Civeo Corp · Q2 2024 earnings

Briefing

Civeo's financial performance increased in revenue and net income compared to the previous year, driven by strong growth in the Australian segment, which was partially offset by a decline in Canadian operations due to the wind-down of LNG-related activities.

Civeo reported revenues of $188.7 million and net income of $8.2 million for Q2 2024. The Australian segment saw a 32% increase in revenues year-over-year, while the Canadian segment experienced a decline due to the wind-down of LNG-related activities. The company returned $10.3 million of capital to shareholders through dividends and share repurchases.

• Reported revenues of $188.7 million, net income of $8.2 million, and operating cash flow of $32.4 million.
• Delivered Adjusted EBITDA of $31.3 million and free cash flow of $30.9 million.
• Australian segment revenues increased 32% year-over-year due to higher occupancy and integrated services growth.
• Returned $10.3 million of capital to shareholders through dividends and share repurchases.

Headline financials

Revenue & EPS history

Civeo is maintaining its full-year 2024 revenue and Adjusted EBITDA guidance ranges of $625 million to $700 million and $80 million to $90 million, respectively. The company is also maintaining its full-year 2024 capital expenditure guidance of $30 million to $35 million.