Civeo Corp Cda Stock Price, News & Analysis

Civeo Corporation (NYSE:CVEO) has announced its first quarter 2023 earnings conference call scheduled for April 28, 2023, at 10:00 a.m. Central Time. Financial results for the quarter will be released prior to the market opening on the same day. The call will cover key operating metrics and financial performance details.

Investors can participate by dialing 877-423-9813 within the U.S. or 201-689-8573 internationally. A replay will be available until May 5, 2023. The call will also be accessible via a webcast on Civeo's Investor Relations website, requiring participants to log in 10 minutes in advance.

Civeo is a leading provider of hospitality services, operating 26 lodges and villages with approximately 28,000 rooms in Canada, Australia, and the U.S., primarily serving the oil sands and natural resource sectors.

Civeo Corporation (CVEO) reported its fourth quarter and full-year 2022 results, achieving revenues of $162.2 million for Q4 and $697.1 million for the year, despite a net loss of $13.0 million in Q4. The company generated $25.8 million in free cash flow in Q4, with a full-year free cash flow of $82.6 million. Civeo repurchased 40% of its Class A preferred shares, converting the remainder into common shares. Notably, Civeo secured two five-year contracts in Australia, projected to yield approximately A$937 million in revenues. Although the company faced headwinds from currency fluctuations and inflation, it reduced net leverage to 1.1x and maintained liquidity of $104.1 million.

Civeo Corporation (NYSE:CVEO) has announced its fourth quarter 2022 earnings conference call scheduled for February 28, 2023, at 10:00 a.m. Central Time. The financial and operating results will be disclosed before the market opens on the same day. Interested parties can participate by dialing 877-423-9813 in the U.S. or 201-689-8573 internationally, using conference ID 13736531#. A replay will be available until March 7. Civeo is a prominent provider of hospitality services, focusing on accommodations and support for workers in resource-rich regions of Canada, Australia, and the U.S.

Civeo Corporation (NYSE: CVEO) announced a five-year contract with a major metallurgical coal producer to provide rooms and hospitality services in Australia. This expanded contract increases accommodation at Moranbah and is expected to generate around A$337 million in total revenues from 2023 to 2027. Civeo's President, Bradley Dodson, expressed confidence in ongoing customer activity in a favorable commodity price environment, anticipating continued demand in 2023.

Civeo Corporation (NYSE: CVEO) announced a five-year contract with a major resources player to deliver integrated services at six villages in Western Australia, effective October 1, 2022. This contract is projected to generate approximately A$600 million in revenue from 2022 to 2027, bolstering the company's EBITDA guidance of US$110 - $115 million for full year 2022. The agreement expands upon a prior contract covering four villages and includes options for two additional years. Civeo emphasizes its commitment to high-quality service and strengthening customer relationships.

Civeo Corporation (NYSE:CVEO) has announced a plan to repurchase 40% of its outstanding Class A Series 1 preferred shares, equating to approximately 999,000 common shares or 6% of its fully diluted shares. This acquisition, costing about $30.6 million, is set to close on November 1, 2022. Civeo will fund this transaction through its existing bank revolver. Since August 2021, the company has repurchased around 10% of its fully diluted common shares outstanding.

Civeo Corporation (NYSE:CVEO) reported third quarter 2022 results showing revenues of $184.2 million and net income of $5.2 million, marking an increase from $155.1 million in Q3 2021. Adjusted EBITDA rose to $35 million with free cash flow of $38.6 million. Significant operational improvements were attributed to a recovery in Canadian lodge occupancy and mobile camp activities. The company reduced its net leverage ratio to 0.9x and renewed its buyback authorization for 5% of common shares. Revenue guidance for 2022 was increased to $675-$685 million.