tiprankstipranks
Civeo Corp. Reports Q3 2024 Earnings Highlights
Company Announcements

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.

Don't Miss our Black Friday Offers:

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.

Related Articles
TheFlyCiveo reports Q3 EPS (36c), consensus (2c)
TheFlyCiveo narrows FY24 revenue view to $675M-$700M from $625M-$700M
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App