Civeo Corp. Reports Q3 2024 Earnings Highlights

Civeo Corp. ( (CVEO) ) has realeased its Q3 earnings. Here is a breakdown of the information Civeo Corp. presented to its investors.

Civeo Corporation is a leading provider of hospitality services, specializing in accommodations and support services for the Canadian oil sands and Australian natural resource sectors, with a presence in North America and Australia. In its third quarter 2024 earnings report, Civeo reported revenues of $176.3 million and a net loss of $5.1 million, alongside operating cash flow of $35.7 million. The company highlighted its strong performance in Australia, which saw 33% revenue growth year-over-year, offsetting challenges in its Canadian operations. Key financial metrics included an Adjusted EBITDA of $18.8 million and free cash flow generation of $28.3 million. The company also returned $17.8 million to shareholders through dividends and share repurchases. Strategically, Civeo secured a 33-month contract renewal with a Canadian oil sands producer, expected to generate approximately C$150 million in revenue. Looking ahead, Civeo remains focused on leveraging its strong customer relationships and operational execution, with management expressing confidence in their ability to maintain growth initiatives while returning capital to shareholders.