Civeo Corp Cda Stock Price, News & Analysis

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.

Civeo Corporation (NYSE:CVEO) has scheduled its third quarter 2022 earnings conference call for October 28, 2022, at 10:00 a.m. Central Time. The financial and operating results will be disclosed before market opening on the same day. Investors can join the call by dialing 877-423-9813 in the U.S. or 201-689-8573 internationally. It will also be available via a webcast on Civeo's Investor Relations website. A replay of the call will be accessible until November 4, 2022.

Civeo Corporation (NYSE:CVEO) has renewed its share repurchase authorization, allowing it to buy back up to 5% of its total common shares outstanding over the next twelve months. The company plans to fund these repurchases through cash on hand and generated cash from operations. In the past year, Civeo repurchased approximately 715,000 shares and aims to continue acquiring its common shares opportunistically. This move reflects Civeo's strategy to enhance shareholder value.

Civeo Corporation (NYSE:CVEO) announced a share repurchase of approximately 375,000 common shares, equating to 2.6% of its fully diluted shares, at a cost of around $10.7 million. This decision highlights the company's confidence in its business outlook and aims to utilize free cash flow for purchasing shares at an attractive valuation, according to CEO Bradley Dodson. Civeo provides hospitality services primarily in the natural resources sector, operating 27 lodges with over 28,000 rooms across Canada, Australia, and the U.S.

Civeo reported second quarter 2022 revenues of $185.0 million and a net income of $9.1 million. Key highlights include a reduced net leverage ratio of 1.18x and an Adjusted EBITDA of $37.1 million. The company secured a 12-year contract renewal at Wapasu Lodge, projecting C$500 million in guaranteed revenues, and a new 5-year contract in South Australia with expected revenues of A$120 million. Compared to Q2 2021, revenues increased significantly from $154.2 million with improved operational metrics amid rising customer activity in Canada and Australia.