Civeo reports Q2 EPS 56c vs. 30clast year

Reports Q2 revenue $188.7M vs. $178.8M last year. “In Q2, we delivered increased billed rooms year-over-year in our Canadian lodges and Australian owned-villages as well as increased Australian integrated services business with existing clients. These year-over-year improvements were offset by the expected decline in LNG-related Canadian mobile camp activity and the sale of McClelland Lake Lodge,” said CEO Bradley Dodson. “We generated significant free cash flow in the quarter and returned $10.3M of capital to shareholders. Australia continues to produce strong results in 2024, for both Civeo-owned villages and integrated services. At the same time, as expected, our Canadian segment is facing headwinds with the wind down of LNG-related construction activity. Our near-term focus has been and will continue to be managing through the wildfire activity in northern Alberta, Canada. Our employees are working around-the-clock to ensure the safety of our guests, first responders and assets, and while this is a fluid situation, we are not currently expecting a material financial impact to Civeo, negative or positive.”