call, scheduled for Wednesday, October 30th, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). The company will discuss its financial and operating results for Q3 2024, which will be released before the market opens on the same day.

Interested parties can join the call via phone by dialing 877-423-9813 (U.S.) or 201-689-8573 (international) and providing the conference ID: 13749748#. A replay will be available through November 6th. Alternatively, participants can access the webcast through Civeo's Investor Relations website at www.civeo.com.

Civeo (NYSE: CVEO) has announced the renewal of its share repurchase authorization. The Board of Directors has approved a plan to repurchase up to 5% of the company's total common shares outstanding over the next 12 months. Civeo may execute these repurchases through open market transactions or privately negotiated deals, funded by cash on hand and operational cash flow.

The repurchase plan's implementation will be at Civeo's discretion, considering factors such as the company's capital position, liquidity, financial performance, and stock price. While the Board can increase the repurchase limit, Civeo is not obligated to buy any specific number of shares and can suspend or terminate the plan at any time.

Civeo (NYSE:CVEO), a leading provider of hospitality services in the Canadian oil sands and Australian natural resource regions, has announced an amendment and extension to its credit agreement. Key aspects include:

1. Extension of the maturity date to August 2028
2. Upsizing of total revolving credit facility capacity to $245 million from $200 million
3. Reduction in borrowing costs while maintaining previous covenant levels

This amendment provides Civeo with increased flexibility for capital allocation priorities, including share repurchases, quarterly dividends, and potential growth opportunities. Civeo currently operates 24 lodges and villages in North America and Australia, with approximately 26,000 rooms, and provides services at 22 customer-owned locations with over 18,000 rooms.

Stonegate Capital Partners has updated its coverage on Civeo (NYSE: CVEO), highlighting several key takeaways from the company's 2024 Q2 performance. The report emphasizes Civeo's strong dividend yield of 3.8%, which is likely to attract income-focused investors. Additionally, the company generated $30.9 million in free cash flow during the quarter, indicating robust financial health and operational efficiency. A standout performance was observed in the Australian Segment, which reported a significant 32% year-over-year revenue growth. This growth in the Australian market suggests expanding opportunities and successful business strategies in the region.

Civeo (NYSE:CVEO) reported its Q2 2024 financial results, with revenues of $188.7 million, net income of $8.2 million, and operating cash flow of $32.4 million. The company delivered Adjusted EBITDA of $31.3 million and free cash flow of $30.9 million. Highlights include:

1. Australian segment showed strong growth, with revenues up 32% year-over-year.
2. Canadian segment faced headwinds due to the wind-down of LNG-related construction activity.
3. $10.3 million returned to shareholders through dividends and share repurchases.
4. Total liquidity of $159.0 million and a net leverage ratio of 0.3x as of June 30, 2024.
5. Full-year 2024 guidance maintained at $625-$700 million for revenue and $80-$90 million for Adjusted EBITDA.

Civeo (NYSE:CVEO) has announced its second quarter 2024 earnings conference call, scheduled for Tuesday, July 30th, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). The company will discuss its financial and operating results for Q2 2024, which will be released before the market opens on the same day. Investors can participate in the call by phone or webcast:

1. By Phone: Dial 877-423-9813 (U.S.) or 201-689-8573 (international) with conference ID: 13747979#

2. By Webcast: Connect via the Events and Presentations page on Civeo's Investor Relations website at www.civeo.com

A replay will be available through August 6th by phone and after the call via webcast.

Civeo has appointed Andrew S. Fraser as President, Canada, effective August 19, 2024. Fraser succeeds Al Schoening, who is retiring after a 13-year tenure with the company. Schoening will assist in the transition and remain a consultant post-retirement. Fraser brings extensive executive experience, having held CEO positions at NCSG Crane and Heavy Haul and Camex Equipment Sales and Rentals. He also spent 30 years at Finning International in various executive roles. Fraser is expected to leverage his Canadian, U.S., and international market experience to drive growth and enhance Civeo’s offerings. Civeo is a leading provider of hospitality services in the Canadian oil sands and Australian natural resource regions, operating 24 lodges and villages with approximately 26,000 rooms.