Civeo Corp Cda Stock Price, News & Analysis

Civeo Corporation (NYSE: CVEO) reported third quarter 2021 results with revenues of $155.1 million and net income of $0.1 million. The company achieved an operating cash flow of $33.9 million and Adjusted EBITDA of $26.2 million. Notably, it reduced net leverage to 1.86x and completed a refinancing of its credit agreement, extending debt maturity to September 2025. Civeo’s Board approved a share repurchase program for 5% of outstanding shares. Compared to Q3 2020, revenues increased due to higher demand in oil sands lodges, although Adjusted EBITDA decreased due to prior year’s income from the CEWS program.

Civeo Corporation (NYSE:CVEO) has scheduled its third quarter 2021 earnings conference call for October 28, 2021, at 10:00 a.m. Central Time. The financial and operating results for the quarter will be released prior to market opening on the same day. Investors can join the call by phone or via webcast, with a replay available until November 4th. Civeo is a leading provider of hospitality services, operating 28 lodges across Canada, Australia, and the U.S. with approximately 30,000 rooms.

Civeo Corporation (NYSE:CVEO) has completed a refinancing of its credit agreement, significantly reducing its Canadian term loan from C$216 million to C$100 million. This new agreement, which matures on September 8, 2025, comprises a Canadian term loan and three revolving credit facilities. It increases the total revolving commitment to US$200 million and adjusts the maximum leverage ratios, which will decrease over the next two years. Civeo aims to use this structure for enhanced free cash flow and debt reduction while exploring growth opportunities.

Civeo Corporation (NYSE:CVEO) has authorized a share repurchase program for up to 715,000 common shares, representing 5% of its outstanding shares. This initiative will be funded through cash on hand and operational cash flow. CEO Bradley J. Dodson expressed confidence in the company's future, citing this buyback as an opportunity to enhance shareholder value while maintaining a focus on debt reduction. The program aligns with Canadian securities regulations and reflects the board's commitment to returning capital to shareholders.

Civeo Corporation (NYSE:CVEO) reported its Q2 2021 financial results, with revenues of $154.2 million and a net loss of $0.5 million. Adjusted EBITDA was $32.2 million, and free cash flow stood at $13.7 million. The company reduced its total debt to $226.8 million from $238.1 million in the previous quarter. The Canadian segment showed significant improvement with revenues of $83.3 million, while the Australian segment faced challenges with a $2.7 million operating loss due to asset impairments. Full-year 2021 guidance remains unchanged for revenues between $555 million and $580 million.

Civeo Corporation (NYSE:CVEO) has announced its second quarter 2021 earnings conference call scheduled for July 30 at 10:00 a.m. CT. The call will discuss the financial results which will be released before the market opens on the same day. Interested participants can join by phone or webcast, with details provided. Civeo, a key player in hospitality for the Canadian oil sands and Australian resource regions, operates 28 lodges providing essential services to workers, supporting around 30,000 rooms. For more, visit www.civeo.com.

Civeo Corporation (NYSE:CVEO) has appointed Jay Grewal and Michael Montelongo to its Board of Directors, effective August 15, 2021. Grewal, previously CEO of Manitoba Hydro, will serve on the Audit and Finance Committees, while Montelongo, former CEO of GRC Advisory Services, will join the Compensation and Governance Committees. Their extensive leadership experience in the energy and service industries is expected to aid Civeo's growth strategy in the Canadian market and enhance its managed services and ESG initiatives.

Civeo Corporation (NYSE:CVEO) reported a Q1 2021 revenue of $125.4 million with a net loss of $10.0 million, translating to $0.70 per diluted share. Despite challenging macroeconomic factors, Civeo reduced total debt to $238.1 million and generated free cash flow of $16.1 million. The Canadian segment saw revenue drop due to reduced occupancy, while the Australian segment experienced a soft quarter attributed to labor sourcing issues. The company increased its full-year 2021 revenue and Adjusted EBITDA guidance to $555-$580 million and $90-$100 million, respectively.

Civeo Corporation (NYSE:CVEO) will hold its first quarter 2021 earnings conference call on April 30, 2021, at 10:00 a.m. CT. The financial and operational results will be announced before the market opens that day. Shareholders can join the call by dialing 800-263-0877 in the U.S. or 646-828-8143 internationally. A replay will be available until May 7, 2021. Civeo provides hospitality services mainly in the Canadian oil sands and Australian natural resources sectors, operating 28 lodges with around 30,000 rooms.